This paper aims to fill the gaps in the analysis of risk‐sharing channels at the microlevel, both within and across households. Using data from the Bank of Italy's Survey on Household Income and Wealth covering the financial crisis, we are able to quantify in a unified and consistent framework several risk‐sharing mechanisms that so far have been documented separately. We find that Italian households were able to smooth on average about 85% of shocks to household head's earnings in both 2008–2010 and 2010–2012 spells. The most important smoothing mechanisms turn out to be self‐insurance through savings/dissavings (40% and 47% in 2008–2010 and 2010–2012, respectively), and within‐household risk‐sharing (16% and 14%). Interestingly, risk‐sharing through portfolio diversification and private transfers is rather limited, but the overall percentage of shock absorption occurring through private risk‐sharing channels hovers around four‐fifths, as opposed to around one‐fifth of a shock cushioned by taxes and public transfers, excluding pensions. In addition, by exploiting subjective expectations on the following year's household income, we find significant evidence of a lower degree of smoothing of persistent shocks.

中文翻译：

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家庭风险分担渠道

本文旨在填补家庭内部和家庭之间微观层面风险分担渠道分析的空白。利用意大利银行关于金融危机的《家庭收入和财富调查》中的数据，我们能够在一个统一而一致的框架中量化到目前为止已单独记录的几种风险分担机制。我们发现，在2008-2010年和2010-2012年这两个时期，意大利家庭平均能够缓解家庭户主收入受到冲击的大约85％。事实证明，最重要的平滑机制是通过储蓄/储蓄的自我保险（分别在2008-2010年和2010-2012年分别为40％和47％）和家庭内部风险分担（16％和14％）。有趣的是，通过投资组合多元化和私人转移进行的风险分担相当有限，但是，通过私人风险分担渠道吸收冲击的总体百分比徘徊在五分之四左右，而税收和公共转移支付的冲击（养老金除外）所缓冲的冲击约占五分之一。此外，通过利用对下一年家庭收入的主观期望，我们发现了持续冲击缓解程度较低的重要证据。