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The Limits of Market-Based Risk Transfer and Implications for Managing Systemic Risks

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Author Info
Yoon Sook Kim
Paul S. Mills
Todd Groome
François Haas
John Kiff
Shinobu Nakagawa
Parmeshwar Ramlogan
Oksana Khadarina
Nicolas R. Blancher
William Lee

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Abstract

The paper discusses the limits to market-based risk transfer in the financial system and the implications for the management of systemic long-term financial risks. Financial instruments or markets to transfer and better manage these risks across institutions and sectors are, as yet, either nascent or nonexistent. As such, the paper investigates why these markets remain "incomplete." It also explores a range of options by which policymakers may encourage the development of these markets as part of governments' role as a risk manager.

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Publisher Info
Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/217.

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Length: 49 pages
Date of creation: 11 Oct 2006
Date of revision:
Handle: RePEc:imf:imfwpa:06/217

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Related research
Keywords: Risk transfer ; systemic risk ; insurance markets ; supervision and regulation ; Financial risk ; Risk management ; Insurance ; Financial systems ;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  2. Jeffrey R. Brown & Peter R. Orszag, 2006. "The Political Economy of Government-Issued Longevity Bonds," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 73(4), pages 611-631. [Downloadable!] (restricted)
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  5. Alex Cowley & J. David Cummins, 2005. "Securitization of Life Insurance Assets and Liabilities," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 72(2), pages 193-226. [Downloadable!] (restricted)
  6. Yijia Lin & Samuel H. Cox, 2005. "Securitization of Mortality Risks in Life Annuities," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 72(2), pages 227-252. [Downloadable!] (restricted)
  7. Calvin Schnure, 2005. "Boom-Bust Cycles in Housing: The Changing Role of Financial Structure," IMF Working Papers 05/200, International Monetary Fund. [Downloadable!]
  8. Karl E. Case & Robert J. Shiller & Allan N. Weiss, 1991. "Index-Based Futures and Options Markets in Real Estate," Cowles Foundation Discussion Papers 1006, Cowles Foundation, Yale University. [Downloadable!]
  9. Dynan, Karen E. & Elmendorf, Douglas W. & Sichel, Daniel E., 2006. "Can financial innovation help to explain the reduced volatility of economic activity?," Journal of Monetary Economics, Elsevier, vol. 53(1), pages 123-150, January. [Downloadable!] (restricted)
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  10. Glenn Follette & Louise Sheiner, 2005. "The sustainability of health spending growth," Finance and Economics Discussion Series 2005-60, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  11. Joao Cocco, 2000. "Hedging House Price Risk With Incomplete Markets," Computing in Economics and Finance 2000 317, Society for Computational Economics.
  12. W Todd Groome & Nicolas Blancher & Parmeshwar Ramlogan & Oksana Khadarina, 2006. "Population Ageing, the Structure of Financial Markets and Policy Implications," RBA Annual Conference Volume, in: Christopher Kent & Anna Park & Daniel Rees (ed.), Demography and Financial Markets Reserve Bank of Australia. [Downloadable!]
  13. Olivia S. Mitchell & John Piggott & Michael Sherris & Shaun Yow, 2006. "Financial Innovation for an Aging World," NBER Working Papers 12444, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  14. Bodie, Zvi & Merton, Robert C., 2002. "International pension swaps," Journal of Pension Economics and Finance, Cambridge University Press, vol. 1(01), pages 77-83, March. [Downloadable!]
  15. James M. Poterba, 1997. "The History of Annuities in the United States," NBER Working Papers 6001, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. David S. Gerber & René Weber, 2007. "Aging, Asset Allocation, and Costs: Evidence for the Pension Fund Industry in Switzerland," IMF Working Papers 07/29, International Monetary Fund. [Downloadable!]
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