Banks and Markets from an Insurance Perspective

Goguel, Amaury; Miéra, Maxence

Type de document :

Compte-rendu et recension critique d'ouvrage

DOI :

10.1007/s40953-023-00365-8

Titre :

Banks and Markets from an Insurance Perspective

Auteur(s) :

Goguel, Amaury [Auteur]
SKEMA Business School
Miéra, Maxence [Auteur]
Lille économie management - UMR 9221 [LEM]
Université d'Artois [UA]

Titre de la revue :

Journal of Quantitative Economics

Pagination :

943–957

Éditeur :

The Indian Econometric Society

Date de publication :

2023-08-05

ISSN :

0971-1554

Mot(s)-clé(s) en anglais :

Banks
Markets
Insurance

Discipline(s) HAL :

Sciences de l'Homme et Société/Economies et finances

Résumé en anglais : [en]

This article aims to clarify the analogy between contingent claims in a complete market and banking contracts in a capitalized financial intermediary that combines both deposit and equity. It brings together insurance ...
Lire la suite >This article aims to clarify the analogy between contingent claims in a complete market and banking contracts in a capitalized financial intermediary that combines both deposit and equity. It brings together insurance theory and financial intermediation theory in a synthetic model by focusing on the risk allocation function rather than on a particular kind of institutional arrangement. The model includes both idiosyncratic liquidity risk and aggregate uncertainty on asset return, and it focuses on risk allocation in a perfect information setting from an insurance perspective. This article then highlights that equity contracts are equivalent to state-contingent claims in the aggregate-risk shifting, that deposit contracts are equivalent to type-contingent claims in the idiosyncratic-risk mutualization, and that banks and markets both implement the optimal allocation by simply using different mechanisms.Lire moins >

Langue :

Anglais

Vulgarisation :

Non

Collections :

Lille Économie Management (LEM) - UMR 9221

Source :

Harvested from HAL

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