04771oam 22012014 450 991097514850332120250426110939.0978661382287197814623810811462381081978145272996114527299649781282636699128263669397814519880861451988087(CKB)3360000000443320(EBL)3014315(SSID)ssj0000941492(PQKBManifestationID)11473298(PQKBTitleCode)TC0000941492(PQKBWorkID)10963806(OCoLC)698585492(IMF)WPIEE2006179(MiAaPQ)EBC3014315(IMF)WPIEA2006179WPIEA2006179(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.9781451864397 1451864396 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 modelsActuarial StudiesimfArtificial intelligenceimfDiffusion ProcessesimfFinanceimfFinancial InstrumentsimfFormal and Informal SectorsimfIncomeimfIndustries: Financial ServicesimfInstitutional ArrangementsimfInstitutional InvestorsimfInsurance & actuarial studiesimfInsurance CompaniesimfInsurance companiesimfInsuranceimfIntelligence (AI) & SemanticsimfMacroeconomicsimfNon-bank Financial InstitutionsimfPension FundsimfPersonal incomeimfPersonal Income, Wealth, and Their DistributionsimfShadow EconomyimfTechnological Change: Choices and ConsequencesimfRisk (Insurance)Risk managementEconometric models.Actuarial StudiesArtificial intelligenceDiffusion ProcessesFinanceFinancial InstrumentsFormal and Informal SectorsIncomeIndustries: Financial ServicesInstitutional ArrangementsInstitutional InvestorsInsurance & actuarial studiesInsurance CompaniesInsurance companiesInsuranceIntelligence (AI) & SemanticsMacroeconomicsNon-bank Financial InstitutionsPension FundsPersonal incomePersonal Income, Wealth, and Their DistributionsShadow EconomyTechnological Change: Choices and ConsequencesErbas S1816628Sayers Chera1816629International Monetary Fund.Office of Executive Directors.DcWaIMFBOOK9910975148503321Institutional Quality, Knightian Uncertainty, and Insurability4372877UNINA