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On International and National Dimensions of Risk Sharing

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  • Mario J. Crucini

Abstract

This paper contributes to the empirical literature that tests the implications of risk sharing across regions or countries. Rather than test the null of full insurance, the estimation method produces a parameter that measures the fraction of the annuity value of individual income that individuals of different regions (or nations) pool. Comparing the provinces of Canada, the states of the United States, and the G-7 countries, I find similar degrees of risk sharing within regions of Canada and the U.S. that exceed the risk sharing that occurs across countries. Specifically, more than two-thirds of the fitted annual variation in regional consumption is common to all regions compared to less than one-third in the case of G-7 countries. © 1999 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

Suggested Citation

  • Mario J. Crucini, 1999. "On International and National Dimensions of Risk Sharing," The Review of Economics and Statistics, MIT Press, vol. 81(1), pages 73-84, February.
  • Handle: RePEc:tpr:restat:v:81:y:1999:i:1:p:73-84
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    1. Kenneth R Troske & William J Carrington, 1992. "Gender Segregation Small Firms," Working Papers 92-13, Center for Economic Studies, U.S. Census Bureau, revised May 1993.
    2. Walter Oi, 1983. "The Fixed Employment Costs of Specialized Labor," NBER Chapters,in: The Measurement of Labor Cost, pages 63-122 National Bureau of Economic Research, Inc.
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