An empirical analysis of the annuity rate in Chile
An empirical analysis of the annuity rate in Chile
复制标题
智利年金率的实证分析
DOI：
10.1017/s1474747207003113
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发表时间：
2006
影响因子：
1.2
通讯作者：
R. Rocha
中科院分区：
文献类型：
--
作者：
C. Thorburn;Marco Morales;R. Rocha
对年金市场的总结经验分析仅限于几个发达国家，并受到数据限制的限制。由于市场的深度和数据的可获得性，智利为年金研究提供了极好的条件。本文利用一组寿险公司的数据对年金收益率的主要决定因素进行了计量检验，年金收益率被定义为年金的内部收益率。结果表明，年金利率由无风险利率、私人发行的高收益证券在提供商投资组合中的份额决定，作为无风险利率利差的指标，提供商的杠杆率，经纪商佣金水平，单个提供商的市场份额，溢价水平，以及市场竞争程度。结果还表明，提高市场透明度的努力导致了年金率方程参数的结构性变化。结果与对货币价值比率的单独研究一致，并表明需要开发适当的金融工具，使提供者能够在获得更高回报的同时对冲风险，并确保年金市场的竞争和透明度，以确保年金的良好结果。
SUMMARY Empirical analyses of annuities markets have been limited to a few developed countries and restricted by data limitations. Chile provides excellent conditions for research on annuities due to the depth of its market and the availability of data. The paper utilizes a panel of life insurance company data to examine econometrically the main determinants of the annuity rate, defined as the internal rate of return on annuities. The results indicate that the annuity rate is determined by the risk-free interest rate, the share of privately issued higher yield securities in the portfolio of providers, as a proxy for the spread over the risk-free rate, the leverage of providers, the level of broker's commissions, the market share of individual providers, the level of the premium, and the degree of market competition. The results also show that efforts to improve market transparency produced structural shifts in the parameters of the annuity rate equation. The results are consistent with separate research on money's worth ratios, and indicate the need to develop appropriate financial instruments, allowing providers to hedge their risks while extracting higher returns, and also to ensure competition and transparency in annuities markets, in order to ensure good outcomes for annuitants.
影响因子：
6.1
作者：
PERRON, P
通讯作者：
PERRON, P
(±)-γ-红溴霉素的全合成
DOI：
--
发表时间：
2007
期刊：
影响因子：
--
作者：
北泰行;他
通讯作者：
他