Even before the euro crisis started, it had been widely argued that the Eurozone needed a mechanism to help countries overcome idiosyncratic shocks. The experience of the crisis itself seemed to make this case overwhelming, and throughout the EU institutions it is now taken for granted that the Eurozone needs a system of fiscal shock absorbers.
A fiscal shock absorber for the Eurozone? Lessons from the economics of insurance
Daniel Gros, 19 March 2014
Googling systemically important insurers
David Veredas, Matteo Luciani, Mardi Dungey, 22 April 2013
An arbitrage opportunity is being created for insurers and, if not overseen, it may entail systemic risks.
Countercyclical regulation in Solvency II: Merits and flaws
Jon Danielsson, Roger Laeven, Enrico Perotti, Mario Wüthrich, Rym Ayadi, Antoon Pelsser, 23 June 2012
The October 2011 Solvency II draft introduces the possibility of a countercyclical premium.
Addressing the incompleteness of long-term care insurance
Joan Costa-i-Font, 9 June 2012
With rapid population ageing, expenditure on long-term care – that is, care and assistance for old-age dependent elderly – has risen faster than health expenditure. Perhaps surprisingly, this increase is far more due to population ageing than to changes in people’s health (Colombo and Mercier 2012, Breyer et al. 2011).
What determines the optimal mix of public and private insurance?
Giuseppe Bertola, Winfried Koeniger, 29 April 2011
In all economies, both public policies and private contracts provide insurance. Government-sponsored social insurance programmes cover many health, employment and disability risks. Households can also insure partially against these and other risks in private markets by buying explicit state-contingent insurance or by accumulating wealth.
Valuing insurers' liabilities during crises: What EU policymakers should NOT do
Con Keating, Jon Danielsson, 18 March 2011
At the height of the last crisis, the market value of the assets of insurance companies fell sharply while the present value of their liabilities remained essentially unchanged. Under recently proposed insurance regulations, similar events might result in insurance firms ending up in breach of regulations, thus requiring them to increase capital quickly to avoid official interventions.
The rise of obesity in Europe: An economic perspective
Giorgio Brunello, Pierre-Carl Michaud, Anna Sanz-de-Galdeano, 6 October 2009
When comparing obesity rates in Europe and the US, two basic facts emerge:
Insurance against systemic crises: The real contract between society and banks
Hans Gersbach, 8 August 2009
Have social security reforms shifted too much risk to individuals? The financial crisis suggests they might have
Monika Bütler, 13 February 2009
The financial crisis comes right at a time when major reforms to social security systems around the world are evolving. These reforms were primarily initiated to tackle demographic transitions and resolve resulting fiscal imbalances.
Food prices: The need for insurance
Esther Duflo, 25 April 2008
Throughout last week, violent riots in Haiti – provoked by Haitians’ fury over the increased price of basic foodstuffs – brought the issue of agricultural prices to the forefront. Other incidents occurred in Indonesia, Guinea, Mauritania, Mexico, Morocco, Senegal, Uzbekistan and Yemen. Several large rice producers (e.g.
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
Cadot, de Melo, 16 June 2014