that emerges is one in which financial markets play a limited role as a smoothing channel in Russia, regardless of the …

shocks during the transition and in what manner the ability to smooth consumption is related to poverty risk. We use data … standard increases. However, below average consumption smoothing abilities are not always associated with higher poverty risk …; rural households, who have a high poverty risk, manage to smooth food expenditures quite well, most likely because they have …

of the poverty line. …