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Record Nr. |
UNINA9910822787003321 |
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Autore |
Erbas S |
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Titolo |
Institutional Quality, Knightian Uncertainty, and Insurability : : A Cross-Country Analysis / / S. Erbas, Chera Sayers |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-8108-1 |
1-4527-2996-4 |
1-282-63669-3 |
9786613822871 |
1-4519-8808-7 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (15 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Risk (Insurance) |
Risk management - Econometric models |
Insurance |
Macroeconomics |
Industries: Financial Services |
Intelligence (AI) & Semantics |
Insurance Companies |
Actuarial Studies |
Formal and Informal Sectors |
Shadow Economy |
Institutional Arrangements |
Personal Income, Wealth, and Their Distributions |
Pension Funds |
Non-bank Financial Institutions |
Financial Instruments |
Institutional Investors |
Technological Change: Choices and Consequences |
Diffusion Processes |
Insurance & actuarial studies |
Finance |
Artificial intelligence |
Personal income |
Insurance companies |
Income |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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"July 2006." |
At head of title: Office of Executive Directors. |
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Nota di bibliografia |
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Includes bibliographical references (p. 12-13). |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. INSTITUTIONAL QUALITY AND KNIGHTISAN UNCERTAINTY: AN INTERPRETATION""; ""III. METHODOLOGY""; ""IV. REGRESSION RESULTS""; ""V. CONCLUSIONS""; ""REFERENCES"" |
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Sommario/riassunto |
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Knightian uncertainty (ambiguity) implies presence of uninsurable risks. Institutional quality may be a good indicator of Knightian uncertainty. This paper correlates non-life insurance penetration in 70 countries with income level, financial sector depth, country risk, a measure of cost of insurance, and the World Bank governance indexes. We find that institutional quality-transparency-uncertainty nexus is the dominant determinant of insurability across countries, surpassing the explanatory power of income level. Institutional quality, as it reflects on the level of uncertainty, is the deeper determinant of insurability. Insurability is lower when governance is weaker. |
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