This paper examines the impact of unemployment on out-migration by distinguishing between return and onward migration and controlling for total earnings. We use Timing-of-Events models and control for the endogeneity of total earnings, unemployment and out-migration using administrative data...

The study re-examines bond valuation and default risk, by considering and relaxing assumptions regarding integer rating migration, and portfolio rating migration, and consequently the implied degree of diversification. A reduced form model, based on (a) rating migration (matrix), serve as basis...

Do new migration opportunities for rural households change the nature and extent of informal risk sharing? We experimentally document that randomly offering poor rural households subsidies to migrate leads to a 40% improvement in risk sharing in their villages. Our model of endogenous migration...