| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29030 |
| 来源ID | Working Paper 29030 |
| The Evolution from Life Insurance to Financial Engineering | |
| Ralph S. J. Koijen; Motohiro Yogo | |
| 发表日期 | 2021-07-19 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Since the mid-1980s, the share of household net worth intermediated by US financial institutions has shifted from defined benefit plans to life insurers and defined contribution plans. Life insurers have primarily grown through variable annuities, which are mutual funds with longevity insurance, a potential tax advantage, and minimum return guarantees. The minimum return guarantees change the primary function of life insurers from traditional insurance to financial engineering. Variable annuity insurers are exposed to interest and equity risk mismatch and their stock returns were especially low during the COVID-19 crisis. We consider regulatory changes, such as more detailed financial disclosure and standardized stress tests, to monitor potential risk mismatch and to ensure stability of the insurance sector. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w29030 |
| 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/586704 |
| 推荐引用方式 GB/T 7714 | Ralph S. J. Koijen,Motohiro Yogo. The Evolution from Life Insurance to Financial Engineering. 2021. |
| 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 | ||
| w29030.pdf（222KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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