The Economics, Regulation, and Systemic Risk of Insurance Markets
The Economics, Regulation, and Systemic Risk of Insurance Markets
复制标题
保险市场的经济学、监管和系统性风险
DOI：
10.1093/acprof:oso/9780198788812.001.0001
复制
发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Christian Thimann
中科院分区：
文献类型：
--
作者：
Felix Hufeld;R. Koijen;Christian Thimann
尽管保险在促进个人和集体的社会、经济和金融活动方面发挥着重要作用，但有关保险市场的宏观经济作用和风险的讨论却令人惊讶地有限。出版本书的核心动机是将学者、监管机构和行业专家聚集在一起，就保险、其作用和功能以及可能产生的潜在系统性风险提供多方面的研究和观点。第一部分讨论了保险的宏观经济作用，以及保险与银行和一般金融的区别。了解保险公司和其他金融中介机构资产负债表之间的差异，对于了解风险性质的潜在差异和最佳监管的差异至关重要。本书的第二部分着重于保险业的风险和潜在的系统性风险。各章节讨论了保险公司资产负债表的资产和负债方面的风险。本书的第三部分涉及监管对保险公司的影响。现有的监管往往很复杂，对保险公司的决策和运作有很大影响。这些章节还说明了各种形式的监管的意外后果。本书最后总结了与麦肯锡合作进行的一项调查，该调查向保险业高管询问了保险业的风险和监管。该调查为未来保险市场的研究提供了指导。本卷的贡献者- Viral Acharya，斯特恩商学院，纽约大学Bo Becker，斯德哥尔摩经济学院Denis Duverne，AXA Group Andrew Ellul，Kelley商学院，印第安纳州大学John Hele，Inc. Felix Hufeld，德国联邦金融监管局Pab Jotikasthira，北卡罗来纳州大学凯南-弗拉格勒商学院Denis Kessler，SCOR Ralph S. J. Koijen，伦敦商学院Christian Lundblad，Kenan-Flagler商学院，北卡罗来纳州大学Amelie de Montchalin，AXA集团安娜保尔森，芝加哥联邦储备银行托马斯Philippon，纽约大学斯特恩商学院Matthew Richardson，纽约大学斯特恩商学院Richard Rosen，联邦储备银行芝加哥Christian Thimann，AXA集团Motohiro Yogo，普林斯顿大学
Despite the importance of insurance in enabling individual and collective social, economic, and financial activities, discussions about the macro-economic role and risks of insurance markets are surprisingly limited. The core motivation for publishing this book is to bring together academics, regulators, and industry experts to provide a multifaceted array of research and perspectives on insurance, its role and functioning, and the potential systemic risk it could create. The first part discusses the macro-economic role of insurance and how insurance is different from banking and general finance. Understanding the differences between the balance sheets of insurers and other financial intermediaries is essential to understand the potential differences in risk nature and differences in optimal regulation. The second part of the book focuses on the risks of the insurance sector and the potential for systemic risk. The various chapters discuss the risks both on the asset and liability sides of insurers' balance sheets. The third part of the book covers the impact of regulation on insurance companies. Existing regulation is often complex and has a large impact on insurance companies' decision-making and functioning. The chapters also illustrate the unintended consequences of various forms of regulation. The book concludes with a summary of a survey that has been conducted in collaboration with McKinsey, where insurance executives have been asked about the risks and regulation in the insurance sector. The survey provides guidance for future research on insurance markets. Contributors to this volume - Viral Acharya, Stern School of Business, New York University Bo Becker, Stockholm School of Economics Denis Duverne, AXA Group Andrew Ellul, Kelley School of Business, Indiana University John Hele, MetLife Inc. Felix Hufeld, German Federal Financial Supervisory Authority Pab Jotikasthira, Kenan-Flagler Business School, University of North Carolina Denis Kessler, SCOR Ralph S. J. Koijen, London Business School Christian Lundblad, Kenan-Flagler Business School, University of North Carolina Amelie de Montchalin, AXA Group Anna Paulson, Federal Reserve Bank of Chicago Thomas Philippon, Stern School of Business, New York University Matthew Richardson, Stern School of Business, New York University Richard Rosen, Federal Reserve Bank of Chicago Christian Thimann, AXA Group Motohiro Yogo, Princeton University