| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14373 |
| DP14373 Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Eliminating Capital Requirements | |
| Bo Becker; Marcus Opp; Farzad Saidi | |
| 发表日期 | 2020-02-01 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper documents the long-run effects of an important reform of capital regulation for U.S. insurance companies in 2009. We show that its design effectively eliminates capital requirements for (non-agency) MBS, implying an aggregate capital relief of over $18bn at the time of the reform. By 2015, 40% of all high-yield assets in the overall fixed-income portfolio are MBS investments. This result is primarily driven by insurers' reduced propensity to sell poorly-rated legacy assets. Using a regression discontinuity framework, we can attribute this behavior to capital requirements. We also provide evidence that the insurance industry, driven by large life insurers, crowds out other investors in the new issuance of (high-yield) MBS post reform. Our findings are consistent with the view that the regulation and supervision of the U.S. insurance sector is influenced by short-term industry interests. |
| 主题 | Financial Economics |
| 关键词 | Insurance industry Capital regulation Regulatory reform Naic Risk- based capital requirements |
| URL | https://cepr.org/publications/dp14373 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543267 |
| 推荐引用方式 GB/T 7714 | Bo Becker,Marcus Opp,Farzad Saidi. DP14373 Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Eliminating Capital Requirements. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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