政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/112305

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113325/144300 (79%)
Visitors : 51185249 Online Users : 897

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大典藏 > College of Commerce > Department of Risk Management and Insurance > Periodical Articles > Item 140.119/112305

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/112305

Title:	On the Failure (Success) of the Markets for Longevity Risk Transfer
Authors:	MacMinn, Richard Brockett, Patrick
Contributors:	風險與保險研究中心
Keywords:	Annuity;Financial Market;Hazard;Investment;Moral Hazard;Pension;Pension Fund
Date:	2017-04
Issue Date:	2017-08-30 15:29:26 (UTC+8)
Abstract:	Longevity risk is the chance that people will live longer than expected. That potential increase in life expectancy exposes insurers and pension funds to the risk of not having sufficient funds to pay a longer stream of annuity benefits than promised. Longevity bonds and forwards provide insurers and pension funds with financial market instruments designed to hedge the longevity risk that these organization face. The European Investment Bank and World Bank have both discussed longevity bond issues, but those issues have failed due to insufficient demand. Forward contracts have also been created, but that market remains dormant. The extant literature suggests that these failures may be due to design or pricing problems. In this article the analysis shows that the market failure is instead due to a moral hazard problem.
Relation:	Journal of Risk and Insurance, Special Edition, Vol. 84, 299-317
Data Type:	article
DOI link:	http://dx.doi.org/10.1111/jori.12205
DOI:	10.1111/jori.12205
Appears in Collections:	[Department of Risk Management and Insurance] Periodical Articles

Files in This Item:

File	Description	Size	Format
8.pdf		346Kb	Adobe PDF2	405	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...