Social risk management : a new conceptual framework for social protection and beyond
AbstractThis paper proposes a new definition, and conceptual framework for social protection, grounded in social risk management. The concept repositions the traditional areas of social protection (labor market intervention, social insurance, and social safety nets) in a framework that includes three strategies to deal with risk (prevention, mitigation, and coping), three levels of formality of risk management (informal, market-based, public), and, many actors (individuals, households, communities, non-governmental organizations, governments at various levels, and international organizations) against the background of asymmetric information, and different types of risk. This expanded view of social protection emphasizes the double role of risk management instruments - protecting basic livelihood, as well aspromoting risk taking. It focuses specifically on the poor, since they are the most vulnerable to risk, and typically lack appropriate risk management instruments, which constrains them from engaging in riskier, but also higher return activities, and hence gradually moving out of chronic poverty.
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Bibliographic InfoPaper provided by The World Bank in its series Social Protection Discussion Papers with number 21314.
Date of creation: 29 Feb 2000
Date of revision:
Environmental Economics&Policies; Health Economics&Finance; Insurance&Risk Mitigation; Social Risk Management; Banks&Banking Reform;
Other versions of this item:
- Robert Holzmann & Steen Jørgensen, 2001. "Social Risk Management: A New Conceptual Framework for Social Protection, and Beyond," International Tax and Public Finance, Springer, vol. 8(4), pages 529-556, August.
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