| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21674 |
| 来源ID | Working Paper 21674 |
| The Welfare Gains from Macro-Insurance Against Natural Disasters | |
| Eduardo Borensztein; Eduardo Cavallo; Olivier Jeanne | |
| 发表日期 | 2015-10-26 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper uses a dynamic optimization model to estimate the welfare gains that a small open economy can derive from insuring against natural disasters with catastrophe (CAT) bonds. We calibrate the model by reference to the risk of earthquakes, floods and storms in developing countries. We find that the countries most vulnerable to these risks would find it optimal to use CAT bonds for insurance only if the cost of issuing these bonds were significantly smaller than it is in the data. The welfare gains from CAT bonds range from small to substantial depending on how insurance affects the country's external borrowing constraint. The option of using CAT bonds may bring a welfare gain of several percentage points of annual consumption by improving external debt sustainability. These large gains disappear if the country can opportunistically default on its external debt. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w21674 |
| 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/579349 |
| 推荐引用方式 GB/T 7714 | Eduardo Borensztein,Eduardo Cavallo,Olivier Jeanne. The Welfare Gains from Macro-Insurance Against Natural Disasters. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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