When Insurers Go Bust: An Economic Analysis of the Role & Design of Prudential Regulation - Couverture rigide

Plantin, Guillaume; Rochet, Jean-Charles

Couverture rigide

ISBN 10 : 0691129355 ISBN 13 : 9780691129358

Editeur : Princeton University Press, 2007

Synopsis

In the 1990s, large insurance companies failed in virtually every major market, prompting a fierce and ongoing debate about how to better protect policyholders. Drawing lessons from the failures of four insurance companies, When Insurers Go Bust dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms.

Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for supervising the solvency of insurance companies: policyholders are the "bankers" of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. Applying recent developments in corporate finance theory and the economic theory of organizations, the authors describe in practical terms how such authorities could be created and given the incentives to behave exactly like bankers behave toward borrowers, as "tough" claimholders.

A propos du livre

À propos de l'auteur

Guillaume Plantin is Assistant Professor of Finance at London Business School. He is the coauthor of Théorie du Risque et Réassurance. Jean-Charles Rochet is Professor of Mathematics and Economics at the University of Toulouse and a visiting professor of finance at the London School of Economics and Political Science. He is the coauthor of Microeconomics of Banking.

Détails de l'édition

• Éditeur: Princeton University Press
• Date d'édition: 2007
• Langue: anglais
• ISBN 10: 0691129355
• ISBN 13: 9780691129358
• Reliure: Relié
• Nombre de pages: 112
• Coordonnées du fabricant: Princeton University Press; https://press.princeton.edu/books; ; 7th Floor, New South Building; PRINCETON; NJ; 8544; Etats-Unis
• Personne responsable: non disponible