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A heterogeneous household model of consumption smoothing with imperfect capital markets and income risk-sharing .

机译：资本市场和收益风险分担不完善的消费平滑异质家庭模型。

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摘要

This dissertation explores the choices between using capital markets and informal risk-sharing arrangements when poor households attempt to smooth their consumption in the presence both of systemic and idiosyncratic income shocks. Assuming that households have two types of instruments to smooth their consumption (i) inter-temporal reallocations of consumption, via saving and borrowing, and (ii) inter-personal risk-sharing arrangements, the objectives of this research are (i) to determine conditions that may explain the extent to which a household will employ only one or both of the two instruments available to cope with risk; (ii) to understand how these two instruments differ in their ability to smooth consumption in response to idiosyncratic and systemic income shocks; (iii) to proposes an econometric procedure, to test if and how households smooth consumption, by employing only one or both of the two instruments available to cope with risk; and (iv) to econometrically test the model using the Townsend Thai Data, to determine whether Thai households smooth consumption through inter-temporal or inter-personal mechanisms.;The current literature does not consider (i) an empirical estimation procedure that allows identifying the households' ability to smooth consumption through capital markets and informal risk-sharing mechanism; (ii) the lack of literature considering the estimation of the savings equation the consumption equation simultaneously when analyzing consumption smoothing.;I develop a structural develop a structural model of a dynamically optimizing household who faces systemic and idiosyncratic income risk and has access to borrowing, savings, informal risk-sharing, or some combination of these risk-coping mechanisms to explore the net benefits of accessing capital markets and risk-sharing. There are two main implications of the model. First, the development of capital markets explains some reasons for the existence of risk sharing. Second, households with low costs of accessing capital markets, the only difference observed between households that do not engage in risk-sharing arrangements and households that do, is that the later show a smooth saving path. I argue that in order to test for different risk sharing coping instruments, it is necessary to analyze the response to savings and consumption simultaneously.;I transform the structural model in a reduced form model that can be estimated econometrically to identify different cases of consumption smoothing, where the coefficients of the reduced forms follow some restrictions. I find four distinctive scenarios of consumption smoothing: (i) when households do not engage in risk-sharing arrangements and have low costs of accessing capital markets; (ii) when households do not engage in risk-sharing arrangements and have high costs of accessing capital markets; (iii) when households do engage in risk-sharing arrangements and face low costs of accessing capital markets, saving and/or borrowing technologies; and (iv) when households do engage in risk-sharing arrangements and face high costs of accessing capital markets.;The proposed statistical test is applied to Townsend Thai Data. The results show evidence that households surveyed either do engage in risk-sharing arrangements and face high costs of accessing capital markets or do not engage in risk-sharing arrangements and face high costs of accessing capital markets.
机译：本文探讨了在有系统性和特殊收入冲击的情况下，当贫困家庭试图使消费趋于平稳时，在使用资本市场和非正式的风险分担安排之间进行选择的问题。假设家庭有两种手段来平滑其消费（i）通过储蓄和借贷进行跨时间的消费再分配，以及（ii）人际风险分担安排，则本研究的目标是（i）确定可以解释家庭将在何种程度上仅采用两种可用工具中的一种或两种来应对风险的条件； （ii）了解这两种工具在应对特殊和系统性收入冲击时，在平滑消费的能力上有何不同； （iii）提出一种计量经济学的程序，通过仅采用两种可用于应对风险的工具中的一种或两种来测试家庭是否以及如何使消费趋于平稳； （iv）使用Townsend Thai Data对模型进行计量经济学检验，以确定泰国家庭是否通过跨时或人际机制来平滑消费。；当前文献没有考虑（i）可以确定市场趋势的经验估计程序。家庭通过资本市场和非正式风险分担机制使消费平稳的能力； （ii）缺乏文献分析分析消费平滑时同时考虑储蓄方程和消费方程的估计。；我开发了一种结构开发的结构模型，该模型动态地优化了面临系统性和特殊收入风险并有借贷机会的家庭，储蓄，非正式风险分担或这些风险应对机制的某种组合，以探索进入资本市场和风险分担的净收益。该模型有两个主要含义。首先，资本市场的发展解释了存在风险分担的一些原因。第二，进入资本市场成本较低的家庭（不参与风险分担安排的家庭与采取风险分担安排的家庭之间观察到的唯一区别）是，后者显示出一条平稳的储蓄路径。我认为，为了测试不同的风险分担应对手段，有必要同时分析对储蓄和消费的响应。；我将结构模型转换为可计量计量的简化形式模型，以识别不同的消费平滑情况。 ，其中简化形式的系数遵循一些限制。我发现有四种明显的消费平滑方案：（i）家庭不参与风险分担安排且进入资本市场的成本较低； （ii）当家庭不参与风险分担安排并进入资本市场的成本很高时； （iii）当家庭确实参与了风险分担安排并面临进入资本市场，储蓄和/或借入技术的低成本时； （iv）当家庭确实参与风险分担安排并面临进入资本市场的高昂成本时。拟议的统计检验适用于Townsend Thai Data。结果表明，接受调查的家庭确实参与了风险分担安排并面临进入资本市场的高成本，或者没有参与风险分担安排而面临进入资本市场的高成本。

著录项

  • 作者

    Svarch, Malena.;

  • 作者单位

    The Ohio State University.;

  • 授予单位 The Ohio State University.;
  • 学科 Economics General.
  • 学位 Ph.D.
  • 年度 2011
  • 页码 129 p.
  • 总页数 129
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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