Risk Sharing Opportunities and Macroeconomic Factors in Latin American and Caribbean Countries : A Consumption Insurance Assessment

This paper evaluates the degree of consumption insurance enjoyed by Latin American and Caribbean countries, with respect to various reference areas, by estimating a parameter expressing the sensitivity of a country's consumption growth to a me...

Full description

Bibliographic Details
Main Author:	Ventura, Luigi
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING AGGREGATE COMPONENT AGGREGATE CONSUMPTION AGGREGATE GROWTH AGGREGATE INCOME BANKING SYSTEM BUFFER BUSINESS CYCLES CHANGE IN CONSUMPTION CLARITY CONSUMPTION EXPENDITURE CONSUMPTION EXPENDITURES CONSUMPTION FLUCTUATIONS CONSUMPTION GROWTH CONSUMPTION SMOOTHING CONTROL VARIABLES CORRELATION COEFFICIENTS COUNTRY LEVEL CURRENCY CURRENCY CRISES DEBT DEPENDENT VARIABLE DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DISCOUNT RATE DISCOUNT RATES DISTRIBUTION OF INCOME DOMESTIC CONSUMPTION DOMESTIC CREDIT DUMMY VARIABLE ECONOMETRIC ANALYSIS ECONOMIC GROWTH ECONOMIC PERSPECTIVES ECONOMIC REVIEW EMERGING MARKET ECONOMIES EMPIRICAL ANALYSIS EMPIRICAL RESULTS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATE REGIME EXCHANGE RATE REGIMES EXCHANGE REGIME EXPECTED UTILITY EXPLANATORY POWER EXPLANATORY VARIABLE FINANCIAL CRISIS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL FLOWS FINANCIAL INTEGRATION FINANCIAL MARKETS FIXED EFFECTS FLOATING EXCHANGE RATE FLOATING EXCHANGE RATE REGIME FOREIGN ASSETS FOREIGN DIRECT INVESTMENTS FOREIGN FINANCIAL MARKETS GDP GLOBALIZATION GROWTH MODEL GROWTH RATE GROWTH RATES HOUSEHOLD CONSUMPTION INCOME GROWTH INCOME SHOCKS INCOME SMOOTHING INCREASING INEQUALITY INDEBTEDNESS INDIVIDUAL COUNTRIES INEQUALITY INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL DIVERSIFICATION INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL MACROECONOMICS INTERNATIONAL OPENNESS LATIN AMERICAN LEVELS OF INVESTMENTS LIQUIDITY LOW INCOME M3 MACROECONOMIC ANALYSES MACROECONOMIC FACTORS MACROECONOMIC VARIABLES MARGINAL UTILITY MARKET CAPITALIZATION MARKET RATES MEAN VALUE MICROECONOMIC ANALYSES MONETARY ECONOMICS MONEY MARKET NATIONAL INCOME NEGATIVE SHOCKS OUTPUT GAP PER CAPITA CONSUMPTION PER CAPITA CONSUMPTION GROWTH PER CAPITA INCOME PER CAPITA INCOMES POLICY RESEARCH POLITICAL ECONOMY POSITIVE RELATIONSHIP POSITIVE SHOCKS PRIVATE SECTOR PUBLIC CONSUMPTION PUBLIC EXPENDITURE PUBLIC EXPENDITURES RAPID INCREASE RATE OF GROWTH REAL EXCHANGE RATES REAL GDP REAL INCOME REAL INTEREST RATE REAL INTEREST RATES RELATIVE IMPACT REPRESENTATIVE AGENT RISK AVERSION RISK SHARING SAVINGS SIGNIFICANT CORRELATION SMOOTHING CONSUMPTION STANDARD DEVIATION STANDARD DEVIATIONS STOCK MARKETS SUB-SAHARAN AFRICA T-VALUE TOTAL CONSUMPTION TRADE OPENNESS TREASURY BILL TREASURY BILLS TRINIDAD AND TOBAGO UNCERTAINTY UPWARD PRESSURE UTILITY FUNCTION UTILITY FUNCTIONS WEALTH WORLD DEVELOPMENT INDICATORS
Online Access:	http://documents.worldbank.org/curated/en/2008/01/8966564/risk-sharing-opportunities-macroeconomic-factors-latin-american-caribbean-countries-consumption-insurance-assessment http://hdl.handle.net/10986/6473