This paper examines consumption risk sharing among 16 regions in South Korea over the 2000–2016 period. The empirical results show that 91.8 percent of shocks to gross regional domestic product are smoothed in South Korea. Capital markets, the tax‐transfer system and credit markets absorb 29.9, 28.9 and 33.0 percent of shocks to gross regional domestic product, respectively. Most notably, South Korea relies more on credit markets for risk sharing than capital markets, an opposite pattern to advanced countries like the USA, Canada and Australia. Furthermore, the patterns of consumption risk sharing are different before and after the 2007–2008 global financial crisis, and differences in regional industrial structure and local development can influence these patterns. This paper attempts to infer the connection between these findings and both the rapid economic growth of South Korea and the Asian and global financial crises.

中文翻译：

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韩国的国际国内消费风险分担：2000–2016

本文研究了2000年至2016年期间韩国16个地区之间的消费风险分担。实证结果表明，韩国对区域国内生产总值的冲击达到了91.8％。资本市场，税收转移系统和信贷市场分别吸收了对地区国内生产总值的冲击的29.9％，28.9％和33.0％。最值得注意的是，韩国比资本市场更依赖信贷市场进行风险分担，这与美国，加拿大和澳大利亚等发达国家的情况相反。此外，在2007–2008年全球金融危机之前和之后，消费风险分担的模式也有所不同，区域产业结构和本地发展的差异会影响这些模式。