We exploit the introduction of free banking laws in US states during the 1837-1863 period to examine the impact of … find that the introduction of free banking laws stimulated the creation of new banks and led to more bank failures. Our … empirical evidence indicates that states adopting free banking laws experienced an increase in output per capita compared to the …

We explore dynamic linkages between financial/banking sector openness, financial sector competition, and growth. We …

worker buys an insurance, which gives a constant income and retirement benefits in exchange for the total output. The level …

Availability of (partial) insurance mechanisms is arguably important for the decision of (riskaverse) workers to start … up a risky entrepreneurial venture. Using administrative data from Denmark, where unemployment insurance (UI) is … UI choice process. Results show that the causal effect of insurance on the probability of starting up a venture is …

We formally link insurance markets with product markets and identify a demand effect of insurance: if risk …-averse consumers can buy insurance against possible product failure, there will be some additional consumers that buy the product … have a higher willingness to pay if they can also buy insurance. But a higher price causes those consumers to leave the …

This paper empirically analyzes moral hazard in car insurance using a dynamic theory of an insuree's dynamic risk (ex …

We study the possibility for international diversification of catastrophe risk by the insurance sector. Adopting the … argument that large insurance losses may be a `globalizing factor' for the industry, we study the dependence of geographically … distant insurance markets via equity returns. In particular, we employ conditional copula theory to model the bivariate …