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Risk-Sharing, Vulnerability and the Global Financial Crisis

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  • Stephen Matteo Miller

Abstract

type="main" xml:id="ecor12095-abs-0001"> Tests using Household, Income and Labour Dynamics in Australia unit record data from 2006–07 to 2010–11 indicate that Australian households on average insure against idiosyncratic income shocks. For a 10 per cent change in income, non-durable expenditures change by 0.14 per cent, while food expenditures change by 0.05 per cent; both results are statistically insignificant. Non-durable expenditures respond asymmetrically to positive and negative income shocks, especially during the Global Financial Crisis, rising by 0.1 per cent for a 10 per cent income rise but falling by 0.6 per cent for a 10 per cent income decline in 2009; the latter result is statistically significant. Controlling for risk tolerance heterogeneity yields identical results.

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  • Stephen Matteo Miller, 2014. "Risk-Sharing, Vulnerability and the Global Financial Crisis," The Economic Record, The Economic Society of Australia, vol. 90(289), pages 220-235, June.
    • Handle: RePEc:bla:ecorec:v:90:y:2014:i:289:p:220-235
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    File URL: http://hdl.handle.net/10.1111/ecor.2014.90.issue-289
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    Cited by:

    1. Youjin Hahn & Stephen Matteo Miller & Hee-Seung Yang, 2016. "Inequality, Risk-Sharing and the Crisis: A View From Australia," Monash Economics Working Papers 15-16, Monash University, Department of Economics.

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