correlation in their assets (health, wealth, wisdom, i.e. skills), causing them to demand a great deal of insurance coverage …. Insurers on the other hand eschew positively correlated risks. It can be shown that insurance contributes to a reduction of … insurance. Analyzing deviations from trend in aggregate insurance payments, one finds the following for the United States and …

solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and … non-life business and we calibrate it using country level data to make it representative of the major euro area insurance …

bonds. We document a 'history effect' in which the pattern of holdings seven decades ago continues to influence holdings … other than the dollar. Our findings point to history and path dependence as key sources of financial market segmentation …

crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of …