This paper studies the effect of combining different insurance schemes on the efficiency of consumption smoothing in an … (1988). The risk averse agent's savings play the role of a collateral, thereby improving consumption smoothing. Furthermore … savings and debt substitutable. If these assumptions are relaxed, consumption smoothing worsens but is still better than what …

, consumption and savings of households. It gives a measure of purchasing power within a consistent and integrated framework, which … surveys exist providing individual data on income and consumption. Those surveys are used to measure inequalities between … levels) have been combined to give a breakdown of income and consumption measured in the national accounts (for the year 2003 …