Growing apart: Declining within- and across-locality insurance in rural China

• 成果类型: Article
• 署名作者: Attanasio, Orazio; Meghir, Costas; Mommaerts, Corina; Zheng, Yu
• 署名单位: Yale University; National Bureau of Economic Research; Yale University; Center for Economic & Policy Research (CEPR); University of Wisconsin System; University of Wisconsin Madison; University of London; Queen Mary University London; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2024.103366
• 发表日期: 2025
• 关键词: Consumption insurance; Economic growth; CHINA; risk-sharing

摘要

We consider risk sharing in rural China during its rapid economic transformation from the late 1980s through the late 2000s. We document an erosion of consumption insurance against both household-level idiosyncratic and village-level aggregate income shocks, and show that this decline is related to observable economic changes: the shift out of agriculture, the decline of publicly owned Township-and-Village Enterprises, and increased migrant work. Further evidence suggests that as these changes took place at the village level, higher levels of government failed to offset these effects through the tax-and-transfer system, leaving households more exposed to both idiosyncratic and village-aggregate risk.