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Autore: | Messmacher Miguel |
Titolo: | Sovereign insurance and program design : what is optimal for the sovereign? / / prepared by Miguel Messmacher |
Pubblicazione: | [Washington, D.C.], : International Monetary Fund, IMF Institute, 2006 |
Edizione: | 1st ed. |
Descrizione fisica: | 1 online resource (30 p.) |
Soggetto topico: | Insurance - Econometric models |
Moral hazard - Econometric models | |
International finance - Econometric models | |
Note generali: | "March 2006." |
Nota di bibliografia: | Includes bibliographical references. |
Nota di contenuto: | ""Contents""; ""I. INTRODUCTION""; ""II. MORAL HAZARD AND SOVEREIGN INSURANCE""; ""III. BASIC MODEL STRUCTURE AND THE ROLE OF INSURANCE""; ""IV. AN ALTRUISTIC INSURER""; ""V. DEFAULT BY THE COUNTRY""; ""VI. CONCLUSIONS""; ""VII. DERIVATION OF THE RESULTS""; ""REFERENCES"" |
Sommario/riassunto: | The design of the optimal sovereign insurance contract is analyzed when: the sovereign chooses the contract; effort is not contractible; shocks are of uncertain magnitude; the sovereign can save; and the sovereign can default. Under these conditions: i) an ex ante premium leads to higher coverage; ii) the premium increases with the sovereign's incentive to take risks; iii) a deductible is chosen to limit moral hazard; iv) the deductible-to-support ratio is decreasing with the size of the realized shock; and v) the change in the choice of savings when insurance is available is ambiguous, as there is a trade-off between inducing higher effort and increasing the likelihood of default. |
Titolo autorizzato: | Sovereign Insurance and Program Design |
ISBN: | 1-4623-1248-9 |
1-4527-8647-X | |
1-283-51558-X | |
1-4519-0860-1 | |
9786613828033 | |
Formato: | Materiale a stampa |
Livello bibliografico | Monografia |
Lingua di pubblicazione: | Inglese |
Record Nr.: | 9910826876803321 |
Lo trovi qui: | Univ. Federico II |
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