04572oam 22011174 450 991082278700332120240515185917.01-4623-8108-11-4527-2996-41-282-63669-397866138228711-4519-8808-7(CKB)3360000000443320(EBL)3014315(SSID)ssj0000941492(PQKBManifestationID)11473298(PQKBTitleCode)TC0000941492(PQKBWorkID)10963806(OCoLC)698585492(IMF)WPIEE2006179(MiAaPQ)EBC3014315(EXLCZ)99336000000044332020020129d2006 uf 0engur|n|---|||||txtccrInstitutional Quality, Knightian Uncertainty, and Insurability : A Cross-Country Analysis /S. Erbas, Chera Sayers1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (15 p.)IMF Working Papers"July 2006."At head of title: Office of Executive Directors.1-4518-6439-6 Includes bibliographical references (p. 12-13).""Contents""; ""I. INTRODUCTION""; ""II. INSTITUTIONAL QUALITY AND KNIGHTISAN UNCERTAINTY: AN INTERPRETATION""; ""III. METHODOLOGY""; ""IV. REGRESSION RESULTS""; ""V. CONCLUSIONS""; ""REFERENCES""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.IMF Working Papers; Working Paper ;No. 2006/179Risk (Insurance)Risk managementEconometric modelsInsuranceimfMacroeconomicsimfIndustries: Financial ServicesimfIntelligence (AI) & SemanticsimfInsurance CompaniesimfActuarial StudiesimfFormal and Informal SectorsimfShadow EconomyimfInstitutional ArrangementsimfPersonal Income, Wealth, and Their DistributionsimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfTechnological Change: Choices and ConsequencesimfDiffusion ProcessesimfInsurance & actuarial studiesimfFinanceimfArtificial intelligenceimfPersonal incomeimfInsurance companiesimfIncomeimfRisk (Insurance)Risk managementEconometric models.InsuranceMacroeconomicsIndustries: Financial ServicesIntelligence (AI) & SemanticsInsurance CompaniesActuarial StudiesFormal and Informal SectorsShadow EconomyInstitutional ArrangementsPersonal Income, Wealth, and Their DistributionsPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsTechnological Change: Choices and ConsequencesDiffusion ProcessesInsurance & actuarial studiesFinanceArtificial intelligencePersonal incomeInsurance companiesIncomeErbas S1649675Sayers Chera1649676International Monetary Fund.Office of Executive Directors.DcWaIMFBOOK9910822787003321Institutional Quality, Knightian Uncertainty, and Insurability3998554UNINA