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Social risk management : a new conceptual framework for social protection and beyond

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  • Robert Holzmann
  • Steen Jorgensen

Abstract

This 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 Info

Paper provided by The World Bank in its series Social Protection Discussion Papers with number 21314.

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Date of creation: 29 Feb 2000
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Handle: RePEc:wbk:hdnspu:21314

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Keywords: Environmental Economics&Policies; Health Economics&Finance; Insurance&Risk Mitigation; Social Risk Management; Banks&Banking Reform;

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References

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  1. Lipton, Michael & Ravallion, Martin, 1993. "Poverty and policy," Policy Research Working Paper Series 1130, The World Bank.
  2. Morduch, Jonathan, 1994. "Poverty and Vulnerability," American Economic Review, American Economic Association, vol. 84(2), pages 221-25, May.
  3. Udry, Christopher, 1994. "Risk and Insurance in a Rural Credit Market: An Empirical Investigation in Northern Nigeria," Review of Economic Studies, Wiley Blackwell, vol. 61(3), pages 495-526, July.
  4. Bob Baulch & John Hoddinott, 2000. "Economic mobility and poverty dynamics in developing countries," Journal of Development Studies, Taylor & Francis Journals, vol. 36(6), pages 1-24.
  5. Robert Holzmann & Joseph E. Stiglitz, 2001. "New Ideas about Old Age Security : Toward Sustainable Pension Systems in the 21st Century," World Bank Publications, The World Bank, number 13857, October.
  6. Sinn, Hans-Werner, 1995. "A Theory of the Welfare State," CEPR Discussion Papers 1278, C.E.P.R. Discussion Papers.
  7. Holzmann, Robert & Jorgensen, Steen, 1999. "Social protection as social risk management : conceptual underpinnings for the social protection sector strategy paper," Social Protection Discussion Papers 20119, The World Bank.
  8. Kanbur, Ravi & Lustig, Nora, 1999. "Why is Inequality Back on the Agenda?," Working Papers 127690, Cornell University, Department of Applied Economics and Management.
  9. Rosenzweig, Mark R & Binswanger, Hans P, 1993. "Wealth, Weather Risk and the Composition and Profitability of Agricultural Investments," Economic Journal, Royal Economic Society, vol. 103(416), pages 56-78, January.
  10. Martin Ravallion, 1997. "Famines and Economics," Journal of Economic Literature, American Economic Association, vol. 35(3), pages 1205-1242, September.
  11. Morduch, Jonathan, 1999. "Between the State and the Market: Can Informal Insurance Patch the Safety Net?," World Bank Research Observer, World Bank Group, vol. 14(2), pages 187-207, August.
  12. Holzmann, Robert, 2001. "Risk and vulnerability : the forward looking role of social protection in a globalizing world," Social Protection Discussion Papers 23161, The World Bank.
  13. Siegel, Paul B. & Alwang, Jeffrey, 1999. "An asset-based approach to social risk management : a conceptual framework," Social Protection Discussion Papers 21324, The World Bank.
  14. Eichberger, Jurgen & Harper, Ian R., 1997. "Financial Economics," OUP Catalogue, Oxford University Press, number 9780198775409, September.
  15. Pekka Ilmakunnas & Vesa Kanniainen & Uki Lammi, . "Entrepreneurship, Economic Risks, and Risk-Insurance in the Welfare State," EPRU Working Paper Series 99-03, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  16. Ethan Ligon & Jonathan P Thomas & Tim Worrall, 1997. "Informal Insurance Arrangements in Village Economies," CRIEFF Discussion Papers 9705, Centre for Research into Industry, Enterprise, Finance and the Firm.
  17. Frank Ellis, 1998. "Household strategies and rural livelihood diversification," Journal of Development Studies, Taylor & Francis Journals, vol. 35(1), pages 1-38.
  18. Robert Holzmann, 1990. "The Welfare Effects of Public Expenditure Programs Reconsidered," IMF Staff Papers, Palgrave Macmillan, vol. 37(2), pages 338-359, June.
  19. Rodrik, Dani, 1998. "Where Did all the Growth Go? External Shocks, Social Conflict and Growth Collapses," CEPR Discussion Papers 1789, C.E.P.R. Discussion Papers.
  20. Hans-Werner Sinn, 1995. "Social Insurance, Incentives, and Risk Taking," NBER Working Papers 5335, National Bureau of Economic Research, Inc.
  21. Vito Tanzi, 2000. "Globalization and the Future of Social Protection," IMF Working Papers 00/12, International Monetary Fund.
  22. Alderman, H. & Paxson, C.H., 1992. "Do the Poor Insure? A Synthesis of the Literature on Risk and Consumption in Developing Countries," Papers 164, Princeton, Woodrow Wilson School - Development Studies.
  23. Udry, Christopher, 1990. "Credit Markets in Northern Nigeria: Credit as Insurance in a Rural Economy," World Bank Economic Review, World Bank Group, vol. 4(3), pages 251-69, September.
  24. Paul Collier & Jan Willem Gunning, 1999. "Why Has Africa Grown Slowly?," Journal of Economic Perspectives, American Economic Association, vol. 13(3), pages 3-22, Summer.
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