When Insurers Go Bust PDF Download
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Author | : Guillaume Plantin |
Publisher | : Princeton University Press |
Total Pages | : 111 |
Release | : 2016-06-28 |
Genre | : Business & Economics |
ISBN | : 0691170983 |
Download When Insurers Go Bust Book in PDF, ePub and Kindle
In the 1990s, large insurance companies failed in virtually every major market, prompting a fierce and ongoing debate about how to better protect policyholders. Drawing lessons from the failures of four insurance companies, When Insurers Go Bust dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms. Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for supervising the solvency of insurance companies: policyholders are the "bankers" of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. Applying recent developments in corporate finance theory and the economic theory of organizations, the authors describe in practical terms how such authorities could be created and given the incentives to behave exactly like bankers behave toward borrowers, as "tough" claimholders.
Author | : Jean-Charles Rochet |
Publisher | : Princeton University Press |
Total Pages | : 328 |
Release | : 2008-01-23 |
Genre | : Business & Economics |
ISBN | : 9780691131467 |
Download Why Are There So Many Banking Crises? Book in PDF, ePub and Kindle
Almost every country in the world has sophisticated systems to prevent banking crises. Yet such crises--and the massive financial and social damage they can cause--remain common throughout the world. Does deposit insurance encourage depositors and bankers to take excessive risks? Are banking regulations poorly designed? Or are banking regulators incompetent? Jean-Charles Rochet, one of the world's leading authorities on banking regulation, argues that the answer in each case is "no." In Why Are There So Many Banking Crises?, he makes the case that, although many banking crises are precipitated by financial deregulation and globalization, political interference often causes--and almost always exacerbates--banking crises. If, for example, political authorities are allowed to pressure banking regulators into bailing out banks that should be allowed to fail, then regulation will lack credibility and market discipline won't work. Only by insuring the independence of banking regulators, Rochet says, can market forces work and banking crises be prevented and minimized. In this important collection of essays, Rochet examines the causes of banking crises around the world in recent decades, focusing on the lender of last resort; prudential regulation and the management of risk; and solvency regulations. His proposals for reforms that could limit the frequency and severity of banking crises should interest a wide range of academic economists and those working for central and private banks and financial services authorities.
Author | : Guillaume Gorge |
Publisher | : Lulu.com |
Total Pages | : 394 |
Release | : 2016 |
Genre | : Business & Economics |
ISBN | : 1300935456 |
Download Insurance Risk Management and Reinsurance Book in PDF, ePub and Kindle
"Risk being its raw material, insurance has developed various techniques of valuation and risk transfer. Nowadays, these techniques - and first of all reinsurance, the favourite way of transferring risk- are entirely reassessed considering the development of Corporate Finance theory. Therefore, the approach retained here, originally for the actuarial course at Ensae, Paris may surprise some readers and students as it proposes a extended view of risk. We cover not only the mathematical aspects of Risk Management but also other fields relevant for Risk Management from economy or finance. We aim here at making bridges between all these fields through practical application to cat and life risk-management."--
Author | : Gilles Beneplanc |
Publisher | : Oxford University Press |
Total Pages | : 363 |
Release | : 2011-08-05 |
Genre | : Business & Economics |
ISBN | : 0199339929 |
Download Risk Management in Turbulent Times Book in PDF, ePub and Kindle
The subprime crisis has shown that the sophisticated risk management models used by banks and insurance companies had serious flaws. Some people even suggest that these models are completely useless. Others claim that the crisis was just an unpredictable accident that was largely amplified by the lack of expertise and even naivety of many investors. This book takes the middle view. It shows that these models have been designed for "tranquil times", when financial markets behave smoothly and efficiently. However, we are living in more and more "turbulent times": large risks materialize much more often than predicted by "normal" models, financial models periodically go through bubbles and crashes. Moreover, financial risks result from the decisions of economic actors who can have incentives to take excessive risks, especially when their remunerations are ill designed. The book provides a clear account of the fundamental hypotheses underlying the most popular models of risk management and show that these hypotheses are flawed. However it shows that simple models can still be useful, provided they are well understood and used with caution.
Author | : Benjamin Richardson |
Publisher | : Kluwer Law International B.V. |
Total Pages | : 418 |
Release | : 2002-02-13 |
Genre | : Law |
ISBN | : 9041117350 |
Download Environmental Regulation Through Financial Organisations:Comparative Perspectives on the Industrialised Nations Book in PDF, ePub and Kindle
This book takes a comparative perspective of practice in the European Union, North America, Japan and Australasia, arguing that existing legal reforms to promote sustainable development are unlikely to be successful unless environmental policy can be diffused and embedded in the financial services sector. This sector plays a crucial role in creating the financial conditions that allow much economic development to proceed. Financial markets are already highly regulated in pursuance of various public policy objectives, and there is scope to adapt existing regulation to incorporate environmental aspects into the financial services sector. In terms of specific reforms, the book focuses on the role of corporate environmental reporting, economic instruments and liability rules to provide a proper context for engaging financial organisations with the environment, as well as reforms to the system of prudential regulation that currently governs this sector. Beyond the focus on the financial services sector, the book raises complex questions regarding the relationship between the state and market institutions in environmental policy, and will appeal to scholars from a wide range of disciplines interested in problems of environmental governance.
Author | : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Policy Research and Insurance |
Publisher | : |
Total Pages | : 456 |
Release | : 1992 |
Genre | : Business & Economics |
ISBN | : |
Download H.R. 4731 and the Economic Impact of Insurance Company Insolvencies Book in PDF, ePub and Kindle
Author | : |
Publisher | : |
Total Pages | : 184 |
Release | : 1991 |
Genre | : Insurance |
ISBN | : |
Download A Descriptive Analysis of the Insurance Industry in the United States Book in PDF, ePub and Kindle
Author | : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations |
Publisher | : |
Total Pages | : 384 |
Release | : 1991 |
Genre | : Business & Economics |
ISBN | : |
Download Insurance Company Regulation Book in PDF, ePub and Kindle
Author | : Peter Zweifel |
Publisher | : Springer Nature |
Total Pages | : 545 |
Release | : 2021-10-05 |
Genre | : Business & Economics |
ISBN | : 3030803902 |
Download Insurance Economics Book in PDF, ePub and Kindle
Insurance Economics brings together the economic analysis of decision making under risk, risk management and demand for insurance among individuals and corporations, objectives pursued and management tools used by insurance companies, the regulation of insurance, and the division of labor between private and social insurance. Appropriate both for advanced undergraduate and graduate students of economics, management, and finance, this text provides the background required to understand current research. Predictions derived from theoretical arguments are not merely stated, but also related to empirical evidence. Throughout the book, conclusions summarize key results, helping readers to check their knowledge and comprehension. Issues discussed include paradoxes in decision making under risk and attempts at their resolution, moral hazard and adverse selection including the possibility of a “death spiral”, and future challenges to both private and social insurance such as globalization and the availability of genetic information. This second edition has been extensively revised. Most importantly, substantial content has been added to represent the evolution of risk-related research. A new chapter, Insurance Demand II: Nontraditional Approaches, provides a timely addition in view of recent developments in risk theory and insurance. Previous discussions of Enterprise Risk Management, long-term care insurance, adverse selection, and moral hazard have all been updated. In an effort to expand the global reach of the text, evidence and research from the U.S. and China have also been added.
Author | : Divya Kirti |
Publisher | : International Monetary Fund |
Total Pages | : 59 |
Release | : 2017-08-07 |
Genre | : Business & Economics |
ISBN | : 1484314395 |
Download When Gambling for Resurrection is Too Risky Book in PDF, ePub and Kindle
Rather than taking on more risk, US insurers hit hard by the crisis pulled back from risk taking, relative to insurers not hit as hard by the crisis. Capital requirements alone do not explain this risk reduction: insurers hit hard reduced risk within assets with identical regulatory treatment. State level US insurance regulation makes it unlikely this risk reduction was driven by moral suasion. Other financial institutions also reduce risk after large shocks: the same approach applied to banks yields similar results. My results suggest that, at least in some circumstances, franchise value can dominate, making gambling for resurrection too risky.