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Consumption insurance between Japanese households


  • Miki Kohara


This paper examines the implication of the full insurance hypothesis and differences in its applicability across groups of households in Japan. Using a rare Japanese individual panel data set called the Japanese Panel Survey of Consumption, the paper first shows that the full insurance hypothesis is strongly rejected for the country as a whole. The paper further shows that the rich as well as the poor, and also college graduates as well as non-college graduates cannot insure their consumption against income shocks. In sharp contrast, urban residents can pool income shocks completely, whereas rural residents cannot. Rural residents suffer from income risks more seriously than urban residents in Japan.

Suggested Citation

  • Miki Kohara, 2001. "Consumption insurance between Japanese households," Applied Economics, Taylor & Francis Journals, vol. 33(6), pages 791-800.
  • Handle: RePEc:taf:applec:v:33:y:2001:i:6:p:791-800
    DOI: 10.1080/00036840121946

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    References listed on IDEAS

    1. Mervyn A. King & Jonathan I. Leape, 1987. "Asset Accumulation, Information, and the Life Cycle," NBER Working Papers 2392, National Bureau of Economic Research, Inc.
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    Cited by:

    1. HORI Masahiro & SHIMIZUTANI Satoshi, 2003. "Asset Holding and Consumption: Evidence from Japanese Panel Data in the 1990s," ESRI Discussion paper series 055, Economic and Social Research Institute (ESRI).

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