关键词: 消费, 金融发展, 风险分担

Abstract: Using the correlated Chinese province-level data during 1978-2008,this paper examines the effect of financial development on the inter-provincial risk sharing.The evidences suggest that the inter-provincial risk sharing is time varying.Financial depth helps improve the degree of risk sharing while the credit market development plays limited role during 1978-1992.However,the credit market development helps improve the degree of risk sharing while the financial development depresses the degree of risk sharing during 1993-2002.Financial depth has non-existent inter-provincial risk sharing and the credit market development has tenuous effect on the improvement of the degree of risk sharing among inter-provincial per capita household consumption expenditure during 2003-2008.This paper also finds limited evidence suggesting that stock market development help improve the degree of risk sharing.

Key words: consumption, financial development, risk sharing