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 … effects from sovereign risk to domestic insurers. The impact on insurers is larger than for non-financial firms and slightly …

that is due to heterogeneous skill endowments. Meanwhile, taxes and transfers insure 45% of lifetime earnings risk. Taxes … would provide more insurance if based on lifetime instead of annual earnings. Requiring wealthy individuals to repay social … assistance received when younger would strengthen the insurance and redistributive functions of social assistance. …

productive abilities and education. Additionally, the system insures against 48% of lifetime earnings risk. Implementing a … lifetime tax reform linking annual taxes to previous employment could improve the system's insurance capabilities, albeit at …