While systemic risk—the risk of wholesale failure of banksand other financial institutions—is generally consideredto be the primary reason for supervision and regulation of thebanking industry, almost all regulatory rules treat such risk inisolation. In particular, they do not account for...

This morning, I would like to give a few practical commentson capital adequacy from an insurance companyperspective. In doing so, I will present two views on capitaladequacy and capital allocation in the insurance industry.The first view is the regulatory perspective, that is, themotivations...

A large literature studies bank regulatory policies intendedto control moral hazard problems associated with depositinsurance and optimal regulatory design. Much of theanalysis has focused on uniform bank capital requirements,risk-based capital requirements, risk-based or fairly pricedinsurance...

Traditional theories of the origins of the welfare state have emphasized the financial weakness of Britain’s largest provider of mutual insurance in the late 19th century, the friendly societies. These theories share common implications with contemporary theories of institutional change...

The paper examines the structural and organisational problems of social insurancesystems in Brazil and the Argentine in order to illuminate current debates about pension‘reform’. Much of the present discussion depicts social insurance ‘crisis’ as a modernphenomenon. Similarly,...

The government’s pensions Green Paper – A new contract for welfare:partnership in pensions – proposes fundamental changes to the UK’sretirement income system. Members of CASE and of the Department ofSocial Policy at LSE have looked at the likely implications of the reformsfor pensioner...