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"Organised crime and financial crime are pressing global problems, increasingly recognized as policy priorities both by national governments and international bodies and corporations. This proudly interdisciplinary collection is built on the premise that these topics are too often artificially...
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terrorism risk for "free." The traditional insurance mechanism alone cannot spread the risk of repeated catastrophic losses …. Beyond the Terrorism Risk Insurance Act of 2002 lingers the questions of a longterm solution and government's role therein … market solution for terrorism risk. Securitization is an alternative to reinsurance and can transfer risk to the global …
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The paper proposes that the organization of financial markets is decided by the allocation of the liability to repay investors. Based on the liability allocation, the paper examines all possible modes of organizing finance and monitoring in an economy a la Townsend (1979). The equilibrium mode...
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