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On the exposure of insurance companies to sovereign risk : portfolio investments and market forces
Düll, Robert; König, Felix; Ohls, Jana - 2015
risk. This paper focuses on the transmission of sovereign risk to insurance companies as some of the largest institutional … investors in the sovereign bond market. We use a firm level panel dataset that covers large insurance companies, banks and non … reflected in current insurance regulation (incl. upcoming Solvency II in Europe). …
Persistent link: https://www.econbiz.de/10011373080
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Interest rate risk and the Swiss solvency test
Eder, Armin; Keiler, Sebastian; Pichl, Hannes - 2013
In this paper, we present a new approach to measuring interest rate risk for insurers within the Swiss Solvency Test, which overcomes the shortcomings of the standard model. The standard model of the Swiss Solvency Test is based on more interest rate risk factors than are actually needed to...
Persistent link: https://www.econbiz.de/10010202889
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How is the low-interest-rate environment affecting the solvency of German life insurers?
Kablau, Anke; Weiß, Matthias - 2014
Life insurance companies are affected directly by the impact of the low-interestrate environment. To fulfil promised … funds requirements. This points to a potential solvency risk in the life insurance industry. …
Persistent link: https://www.econbiz.de/10010432256
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Wie wirkt sich das Niedrigzinsumfeld auf die Solvabilität der deutschen Lebensversicherer aus?
Kablau, Anke; Weiß, Matthias - 2014
Die Lebensversicherer sind von den Auswirkungen des Niedrigzinsumfelds unmittelbar betroffen. Damit sie die zugesicherten Garantien erfüllen können, müssen sie unter Umständen Eigenmittel aufwenden. Dies ist dann der Fall, wenn die von den Unternehmen festgelegte Überschussbeteiligung oder...
Persistent link: https://www.econbiz.de/10010432266
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The effect of patent litigation insurance : theory and evidence from NPEs
Ganglmair, Bernhard; Helmers, Christian; Love, Brian J. - 2020
We analyze the extent to which private defensive litigation insurance deters patent assertion by non …-practicing entities (NPEs). We study the effect that a patent-specific defensive insurance product, offered by a leading litigation … defensive litigation insurance on the behavior of patent enforcers and accused infringers. We show that the availability of …
Persistent link: https://www.econbiz.de/10012267115
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Boosting Non-linear Predictability of Macroeconomic Time Series
Kauppi, Heikki; Virtanen, Timo - 2018
We apply the boosting estimation method to investigate to what ex-tent and at what horizons macroeconomic time series have nonlinearpredictability coming from their own history. Our results indicate thatthe U.S. macroeconomic time series have more exploitable nonlinearpredictability than...
Persistent link: https://www.econbiz.de/10012503077
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Demographic change and the German current account surplus
Schön, Matthias - 2020
This paper shows that demographic change plays an important role in the formation of a country's net foreign asset position. An ageing population both lowers the demand and increases the supply of capital in an economy. Fewer workers reduce the required capital stock. As a longer life span leads...
Persistent link: https://www.econbiz.de/10012406006
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Weather adjustment of economic output
Schreiber, Sven - 2017 - This version: February 2017
While recurring and regular variations of weather conditions are implicitly addressed by standard seasonal adjustment procedures of economic time series, extraordinary weather outcomes are not. We propose a way of measuring aggregate abnormal weather conditions based on available local...
Persistent link: https://www.econbiz.de/10011614063
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Long-term outlook for the German statutory pension system
Schön, Matthias - 2020
This paper presents long term projections of the German pension system that are based on a general equilibrium model with overlapping generations (OLG). This framework takes into account the two way feedback of both micro and macroeconomic relationships, meaning that households, for example,...
Persistent link: https://www.econbiz.de/10012197894
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Demographic change and the rate of return in PAYG pension systems
Schön, Matthias - 2020
The currently observed demographic change consists of two independent develop-ments that differ in structure and persistence: (1) A slow, monotonic and (presum-ably) permanent ageing effect caused by an increasing life expectancy; (2) a morerapidly changing, non-monotonic and less permanent...
Persistent link: https://www.econbiz.de/10012313783