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Improving Risk Allocation Through Cat Bonds
Nell, Martin; Richter, Andreas - Institut für Versicherungsbetriebslehre <Hamburg> - 2002
analyze cat bonds and reinsurance as substitutional risk management tools in a standard insurance demand theory environment …
Persistent link: https://www.econbiz.de/10005856255
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Catastrophic Events as Threats to Society: Private and Public Risk Management Strategies
Nell, Martin; Richter, Andreas - Institut für Versicherungsbetriebslehre <Hamburg> - 2004
Dramatic events in the recent past have drawn attention to catastrophe risk management problems. The devastating terrorist attacks of September 11th, 2001 incurred the highest insured losses to date. Furthermore, a trend of increasing losses from natural catastrophes appears to be observable...
Persistent link: https://www.econbiz.de/10005856257
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Hybrid Cat-bonds
Barrieu, Pauline; Loubergé, Henri - Institut für Schweizerisches Bankwesen <Zürich> - 2007
Natural catastrophes attract regularly the attention of media and have become a source of public concern. From a financial viewpoint, natural catastrophes represent idiosyncratic risks,diversifiable at the world level. But for reasons analyzed in this pap er reinsurance markets are unable to...
Persistent link: https://www.econbiz.de/10005857781
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Why Have Exchange-Traded Catastrophe Instruments Failed to Displace Reinsurance?
Gibson, Rajna; Habib, Michel; Ziegler, Alexandre - Institut für Schweizerisches Bankwesen <Zürich> - 2007
In spite of the fact that they can draw on a larger, more liquid and more diversifiedpool of capital than the equity of reinsurance companies, financial markets have failed to displace reinsurance as the primary risk-sharing vehicle for natural catastrophe risk. We show that this failure can be...
Persistent link: https://www.econbiz.de/10005858213
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The impact of extreme weather events on budget balances and implications for fiscal policy
Lis, Eliza M.; Nickel, Christiane - European Central Bank - 2009
This paper explores implications of climate change for fiscal policy by assessing theimpact of large scale extreme weather events on changes in public budgets. We applyalternative measures for large scale extreme weather events and conclude that thebudgetary impact of such events ranges between...
Persistent link: https://www.econbiz.de/10005866589
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Social Indicators and the Study of Inequality
Meyers, Marcia K.; Garfinkel, Irwin - Federal Reserve Bank <New York, NY>; London School of … - 1999
reform and devolution for inequality and well-beingin the largest and most diverse city in the United States.The project uses … these data by population andover time, we hope to address questions that are at the coreof current debates about inequality … in the United States:How great is inequality? Does income inequality exaggerate,or reflect, inequality in material and …
Persistent link: https://www.econbiz.de/10005870055
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Goodness-of-Fit: An Economic Approach
Cowell, Frank A.; Flachaire, Emmanuel; Bandyopadhyay, … - London School of Economics and Political Science; Pôle …; … - 2009
Specific functional forms are often used in economic models of distributions;goodness-of-fit measures are used to assess whether a functional form is appropriatein the light of real-world data. Standard approaches use a distance criterion based onthe EDF, an aggregation of differences in...
Persistent link: https://www.econbiz.de/10005871007
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Inequality and the State
Hills, John - London School of Economics and Political Science - 2004
That Britain became more unequal in the last quarter century is well known; the scale of change, less so.At the end of the 1970s, the richest tenth received 21 per cent of total disposable income. This rose to 28-29per cent by 2002-03, as much as the whole of the bottom half. More than half of...
Persistent link: https://www.econbiz.de/10008766020
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A simple model of inequality, occupational choice, and development
Ghatak, Maitreesh; Jiang, Neville Nien-Huei - London School of Economics and Political Science - 2001
We analyze a simple and tractable model of occupational choice in the presence of credit marketimperfections. We examine the effect of parameters governing technology and transaction costs, andhistory, in terms of the initial wealth distribution, in determining the long-term wealth...
Persistent link: https://www.econbiz.de/10008911474
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Changes in earnings inequality and mobility in Great Britain 1978/9-2005/6
Dickens, Richard; McKnight, Abigail - 2008
This paper examines changes in earnings inequality and mobility between 1978/9 and 2005/6 using a unique dataset that … significant increases in annual earnings inequality for both male and female employees. On most measures this is greater for men …. When wider inequality is measured including periods of no earnings, inequality for men increases and for women it falls as …
Persistent link: https://www.econbiz.de/10009305133