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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. Hans-Werner Sinn, 1996. "A Theory of the Welfare State," NBER Working Papers 4856, National Bureau of Economic Research, Inc.
  2. Sinn, Hans-Werner, 1996. "Social Insurance, Incentives and Risk Taking," Munich Reprints in Economics 19834, University of Munich, Department of Economics.
  3. Rodrik, Dani, 1999. " Where Did All the Growth Go? External Shocks, Social Conflict, and Growth Collapses," Journal of Economic Growth, Springer, vol. 4(4), pages 385-412, December.
  4. Eichberger, Jurgen & Harper, Ian R., 1997. "Financial Economics," OUP Catalogue, Oxford University Press, number 9780198775409.
  5. Ravallion, Martin, 1996. "Famines and economics," Policy Research Working Paper Series 1693, The World Bank.
  6. 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.
  7. Robert Holzmann, 1990. "The Welfare Effects of Public Expenditure Programs Reconsidered," IMF Staff Papers, Palgrave Macmillan, vol. 37(2), pages 338-359, June.
  8. 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.
  9. 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.
  10. Ilmakunnas, P. & Kanniainen, V. & Lammi, U., 1999. "Entrepreneurship, Economic Risks, and Risk-Insurance in the Welfare State," University of Helsinki, Department of Economics 453, Department of Economics.
  11. Lipton, Michael & Ravallion, Martin, 1995. "Poverty and policy," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 3, chapter 41, pages 2551-2657 Elsevier.
  12. Morduch, Jonathan, 1994. "Poverty and Vulnerability," American Economic Review, American Economic Association, vol. 84(2), pages 221-25, May.
  13. 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.
  14. 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.
  15. Vito Tanzi, 2000. "Globalization and the Future of Social Protection," IMF Working Papers 00/12, International Monetary Fund.
  16. Frank Ellis, 1998. "Household strategies and rural livelihood diversification," Journal of Development Studies, Taylor & Francis Journals, vol. 35(1), pages 1-38.
  17. 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.
  18. Kanbur, Ravi & Lustig, Nora, 1999. "Why is Inequality Back on the Agenda?," Working Papers 127690, Cornell University, Department of Applied Economics and Management.
  19. 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.
  20. 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.
  21. 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.
  22. Alderman, Harold & Paxson, Christina H & DEC, 1992. "Do the poor insure? A synthesis of the literature on risk and consumption in developing countries," Policy Research Working Paper Series 1008, The World Bank.
  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.
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