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increases. These effects extend beyond long government bonds. Our results suggest that pension discount rules can have a …We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using … data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the …
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We study the dependence between the downside risk of European banks and insurers. Since the downside risk of banks and insurers differs, an interesting question from a supervisory point of view is the risk reduction that derives from diversification within large banks and financial...
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