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Is consumption smooth at the cost of volatile leisure? An investigation of rural India

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  • Pushkar Maitra

Abstract

This study examines the institutions in rural India that enable households to insure against unanticipated idiosyncratic shocks to income. Using a decentralized general equilibrium model it tests for consumption and leisure insurance against unanticipated income shocks. It is found that differential access to markets (particularly financial markets) force villagers to differ in their response to similar shocks. Medium and large farmers have unrestricted access to credit markets and are unaffected by unanticipated changes in household income. The small farmers are excluded from credit markets. However, some of the small farmers are able to insure consumption against unanticipated income shocks through compensating changes in labour market participation and reducing own farm work.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/00036840122570
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 33 (2001)
Issue (Month): 6 ()
Pages: 727-734

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Handle: RePEc:taf:applec:v:33:y:2001:i:6:p:727-734

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Cited by:
  1. Gabriella Berloffa & Francesca Modena, 2009. "Income Shocks, Coping Strategies, and Consumption Smoothing. An Application to Indonesian Data," Department of Economics Working Papers 0901, Department of Economics, University of Trento, Italia.
  2. Chris Elbers & Jan Willem Gunning & Lei Pan, 2007. "Insurance and Rural Welfare: What can Panel Data tell us?," Tinbergen Institute Discussion Papers 07-011/2, Tinbergen Institute.
  3. Khan, A. & Ravikumar, B., 1997. "Growth and Risk-Sharing with Private Information," Working Papers 97-13, University of Iowa, Department of Economics.
  4. Chris Elbers & Jan Willem Gunning & Lei Pan, 2007. "Insurance and Rural Welfare: What can Panel Data tell us?," Tinbergen Institute Discussion Papers 07-011/2, Tinbergen Institute.

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