Rather than taking on more risk, US insurers hit hard by the crisis pulled back from risk taking, relative to insurers … hit less hard by the crisis. Capital requirements alone do not explain this risk reduction: insurers hit hard reduced risk … within assets with identical regulatory treatment. State level US insurance regulation makes it unlikely this risk reduction …

the World Bank's Doing Business indicator) are the key determinant of the level of income per capita. We find that a …

measures a country's level of integration not only by its set of direct trade connections with the rest of the world but also …