Institutional quality, knightian uncertainty, and insurability : a cross-country analysis /
Knightian uncertainty (ambiguity) implies presence of uninsurable risks. Institutional quality may be a good indicator of Knightian uncertainty. This paper correlates non-life insurance penetration in 70 countries with income level, financial sector depth, country risk, a measure of cost of insuranc...
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Full text (MCPHS users only) |
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| Main Authors: | , |
| Corporate Author: | |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.] :
International Monetary Fund,
2006
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| Series: | IMF working paper ;
WP/06/179. |
| Subjects: | |
| Local Note: | ProQuest Ebook Central |
| Summary: | Knightian uncertainty (ambiguity) implies presence of uninsurable risks. Institutional quality may be a good indicator of Knightian uncertainty. This paper correlates non-life insurance penetration in 70 countries with income level, financial sector depth, country risk, a measure of cost of insurance, and the World Bank governance indexes. We find that institutional quality-transparency-uncertainty nexus is the dominant determinant of insurability across countries, surpassing the explanatory power of income level. Institutional quality, as it reflects on the level of uncertainty, is the deeper determinant of insurability. Insurability is lower when governance is weaker. |
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| Physical Description: | 1 online resource (13 pages) |
| Format: | Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |
| Bibliography: | Includes bibliographical references (pages 12-13). |
| ISBN: | 1282636693 9781282636699 9781451988086 1451988087 1462381081 9781462381081 1452729964 9781452729961 9786613822871 6613822876 |
| ISSN: | 2227-8885 ; |
| Language: | English. |
| Reproduction Note: | Electronic reproduction. |
| Source of Description, Etc. Note: | Print version record. |
| Action Note: | digitized |
