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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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Related research

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. Holzmann, Robert & Jorgensen, Steen, 1999. "Social protection as social risk management : conceptual underpinnings for the social protection sector strategy paper," Social Protection Discussion Papers, The World Bank 20119, The World Bank.
  2. Ravallion, Martin, 1996. "Famines and economics," Policy Research Working Paper Series, The World Bank 1693, The World Bank.
  3. Siegel, Paul B. & Alwang, Jeffrey, 1999. "An asset-based approach to social risk management : a conceptual framework," Social Protection Discussion Papers, The World Bank 21324, The World Bank.
  4. Ethan Ligon & Jonathan P. Thomas & Tim Worrall, 1997. "Informal Insurance Arrangements in Village Economies," Keele Department of Economics Discussion Papers (1995-2001), Department of Economics, Keele University 97/08, Department of Economics, Keele University, revised Oct 2000.
  5. Kanbur, Ravi & Lustig, Nora, 1999. "Why is Inequality Back on the Agenda?," Working Papers, Cornell University, Department of Applied Economics and Management 127690, Cornell University, Department of Applied Economics and Management.
  6. Alderman, H. & Paxson, C.H., 1992. "Do the Poor Insure? A Synthesis of the Literature on Risk and Consumption in Developing Countries," Papers, Princeton, Woodrow Wilson School - Development Studies 164, Princeton, Woodrow Wilson School - Development Studies.
  7. Udry, Christopher, 1990. "Credit Markets in Northern Nigeria: Credit as Insurance in a Rural Economy," World Bank Economic Review, World Bank Group, World Bank Group, vol. 4(3), pages 251-69, September.
  8. Rosenzweig, Mark R & Binswanger, Hans P, 1993. "Wealth, Weather Risk and the Composition and Profitability of Agricultural Investments," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 103(416), pages 56-78, January.
  9. Hans-Werner Sinn, 1996. "Social insurance, incentives and risk taking," International Tax and Public Finance, Springer, Springer, vol. 3(3), pages 259-280, July.
  10. Holzmann, Robert, 2001. "Risk and vulnerability : the forward looking role of social protection in a globalizing world," Social Protection Discussion Papers, The World Bank 23161, The World Bank.
  11. Rodrik, Dani, 1998. "Where Did all the Growth Go? External Shocks, Social Conflict and Growth Collapses," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1789, C.E.P.R. Discussion Papers.
  12. 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, August.
  13. Bob Baulch & John Hoddinott, 2000. "Economic mobility and poverty dynamics in developing countries," Journal of Development Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 36(6), pages 1-24.
  14. Vito Tanzi, 2000. "Globalization and the Future of Social Protection," IMF Working Papers, International Monetary Fund 00/12, International Monetary Fund.
  15. Sinn, Hans-Werner, 1995. " A Theory of the Welfare State," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 97(4), pages 495-526, December.
  16. Lipton, Michael & Ravallion, Martin, 1993. "Poverty and policy," Policy Research Working Paper Series, The World Bank 1130, The World Bank.
  17. Morduch, J., 1995. "Poverty and Vulnerability," Papers, Harvard - Institute for International Development 477, Harvard - Institute for International Development.
  18. Ilmakunnas, P. & Kanniainen, V. & Lammi, U., 1999. "Entrepreneurship, Economic Risks, and Risk-Insurance in the Welfare State," University of Helsinki, Department of Economics, Department of Economics 453, Department of Economics.
  19. Eichberger, Jurgen & Harper, Ian R., 1997. "Financial Economics," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198775409, October.
  20. Paul Collier & Jan Willem Gunning, 1999. "Why Has Africa Grown Slowly?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 13(3), pages 3-22, Summer.
  21. Udry, Christopher, 1994. "Risk and Insurance in a Rural Credit Market: An Empirical Investigation in Northern Nigeria," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 61(3), pages 495-526, July.
  22. Robert Holzmann, 1990. "The Welfare Effects of Public Expenditure Programs Reconsidered," IMF Staff Papers, Palgrave Macmillan, Palgrave Macmillan, vol. 37(2), pages 338-359, June.
  23. Frank Ellis, 1998. "Household strategies and rural livelihood diversification," Journal of Development Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 35(1), pages 1-38.
  24. Morduch, Jonathan, 1999. "Between the State and the Market: Can Informal Insurance Patch the Safety Net?," World Bank Research Observer, World Bank Group, World Bank Group, vol. 14(2), pages 187-207, August.
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