Castagnolo, Fernando; Ferro, Gustavo - In: Journal of Financial Regulation and Compliance 21 (2013) February, pp. 4-15
Purpose – The purpose of this paper is to examine empirically whether the market discipline works, and if so, whether … it is a complement or substitute of prudential regulation in the insurance markets. Market discipline is intended as “the … hypothesis is that if market discipline works as complementary to prudential regulation, the response of the insured is expected …