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Longevity Risk and Taxation of Public Pensions

Lassila, Jukka - 2016

We study transitions from EET tax regime to TEE regime in a defined-benefit pension scheme with a numerical overlapping generations model, using stochastic mortality projections as inputs. In a traditional pension scheme with no automatic longevity rules, such as a link between life expectancy...

Persistent link: https://www.econbiz.de/10013001164

Risk-Sharing and Contagion in Networks

Cabrales, Antonio - 2014

We investigate the trade-off between the risk-sharing gains enjoyed by more interconnected firms and the costs … resulting from an increased risk exposure. We find that when the shock distribution displays “fat” tails, extreme segmentation …

Persistent link: https://www.econbiz.de/10013055377

Optimal Risk-Sharing in Mortgage Contracts : The Effects of Potential Prepayment and Default

Brueckner, Jan K. - 2014

of optimal risk-sharing in mortgage contracts. But since only a small literature has studied this question, more research … termination via prepayment or default affects optimal risk-sharing. The broad conclusion of the analysis is that potential … mortgage termination makes higher risk exposure for borrowers optimal …

Persistent link: https://www.econbiz.de/10013046055

Contagion in Financial Networks : A Threat Index

Demange, Gabrielle - 2015

Interbank claims are a concern to regulators as they might facilitate the dissemination of defaults and generate spill-over effects. Building on a simple model, this paper introduces a measure of the spill-over effects that a bank generates when it defaults. The measure is based on an explicit...

Persistent link: https://www.econbiz.de/10013023198

Global Banking, Trade, and the International Transmission of the Great Recession

Born, Alexandra - 2018

The global financial crisis of 2007-2009 spread through different channels from its origin in the United States to large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify their relative importance for this transmission....

Persistent link: https://www.econbiz.de/10012920861

Financial Contagion and the European Debt Crisis

Missio, Sebastian - 2013

Since the beginning of 2010, the Euro Area faces a severe sovereign debt crisis, now generally known as the Euro Crisis. While the Euro Crisis has its origin in Greece, problems have now spread to several other European countries as well. Dynamic conditional correlation models (DCC) are...

Persistent link: https://www.econbiz.de/10013092476

Bank Bailouts, International Linkages and Cooperation

Niepmann, Friederike - 2011

Financial institutions are increasingly linked internationally. As a result, financial crisis and government intervention have stronger effects beyond borders. We provide a model of international contagion allowing for bank bailouts. While a social planner trades off tax distortions, liquidation...

Persistent link: https://www.econbiz.de/10013128043

Contagion in Stable Networks

Bougheas, Spiros P. - 2017

We study the formation of networks in environments where agents derive benefits from other agents directly linked to them but suffer losses through contagion when any agent on a path connected to them is hit by a shock. We first consider networks with undirected links (e.g. epidemics,...

Persistent link: https://www.econbiz.de/10012944880

Plan Responses to Diagnosis-Based Payment : Evidence from Germany's Morbidity-Based Risk Adjustment

Bauhoff, Sebastian - 2017

' risk – including based on diagnostic information. We investigate responses of German health plans to the introduction of … morbidity-based risk adjustment in the Statutory Health Insurance in 2009, which triggers payments based on “validated … of the change in the share and number of validated diagnoses for ICD codes that are inside or outside the risk adjustment …

Persistent link: https://www.econbiz.de/10012953706

Reform, Uncertainty and Spillovers - A Gravity Model Approach

Fidrmuc, Jan - 2012

Reforms often occur in waves, seemingly cascading from country to country. We argue that such reform waves may be driven by informational spillovers: uncertainty about the outcome of reform is reduced by learning from the experience of similar countries. We motivate this hypothesis with a simple...

Persistent link: https://www.econbiz.de/10013109753