{"type":"script","doc_desc":{"producers":[{"name":"Reproducibility WBG","abbr":"DECDI","affiliation":"World Bank - Development Impact Department","role":"Verification and preparation of metadata"}],"prod_date":"2026-03-10","version":"1"},"project_desc":{"authoring_entity":[{"name":"Ergys Islamaj","affiliation":"World Bank","email":"eislamaj@worldbank.org"},{"name":"Giorgi Bokhua","affiliation":"World Bank","email":"gbokhua@worldbank.org"}],"title_statement":{"title":"Reproducibility package for Who Smooths The Shock? Government And Private Saving In International Risk Sharing","idno":"RR_WLD_2026_586"},"data_statement":"All data sources are publicly available and included in the reproducibility package. ","software":[{"name":"Stata","version":"18 MP"}],"scripts":[{"title":"Reproducibility package for Who Smooths The Shock? Government And Private Saving In International Risk Sharing","date":"2026-03","notes":"Computational reproducibility verified by Development Impact (DECDI) Analytics team, World Bank.","instructions":"See README in reproducibility package.","file_name":"RR_WLD_2026_586","zip_package":"RR_WLD_2026_586.zip","dependencies":"Stata dependencies are listed in the ado folder."}],"repository_uri":[{"name":"Reproducible Research Repository (World Bank)","uri":"https:\/\/reproducibility.worldbank.org"}],"production_date":"2026-03-10","abstract":"This paper examines how countries smooth income volatility, emphasizing the distinct roles of public and private saving across levels of development and macroeconomic characteristics. Using a panel of 134 countries over 1990\u20132023 and an accounting-based decomposition of risk sharing, we document three core findings. First, savings are a central smoothing mechanism but operate very differently across country groups. In advanced economies, government saving absorbs about 14 percent of output shocks\u2014exceeding the contribution of private saving\u2014whereas in emerging market and developing economies (EMDE) private saving dominates, smoothing roughly 16 percent of shocks compared with only 6 percent through government saving. Second, primary investment income from abroad has helped smooth income volatility only in advanced economies, while remittances and transfers have helped smooth income volatility in EMDE. Third, fiscal space and capital account openness shift the balance between public and private stabilization. Countries that have more fiscal space and open capital accounts are better able to smooth output volatility through government savings.","geographic_units":[{"name":"World","code":"WLD"}],"keywords":[{"name":"Risk Sharing"},{"name":"Income Smoothing"},{"name":"Government Saving"},{"name":"Private Saving"},{"name":"National Account Decomposition"}],"topics":[{"id":"F41","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Open Economy Macroeconomics","parent_id":"F4"},{"id":" F36","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Financial Aspects of Economic Integration","parent_id":"F3"},{"id":" E21","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Consumption \u2022 Saving \u2022 Wealth","parent_id":"E2"},{"id":" H63","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Debt \u2022 Debt Management \u2022 Sovereign Debt","parent_id":"H6"}],"output":[{"type":"Working Paper","description":"Policy Research Working Papers (PRWP)","title":"Who Smooths The Shock? Government And Private Saving In International Risk Sharing"}],"language":[{"name":"English","code":"EN"}],"technology_requirements":"Run time: ~ 7 minutes","disclaimer":"The materials in the reproducibility packages are distributed as they were prepared by the staff of the International Bank for Reconstruction and Development\/The World Bank. The findings, interpretations, and conclusions expressed in this event do not necessarily reflect the views of the World Bank, the Executive Directors of the World Bank, or the governments they represent. The World Bank does not guarantee the accuracy of the materials included in the reproducibility package.","license":[{"name":"Modified BSD3","uri":"https:\/\/opensource.org\/license\/bsd-3-clause\/"}],"contacts":[{"name":"Ergys Islamaj","affiliation":"World Bank","email":"eislamaj@worldbank.org"},{"name":"Reproducibility WBG","affiliation":"World Bank","email":"reproducibility@worldbank.org"}],"technology_environment":"Paper exhibits were reproduced on a computer with the following specifications:\n\u2022 OS: Windows 11 Enterprise\n\u2022 Processor: INTEL(R) XEON(R) PLATINUM 8562Y+ 2.80 GHz (4 processors)\n\u2022 Memory available: 32 GB","reproduction_instructions":"To reproduce the findings in this paper, a replicator must update the global in line 15 of the do-file \"master\" to your folder's location and run the do-file.\n","datasets":[{"name":"World Economic Outlook Database","note":"Data accessed in May 2025. \nFiles: Replication Package\\Raw Data\\WEOApr2025all.xlsx","access_type":"Data is publicly available and included in the reproducibility package.\n","license_uri":"https:\/\/www.imf.org\/en\/about\/copyright-and-terms","uri":"https:\/\/www.imf.org\/en\/publications\/weo\/weo-database\/2025\/april","citation":"International Monetary Fund. 2025. \"World Economic Outlook Databse (April 2025)\" [dataset]. https:\/\/www.imf.org\/en\/publications\/weo\/weo-database\/2025\/april. Accessed May 2025.\n"},{"name":"World Development Indicators","note":"Data accessed in February 2026.\nIndicator accessed:  Gross savings (% of GDP); GDP (current US$); GDP (constant LCU); Population, total; Final consumption expenditure (% of GDP); GDP (current LCU); GNI (current LCU); Domestic credit to private sector by banks (% of GDP).\nFiles: Replication Package\\Raw Data\\wdi_raw.dta. \n","access_type":"Data is publicly available and included in the reproducibility package.\n","license_uri":"https:\/\/www.worldbank.org\/en\/about\/legal\/terms-of-use-for-datasets","uri":"https:\/\/databank.worldbank.org\/source\/world-development-indicators","license":"Creative Commons Attribution 4.0 International License (CC BY 4.0)","citation":"World Bank. 2026. \"World Development Indicators\" [dataset]. Multiple Indicators accessed. Accessed in February 2026. "},{"name":"Balance of Payments (BOP)","note":"Version accessed: 20.0.0. \nData accessed May 2025. \nFiles: Replication Package\\Raw Data\\dataset_2025-05-01T16_11_15.263707854Z_DEFAULT_INTEGRATION_IMF.STA_BOP_20.0.0.csv\n","license_uri":"https:\/\/www.imf.org\/external\/terms.htm","access_type":"Data is publicly available and included in the reproducibility package.\n","citation":"International Monetary Fund. 2024. \"Balance of Payments (BOP) and International Investment Position (IIP)\" [dataset]. https:\/\/data360.worldbank.org\/en\/int\/dataset\/IMF_BOP. Accessed May 2025.","uri":"https:\/\/www.imf.org\/en\/about\/copyright-and-terms"},{"name":"OECD Economic Outlook No 116","note":"Data accessed May 2025 (Edition 2024\/2)\nVariables Used: \"Net general government saving\"; \"Net saving of households and non-profit institutions serving households\"; \"Gross saving of households and non-profit institutions serving households\"; \"Gross domestic product, nominal value, market prices\".\nFiles: Replication Package\\Raw Data\\OECD.ECO.MAD,DSD_EO@DF_EO,+..A.csv\n","license_uri":"https:\/\/www.oecd.org\/en\/about\/terms-conditions.html","access_type":"Data is publicly available and included in the reproducibility package.\n","citation":"OECD. 2024. \"OECD Economic Outlook No 116 (Edition 2024\/2)\" [dataset]. \nhttps:\/\/dataexplorer.oecd.org\/vistm=OECD%20Economic%20Outlook&pg=0&snb=11&vw=ov&df[ds]=dsDisseminateFinalDMZ&df[id]=DSD_EO%40DF_EO&df[ag]=OECD.ECO.MAD&df[vs]=1.2&hc[Reference%20area]=&hc[Topic]=&dq=..A&pd=%2C&to[TIME_PERIOD]=false. Accessed May 2025."},{"uri":"https:\/\/web.pdx.edu\/%7Eito\/Chinn-Ito_website.htm","name":"The Chinn-Ito Index","note":"Data accessed February 2026. The Chinn-Ito index (KAOPEN) is an index measuring a country's degree of capital account openness. The index was initially introduced in Chinn and Ito (Journal of Development Economics, 2006). KAOPEN is based on the binary dummy variables that codify the tabulation of restrictions on cross-border financial transactions reported in the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER).\nFiles: Replication Package\\Raw Data\\kaopen_2023.dta\n","citation":"Chinn, Menzie D. and Hiro Ito (2006). \"What Matters for Financial Development? Capital Controls, Institutions, and Interactions,\" Journal of Development Economics, Volume 81, Issue 1, Pages 163-192 (October).","access_type":"Data is publicly available and included in the reproducibility package.\n"},{"name":"Market and Income Classification","note":"Data compiled by the authors in 2025.\nVariables used: \"Market\" \"Region\" File is used for classifying countries between EMDEs and Advanced economics and differentiating between different world bank regions.\nFiles: Replication Package\\Raw Data\\classification.dta\n","access_type":"Data is publicly available and included in the reproducibility package.\n","citation":"World Bank. 2025. \"Market and Income Classification\" [dataset]. Compiled in 2025. "}]},"tags":[{"tag":"DOI"},{"tag":"Open Code"},{"tag":"Open Data"}],"schematype":"script"}