Vulnerability and Responses to Risk in Rural India
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Drawing upon a representative panel household survey for rural India, this paper demonstrates that household vulnerability in rural India is largely explained by poverty and idiosyncratic components. So far as risk coping strategies go, households rely heavily on informal instruments such as their own saving, transfers or capital depletion. Household consumption, however, is highly covariate with income and this implies that existing informal insurance instruments are not sufficient to protect household consumption against income shocks. Hence, an important policy implication of our analysis is that the government should provide readily accessible and well-targeted public safety nets given that the existing informal strategy is not very effective as a consumption insurance mechanism. Although the public risk coping programme is found to reduce vulnerability, access to such programmes is constrained. Expansion of government sponsored coping programmes is likely to protect households effectively from negative shocks.
Abstract
Drawing upon a representative panel household survey for rural India, this paper demonstrates that household vulnerability in rural India is largely explained by poverty and idiosyncratic components. So far as risk coping strategies go, households rely heavily on informal instruments such as their own saving, transfers or capital depletion. Household consumption, however, is highly covariate with income and this implies that existing informal insurance instruments are not sufficient to protect household consumption against income shocks. Hence, an important policy implication of our analysis is that the government should provide readily accessible and well-targeted public safety nets given that the existing informal strategy is not very effective as a consumption insurance mechanism. Although the public risk coping programme is found to reduce vulnerability, access to such programmes is constrained. Expansion of government sponsored coping programmes is likely to protect households effectively from negative shocks.
참고문헌 (17)
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