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Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015

pension: the Personal Pension with Risk sharing (PPR). By unbundling and valuing the investment, (dis)saving, insurance and … heterogeneous individuals. Moreover, unlike variable annuities, PPRs allow investment risks to be combined with longevity insurance …. The unbundling of functions in the PPR also deepens the internal markets for financial and insurance products while at the …

Persistent link: https://www.econbiz.de/10011252616

Regulating Financial Conglomerates

Freixas, Xavier; Lóránth, Gyöngyi; Morrison, Alan - C.E.P.R. Discussion Papers - 2005

. However, when risk profiles are endogenously selected conglomeration may extend the reach of the deposit insurance safety net …

Persistent link: https://www.econbiz.de/10005114192

Macroeconomics after the crisis – hedgehog or fox?

Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2014

in the context of a simple model of insurance, where there is no Arrow Debreu equilibrium to allocate risk efficiently …

Persistent link: https://www.econbiz.de/10011083632

Credit Risk Transfer and Financial Sector Performance

Marsh, Ian W; Wagner, Wolf - C.E.P.R. Discussion Papers - 2004

regulatory standards that reflect differences in the social cost of instability in the banking and insurance sector; and …

Persistent link: https://www.econbiz.de/10005662362

Capital Regulation and Tail Risk

Perotti, Enrico C; Ratnovski, Lev; Vlahu, Razvan - C.E.P.R. Discussion Papers - 2011

The paper studies risk mitigation associated with capital regulation, in a context where banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited liability. Moreover, higher capital may have an...

Persistent link: https://www.econbiz.de/10009246611

When bigger isn’t better: Bail outs and bank behaviour

Li, Han Hao; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2011

The traditional theory of commercial banking explains maturity transformation and liquidity provision assuming no asymmetric information and no excess profits. It captures the possibility of bank runs and business cycle risk; but it ignores the moral hazard problems connected with risk-taking by...

Persistent link: https://www.econbiz.de/10009320408

Securities Trading by Banks and Credit Supply: Micro-Evidence

Abbassi, Puriya; Iyer, Rajkamal; Peydró, José Luis; … - C.E.P.R. Discussion Papers - 2015

We analyze securities trading by banks and the associated spillovers to the supply of credit. Empirical analysis has been elusive due to the lack of securities register for banks. We use a unique, proprietary dataset that has the investments of banks at the security level for 2005-2012 in...

Persistent link: https://www.econbiz.de/10011196029

Macroinsurance for Microenterprises: A Randomized Experiment in Post-Revolution Egypt

McKenzie, David - C.E.P.R. Discussion Papers - 2014

macroeconomic and political uncertainty. Demand for macroeconomic shock insurance was high; 36.7 percent of microentrepreneurs in … the treatment group purchased insurance. However, purchasing insurance does not change the likelihood that a business … microenterprises. However, insurance may still be of value to them to help cope with shocks when they do occur, but we are unable to …

Persistent link: https://www.econbiz.de/10011084029

Genetic Tests and Intertemporal Screening in Competitive Insurance Markets

Emons, Winand - C.E.P.R. Discussion Papers - 2007

We consider successive generations of non-altruistic individuals carrying a good or bad gene. Daughters are more likely to carry their mother's gene than the opposite one. Competitive insurers can perform a genetic test revealing an agent's gene. They may condition their quotes on the agent's or...

Persistent link: https://www.econbiz.de/10005661858

Credit Risk and Dynamic Capital Structure Choice

Dangl, Thomas; Zechner, Josef - C.E.P.R. Discussion Papers - 2003

This Paper analyses the effect of dynamic capital structure adjustments on credit risk. Firms may optimally adjust their leverage in response to stochastic changes in firm value. It is shown that capital structure dynamics lower optimal initial leverage ratios but increase both fair credit...

Persistent link: https://www.econbiz.de/10005123682

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