| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18321 |
| 来源ID | Working Paper 18321 |
| The Cost of Financial Frictions for Life Insurers | |
| Ralph S.J. Koijen; Motohiro Yogo | |
| 发表日期 | 2012-08-17 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | During the financial crisis, life insurers sold long-term policies at deep discounts relative to actuarial value. The average markup was as low as –19 percent for annuities and –57 percent for life insurance. This extraordinary pricing behavior was due to financial and product market frictions, interacting with statutory reserve regulation that allowed life insurers to record far less than a dollar of reserve per dollar of future insurance liability. We identify the shadow cost of capital through exogenous variation in required reserves across different types of policies. The shadow cost was $0.96 per dollar of statutory capital for the average company in November 2008. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w18321 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575994 |
| 推荐引用方式 GB/T 7714 | Ralph S.J. Koijen,Motohiro Yogo. The Cost of Financial Frictions for Life Insurers. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18321.pdf（413KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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