Madagascar is one of the poorest countries in the world and a very high proportion of the population experiences frequent shocks, whether from natural disasters, economic shocks or internal crises of governance. As a consequence, about half the country s population is undernourished. Children...

Following Lucas's (1987) standard approach, welfare gains from international risk-sharing have been measured as the percentage increase in consumption levels that leaves individuals indifferent between, autarky and risk-sharing. The author proposes to measure welfare gains as the increase in...

The Caribbean region suffers from a high degree of economic volatility. A history of repeated external and domestic shocks has made economic insecurity a major concern across the region. Of particular concern to all households, especially the poorest segments of the population, is the exposure...