, borrowers take on less risk exposure than non-borrowers. A larger risk exposure by borrowers may occur as well, however …, borrowers' default policies render binary options useful instruments for lenders in hedging the credit-risk component of their … and volatility in contrast to the exogenously assumed constant mean and volatility in many credit risk models. We consider …

to farmer investment is uninsured risk: when provided with insurance against the primary catastrophic risk they face … basis risk associated with the index insurance, and with imperfect trust that promised payouts will be delivered. …

their growth. Economic theory suggests uncertainty can cause firms to delay investments until uncertainty is resolved. We … that, contrary to what they profess, macroeconomic and political risk is not inhibiting the investment behavior of …

withdrawal of employers and external insurers as risk bearers of systematic financial and longevity risks. Partly because of … pension: the Personal Pension with Risk sharing (PPR). By unbundling and valuing the investment, (dis)saving, insurance and … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of …

consumption against idiosyncratic income fluctuations. We develop a consumption model in which the sharing of income risk is …

a novel dataset, we document that this sell-off appears to have generated significant liquidity risk for market … actual downgrade and reversing sharply thereafter. We show that a measure of liquidity risk faced by corporate bond market … portion of this excess co-movement. Additional robustness checks suggest that this relationship between the liquidity risk …

and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different types of …

This Paper analyses dynamic equilibrium risk sharing contracts between profit-maximizing intermediaries and a large … not sustainable, even though a risk allocation superior to autarky can be achieved. …