| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16322 |
| DP16322 Insurance Companies and the Propagation of Liquidity Shocks to the Real Economy | |
| Stefano Rossi; Hayong Yun; Yubo Liu | |
| 发表日期 | 2021-07-02 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study the role of insurance companies in propagating liquidity shocks to the real economy. We use natural disasters as our instrument to identify exogenous shifts in capital-market liquidity, and study whether capital-market liquidity affects regional-level fiscal conditions and output. Aggregate disaster-driven bonds sales of disaster-unaffected municipal bonds by exposed insurers cause low GDP growth and high unemployment. In micro data, natural disasters trigger large, unexpected redemptions of property-insurance contracts, causing: fire sales of municipal bonds; increased borrowing costs in primary markets; decreased muni issuance; lower investment in muni-reliant sectors. Therefore, insurance companies do propagate liquidity shocks to the real economy. |
| 主题 | Financial Economics |
| 关键词 | Insurance companies Market liquidity Natural disasters Fire sales Reinsurance Public and private investment |
| URL | https://cepr.org/publications/dp16322 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545287 |
| 推荐引用方式 GB/T 7714 | Stefano Rossi,Hayong Yun,Yubo Liu. DP16322 Insurance Companies and the Propagation of Liquidity Shocks to the Real Economy. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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