This paper analyzes the numerical impact of different surplus distribution mechanisms on the risk exposure of a life insurance company selling with profit life insurance policies with a cliquet-style interest rate guarantee. Three representative companies are considered, each using a different...

Kennzeichnet man Banken von i h r e r s p e z i e l l e n Funktionsübernahmei n e i n e r V o l k s w i r t s c h a f t her, so s t e l l t man f e s t , daß Banken,insbesondere die das B i l d des modernen deutschen Bankensystemsbeherrschenden Universalbanken (1), heute üblicherweisefolgende...

Rechnungssystemzu den in der Praxis intensiv genutzten Instrumenten unseres Faches. Bis hinzu eher am Haushaltswesen orientierten öffentlichen Unternehmen wie Krankenhäusernoder neuerdings der Bundespost1 sieht man ihre Einrichtung als notwendig an. Andererseitsweist sie eine große Zahl...

[...]In this paper, we employ a different empirical strategy tostudy the effects of ownership structure on firm performancethat is free from any corporate events in the ratherhomogenous banking industry. In essence, the performance ofpublicly traded bank holding companies (BHCs) is comparedwith...

Central bank policymakers are not primarilyrandom number generators.1 Reading boththe financial press and the work of academics,however, one might get the opposite impression.Reporters (and the readers of their stories) seem toattach considerable importance to each Federal OpenMarket Committee...

The deterioration in the financial climate over the past12 months has eroded consumers’ confidence in theirown financial security, with 58% of consumers eitherdisagreeing (33%) or disagreeing strongly (25%) thatthey feel more financially secure.This can be attributed, to some extent, to...

Interest in commodity prices as indicators of consumerprice inflation has ebbed and flowed withthe rise and fall in commodity prices themselves.True to form, as commodity prices have surged inthe last two years (Chart 1), interest in their predictivepower has returned. Inflation hawks point to...

The state is conceptually distinct from both economy and society, with inherent interests in expanding its scope for autonomous action, asserting control over economic and social interactions, and structuring economic and social relations. These interests derive primarily from the state’s...

This paper offers one Africanist’s perspective on the question (to paraphrase Patrick O’Brien) of how, where, when and why a sample of states encouraged or restrained economic growth from recurring. The last phrase places the focus where it belongs: the issue in Sub-Saharan economic history...