Kessler, Denis - In: Journal of Risk & Insurance 81 (2014) 3, pp. 477-488
type="main" xml:lang="en" <title type="main">Abstract</title> <p>The traditional model of (re)insurance lacks the elements that make a financial institution systemically important: risks are effectively pulverized; liabilities tend to be prefunded, which eliminates most of the leverage in the traditional sense; and active...</p>