| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP862 |
| DP862 Do Low-Income Countries Have a High-Wage Option? | |
| Dani Rodrik | |
| 发表日期 | 1994-01-31 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | Economic theory suggests that uninsurable income risk, health risk and the expectation of future borrowing constraints can reduce the share of risky assets in a household's portfolio. In fact, if its utility function exhibits decreasing absolute risk aversion and decreasing prudence, a household will reduce its exposure to avoidable risks when confronted with additional, independent unavoidable risks. If there are transactions costs associated with sales of illiquid and risky assets, the expectation of future borrowing constraints should induce households to keep a higher proportion of their wealth in the form of liquid and safe assets. To date, no empirical evidence has been cited in support of these theoretical claims. In this paper we use data from the 1989 Italian Survey of Household Income and Wealth to explore this issue. Using proxies for income risk, health risk and borrowing constraints, we find evidence that each of these variables significantly reduces the demand for risky assets. |
| 主题 | International Macroeconomics |
| 关键词 | Earnings uncertainty Liquidity constraints Portfolio choice Precautionary saving |
| URL | https://cepr.org/publications/dp862 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530020 |
| 推荐引用方式 GB/T 7714 | Dani Rodrik. DP862 Do Low-Income Countries Have a High-Wage Option?. 1994. |
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