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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
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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
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The delegated Lucas tree
Kaniel, Ron; Kondor, Péter - C.E.P.R. Discussion Papers - 2011
We analyze the effects of the observed increased share of delegated capital for trading strategies and equilibrium prices by introducing delegation into a standard Lucas exchange economy. In equilibrium, some investors trade on their own account, but others decide to delegate trading to...
Persistent link: https://www.econbiz.de/10009322979
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Determinants of Banking System Fragility: A Regional Perspective
Degryse, Hans; Elahi, Muhammad Ather; Penas, Maria Fabiana - C.E.P.R. Discussion Papers - 2012
Banking systems are fragile not only within one country but also within and across regions. We study the role of regional banking system characteristics for regional banking system fragility. We find that regional banking system fragility reduces when banks in the region jointly hold more liquid...
Persistent link: https://www.econbiz.de/10011084000
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Asset Prices and Institutional Investors
Basak, Suleyman; Pavlova, Anna - C.E.P.R. Discussion Papers - 2012
Empirical evidence indicates that trades by institutional investors have sizable effects on asset prices, generating phenomena such as index effects, asset-class effects and others. It is difficult to explain such phenomena within standard representative-agent asset pricing models. In this...
Persistent link: https://www.econbiz.de/10011083249
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Information Sharing in Credit Markets
Jappelli, Tullio; Pagano, Marco - C.E.P.R. Discussion Papers - 1991
We present a model with adverse selection where information sharing between lenders arises endogenously. Lenders' incentives to share information about borrowers are positively related to the mobility and heterogeneity of borrowers, to the size of the credit market and to advances in information...
Persistent link: https://www.econbiz.de/10005792145
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Systemic Risk: A Survey
de Bandt, Olivier; Hartmann, Philipp - C.E.P.R. Discussion Papers - 2000
This Paper develops a broad concept of systemic risk, the basic economic concept for the understanding of financial crises. It is claimed that any such concept must integrate systemic events in banking and financial markets as well as in the related payment and settlement systems. At the heart...
Persistent link: https://www.econbiz.de/10005114152
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The Comparative Analysis of Settlement Systems
Kobayakawa, Shuji - C.E.P.R. Discussion Papers - 1997
After a rapid expansion of financial transactions, both the authorities and financial institutions became aware of the risk involved in interbank settlement systems. To cope with the risk the systems in most economies have been designed so that large-sized payments are settled in the real time...
Persistent link: https://www.econbiz.de/10005667037
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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
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Competition leverage: how the demand side affects optimal risk adjustment
Bijlsma, Michiel; Boone, Jan; Zwart, Gijsbert - C.E.P.R. Discussion Papers - 2011
We study optimal risk adjustment in imperfectly competitive health insurance markets when high-risk consumers are less …
Persistent link: https://www.econbiz.de/10009144733