Risk-sharing networks in rural Philippines

• 成果类型: Article
• 署名作者: Fafchamps, M; Lund, S
• 署名单位: University of Oxford; McKinsey & Company
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/S0304-3878(03)00029-4
• 发表日期: 2003
• 页码: 261-287
• 关键词: Risk sharing; Informal credit; insurance; gifts; consumption smoothing

摘要

Using detailed data on gifts, loans, and asset sales, this paper investigates how rural Filipino households deal with income and expenditure shocks. We find that shocks have a strong effect on gifts and informal loans, but little effect on sales of livestock and grain. Mutual insurance does not appear to take place at the village level; rather, households receive help primarily through networks of friends and relatives. Certain shocks are better insured than others. The evidence is consistent with models of quasi-credit where risk is shared within networks through flexible, zero-interest informal loans combined with pure transfers. (C) 2003 Elsevier Science B.V. All rights reserved.