This paper investigates whether agricultural households in rural Philippines insure their consumption and use remittances, informal loans or assets as ex post risk-coping mechanisms. Since these households have limited access to formal insurance and credit markets, any shocks to their volatile income can have substantial impacts. Using panel data and rainfall shocks as the instrumental variable for income shocks, this paper finds evidence that households depend on their networks of family and friends to partially insure their consumption. The analysis shows that approximately 27 percent of consumption is insured. International remittances from migrant members replace about 11 percent of income decline while domestic transfers replace about 14 percent. Informal loans, however, decrease as rainfall shocks increase. Borrowers and lenders may be experiencing similar shocks, which would reduce the effectiveness of local risk-sharing arrangements.

中文翻译：

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汇款作为风险应对机制的作用：来自菲律宾农村农户的证据

本文调查了菲律宾农村的农户是否为其消费提供保险，并使用汇款、非正式贷款或资产作为事后风险应对机制。由于这些家庭进入正规保险和信贷市场的机会有限，因此对其不稳定收入的任何冲击都可能产生重大影响。本文使用面板数据和降雨冲击作为收入冲击的工具变量，发现证据表明家庭依赖家人和朋友的网络来部分确保他们的消费。分析表明，大约 27% 的消费已投保。来自移民成员的国际汇款取代了约 11% 的收入下降，而国内转移取代了约 14%。然而，随着降雨冲击的增加，非正式贷款会减少。