When Insurers Go Bust: An Economic Analysis of the Role and Design of Prudential Regulation

Name: When Insurers Go Bust: An Economic Analysis of the Role and Design of Prudential Regulation
Brand: Princeton University Press
SKU: 9780691129358
Price: 7096.0 INR
Availability: InStock

by Guillaume Plantin , Jean-Charles Rochet , Hyun Song Shin

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ISBN13: 9780691129358
Binding: Hardcover
Subject: N/A
Publisher: Princeton University Press
Publisher Imprint: Princeton University Press
Publication Date: February 18, 2007
Pages: 112
Original Price: USD 77.0
Language: English
Edition: N/A
Item Weight: 277 grams
BISAC Subject(s): Economics / Theory

About The Book

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.

About The Author

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.

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