| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19257 |
| 来源ID | Working Paper 19257 |
| Regulatory reform and risk-taking: replacing ratings | |
| Bo Becker; Marcus Opp | |
| 发表日期 | 2013-07-31 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We analyze a reform of insurance companies' capital requirements for mortgage-backed securities. First, credit ratings were replaced as inputs to capital regulation. Second, the redesigned system ensures capital buffers sufficient to withstand expected losses, but insufficient to protect against adverse outcomes. Many bonds are now treated as riskless and require minimal capital. By 2012, aggregate capital requirements for mortgage-backed securities have been reduced from $19.36bn (had the previous system been maintained) to $3.73bn. Exploiting that the change did not affect other asset classes, we document that insurers' risk taking was distorted and increased in response to the new regulation. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w19257 |
| 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/576935 |
| 推荐引用方式 GB/T 7714 | Bo Becker,Marcus Opp. Regulatory reform and risk-taking: replacing ratings. 2013. |
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