We characterize how public insurance schemes are constrained by hidden financial transactions. When non …-exclusive private insurance entails increasing unit transaction costs, public transfers are only partly offset by hidden private … of insurance on unobservable effort and saving choices as well as the relative cost of public and private insurance …

High correlations between risks can increase required insurer capital and/orreduce the availability of insurance. For … such insurance lines, securitizationis rapidly emerging as an alternative form of risk transfer. The ultimatesuccess of … to facilitateand/or be facilitated by insurance contracts. We consider how insuredlosses might be decomposed into …

unemployment insurance in bad times without jeopardizing incentives to work or public finances in the medium term. A possible … solution is a rule-based system that improves the generosity of unemployment insurance (replacement rate, benefit duration …