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Autoren: 
Fidrmuc, Jarko
Degler, Moritz
Datum: 
2018
Schriftenreihe/Nr.: 
IOS Working Papers No. 373
Zusammenfassung: 
We present an analysis of interregional consumption risk sharing in Russia between 1999 and 2009 using novel estimation methods. In addition to standard fixed effects panel estimations, we use system and difference GMM estimators to reflect time dynamic properties and possible endogeneity between output and consumption. Furthermore, we apply spatial models that control for spatial dependence across regions. The results show that regional consumption deviations from the national average are highly persistent in time and space. Nevertheless, regional consumption risk sharing in Russia is relatively high with 70 to 90 per cent of idiosyncratic risk being smoothed. Finally, fiscal policy and the degree of financial development appear to contribute to the consumption smoothing.
Schlagwörter: 
Russia
financial development
risk sharing
spatial models
GMM
JEL: 
E32
E21
R12
P25
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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