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BIS Papers
No 139
Digital safety nets: a
roadmap
by Alexander Karaivanov, Benoît Mojon, Luiz A Pereira
da Silva and Robert M Townsend
Monetary and Economic Department
September 2023
JEL classification: G10, G52, G23, D82, D53, O16.
Keywords: digital financial platforms and contracts,
safety nets, targeted transfers, risk sharing, financial
inclusion, limited commitment, private information.
The views expressed are those of the authors and not necessarily the views of the BIS.
This publication is available on the BIS website ().
© Bank for International Settlements 2023. All rights reserved. Brief excerpts may be
reproduced or translated provided the source is stated.
ISSN 1682-7651 (online)
ISBN 978-92-9259-683-5 (online)
Digital safety nets: a roadmap1
† ‡ ‡
Alexander Karaivanov , Benoît Mojon , Luiz A Pereira da Silva and
Robert M Townsend§
Abstract
We show how new digital technologies can be used to improve safety nets for
insurance against idiosyncratic and aggregate income risks, tailored to deal
specifically with well-known obstacles to trade: limited commitment, moral hazard,
unobserved states and payment transaction costs. We illustrate the gains from
incentive-compatible voluntary risk-sharing schemes for groups of economic agents,
eg Thai households and Spanish firms. We assess the currently best-fitting financial
regime within each group and quantify large welfare gains from improved insurance
despite the obstacles to trade. Our methods could be applied in various contexts to
foster financial inclusion and complement existing broader safety net mechanisms in
a cost-effective way. We provide blueprints for design and implementation.
Keywords: digital financial platforms and contracts, safety nets, targeted transfers, risk
shar
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