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dc.contributor.authorLO PRETE, Anna
dc.date.accessioned2008-02-19T11:13:08Z
dc.date.available2008-02-19T11:13:08Z
dc.date.issued2008
dc.identifier.issn1830-7728
dc.identifier.urihttp://hdl.handle.net/1814/8121
dc.description.abstractInstitutions meant to reallocate risks that cannot be fully diversified on financial markets, such as labour income fluctuations, may also affect the response of aggregate consumption to country-specific income shocks. This paper empirically assesses this possibility by extending a standard cross-country consumption insurance test to account for the interaction between macroeconomic shocks and labour and credit market institutions. In a panel of 15 OECD countries observed over the 1971-2003 period, institutional heterogeneity is a significant determinant of cross-country differences in consumption responsiveness to income changes. The estimates are remarkably robust to the inclusion of unobservable country-level heterogeneity and time-varying institutional indicators.en
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.publisherEuropean University Institute
dc.relation.ispartofseriesEUI MWPen
dc.relation.ispartofseries2008/03en
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectRisk-sharingen
dc.subjectfinancial marketsen
dc.subjectlabour and credit market institutionsen
dc.titleInternational Consumption Insurance and Within-Country Risk Reallocationen
dc.typeWorking Paperen
dc.neeo.contributorLO PRETE|Anna|aut|
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