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Changes in durable stocks, portfolio allocation, and consumption expenditure in the aftermath of the Kobe earthquake

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  • Yasuyuki Sawada
  • Satoshi Shimizutani

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  • Yasuyuki Sawada & Satoshi Shimizutani, 2011. "Changes in durable stocks, portfolio allocation, and consumption expenditure in the aftermath of the Kobe earthquake," Review of Economics of the Household, Springer, vol. 9(4), pages 429-443, December.
    • Handle: RePEc:kap:reveho:v:9:y:2011:i:4:p:429-443
    DOI: 10.1007/s11150-011-9124-7
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    1. Pierre Dubois & Bruno Jullien & Thierry Magnac, 2008. "Formal and Informal Risk Sharing in LDCs: Theory and Empirical Evidence," Econometrica, Econometric Society, vol. 76(4), pages 679-725, July.
    2. Horwich, George, 2000. "Economic Lessons of the Kobe Earthquake," Economic Development and Cultural Change, University of Chicago Press, vol. 48(3), pages 521-542, April.
    3. Attanasio, Orazio P & Weber, Guglielmo, 1995. "Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey," Journal of Political Economy, University of Chicago Press, vol. 103(6), pages 1121-1157, December.
    4. Townsend, Robert M, 1994. "Risk and Insurance in Village India," Econometrica, Econometric Society, vol. 62(3), pages 539-591, May.
    5. Ethan Ligon, 1998. "Risk Sharing and Information in Village Economies," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 65(4), pages 847-864.
    6. Yasuyuki Sawada & Satoshi Shimizutani, 2008. "How Do People Cope with Natural Disasters? Evidence from the Great Hanshin-Awaji (Kobe) Earthquake in 1995," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(2-3), pages 463-488, March.
    7. Fafchamps, Marcel & Lund, Susan, 2003. "Risk-sharing networks in rural Philippines," Journal of Development Economics, Elsevier, vol. 71(2), pages 261-287, August.
    8. Mace, Barbara J, 1991. "Full Insurance in the Presence of Aggregate Uncertainty," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 928-956, October.
    9. Lee, Jeong-Joon & Sawada, Yasuyuki, 2007. "The degree of precautionary saving: A reexamination," Economics Letters, Elsevier, vol. 96(2), pages 196-201, August.
    10. Yasuyuki Sawada & Satoshi Shimizutani, 2005. "Are People Insured Against Natural Disasters? Evidence from the Great Hanshin-Awaji (Kobe) Earthquake in 1995," CARF F-Series CARF-F-019, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    11. Kohara, Miki & Ohtake, Fumio & Saito, Makoto & 齊藤, 誠, 2006. "On Effects of the Hyogo Earthquake on Household Consumption : A Note," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 47(2), pages 219-228, December.
    12. Yasuyuki Sawada & Satoshi Shimizutani, 2007. "Consumption Insurance and Risk-Coping Strategies under Non-Separable Utility: Evidence from the Kobe Earthquake," CIRJE F-Series CIRJE-F-512, CIRJE, Faculty of Economics, University of Tokyo.
    13. Yasuyuki Sawada & Satoshi Shimizutani, 2007. "Consumption insurance against natural disasters: evidence from the Great Hanshin-Awaji (Kobe) earthquake," Applied Economics Letters, Taylor & Francis Journals, vol. 14(4), pages 303-306.
    14. Martin Ravallion & Shubham Chaudhuri, 1997. "Risk and Insurance in Village India: Comment," Econometrica, Econometric Society, vol. 65(1), pages 171-184, January.
    15. Skidmore, Mark, 2001. "Risk, natural disasters, and household savings in a life cycle model," Japan and the World Economy, Elsevier, vol. 13(1), pages 15-34, January.
    16. Cox, Donald, 1987. "Motives for Private Income Transfers," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 508-546, June.
    17. Hayashi, Fumio & Altonji, Joseph & Kotlikoff, Laurence, 1996. "Risk-Sharing between and within Families," Econometrica, Econometric Society, vol. 64(2), pages 261-294, March.
    18. Cochrane, John H, 1991. "A Simple Test of Consumption Insurance," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 957-976, October.
    19. Lorenzo Cappellari & Stephen P. Jenkins, 2003. "Multivariate probit regression using simulated maximum likelihood," Stata Journal, StataCorp LP, vol. 3(3), pages 278-294, September.
    20. Satoshi Shimizutani, 2003. "Income Variability and Consumption-A Full Consumption Insurance Test Using Japanese Micro Data in the 1990s (in Japanese)," Economic Analysis, Economic and Social Research Institute (ESRI), vol. 169, pages 52-68, March.
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    Cited by:

    1. William duPont IV & Ilan Noy & Yoko Okuyama & Yasuyuki Sawada, 2015. "The Long-Run Socio-Economic Consequences of a Large Disaster: The 1995 Earthquake in Kobe," PLOS ONE, Public Library of Science, vol. 10(10), pages 1-17, October.
    2. Eiji Yamamura & Yoshiro Tsutsui & Chisako Yamane & Shoko Yamane & Nattavudh Powdthavee, 2015. "Trust and Happiness: Comparative Study Before and After the Great East Japan Earthquake," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 123(3), pages 919-935, September.
    3. Hossain, Marup & Mullally, Conner & Mabiso, Athur, 2024. "Occupational and asset adjustments in Tamil Nadu, India: The role of a finance and rebuilding program," World Development, Elsevier, vol. 177(C).
    4. Yasuyuki Sawada, 2017. "Disasters, Household Decisions, and Insurance Mechanisms: A Review of Evidence and a Case Study from a Developing Country in Asia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 12(1), pages 18-40, January.
    5. Tanvir Pavel & Syed Hasan & Nafisa Halim & Pallab Mozumder, 2018. "Natural Hazards and Internal Migration: The Role of Transient versus Permanent Shocks," Working Papers 1806, Florida International University, Department of Economics.
    6. Arindam Nandi & Sumit Mazumdar & Jere R. Behrman, 2018. "The effect of natural disaster on fertility, birth spacing, and child sex ratio: evidence from a major earthquake in India," Journal of Population Economics, Springer;European Society for Population Economics, vol. 31(1), pages 267-293, January.
    7. SAWADA Yasuyuki & MASAKI Tatsujiro & NAKATA Hiroyuki & SEKIGUCHI Kunio, 2017. "Natural Disasters: Financial preparedness of corporate Japan," Discussion papers 17014, Research Institute of Economy, Trade and Industry (RIETI).
    8. Eiji Yamamura & Chisako Yamane & Shoko Yamane & Yoshiro Tsutsui, 2022. "Effect of major disasters on geographic mobility intentions: the case of the Fukushima nuclear accident," Chapters, in: Mark Skidmore (ed.), Handbook on the Economics of Disasters, chapter 14, pages 275-291, Edward Elgar Publishing.
    9. Yin, Zhichao & Yan, Yu & Chen, Xirong & Liu, Taixing, 2022. "Earthquake and household energy consumption – Evidence from the Wenchuan earthquake in China," Energy Economics, Elsevier, vol. 111(C).
    10. Sawada, Yasuyuki & Takasaki, Yoshito, 2017. "Natural Disaster, Poverty, and Development: An Introduction," World Development, Elsevier, vol. 94(C), pages 2-15.
    11. William duPont IV & Ilan Noy & Yoko Okuyama & Yasuyuki Sawada, 2015. "The Long-Run Socio-Economic Consequences of a Large Disaster: The 1995 Earthquake in Kobe," PLOS ONE, Public Library of Science, vol. 10(10), pages 1-17, October.

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    More about this item

    Keywords

    Natural disasters; Rebuilding durable stocks; Consumption risk-sharing; Portfolio allocation; Earthquake; Nonseparability; D12; D52; E21;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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