Topic
Financial risk
About: Financial risk is a research topic. Over the lifetime, 11899 publications have been published within this topic receiving 231404 citations. The topic is also known as: economic risk.
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TL;DR: This paper addresses the issue of the feasibility of 'social' health insurance in developing countries by adopting a 'family' approach to financial protection, sustained financial support from governments and donors, and deconcentrating the development of SHI may slash several years from the time needed to achieve full universal protection against healthcare costs.
Abstract: This paper addresses the issue of the feasibility of 'social' health insurance (SHI) in developing countries. SHI aims at protecting all population groups against financial risks due to illness. There are substantial difficulties in implementation, however, due to lack of debate and consensus about the extent of financial solidarity, problems with health service delivery, and insufficient managerial capacity. The transition to universal coverage is likely to take many years, but it can be speeded up. Adopting a 'family' approach to financial protection, sustained financial support from governments and donors, and deconcentrating the development of SHI may slash several years from the time needed to achieve full universal protection against healthcare costs.
122 citations
TL;DR: This paper used a panel structural vector autoregressive (VAR) model to investigate the extent to which global financial conditions, i.e., a global risk-free interest rate and global financial risk and country spreads contribute to macroeconomic fluctuations in emerging countries.
122 citations
Posted Content•
TL;DR: In this article, the authors study banker remuneration in a competitive market for banker talent and calibrate the default risk of the banks generated by investments and remunerative pressures.
Abstract: This paper studies banker remuneration in a competitive market for banker talent. I model, and then calibrate, the default risk of the banks generated by investments and remuneration pressures. Competing banks prefer to pay their banking staff in bonuses and not in fixed wages as risk sharing on the remuneration bill is valuable. Competition for bankers generates a negative externality driving up market levels of banker remuneration and so rival banks' default risk. Optimal financial regulation involves an appropriately structured limit on the proportion of the balance sheet used for bonuses. However stringent bonus caps are value destroying, default risk enhancing and cannot be optimal for regulators who control only a small number of banks. The paper allows an assessment of the intellectual arguments behind widespread calls to regulate the pay of bankers. The paper uses US data to calibrate the analysis and demonstrate the significant contribution of remuneration to default risk.
122 citations
Posted Content•
TL;DR: In this article, the authors investigated changes in financial risk tolerance levels over time using six Survey of Consumer Finances cross-sectional datasets representing the years 1983-2001, and used logit analyses to test changes in risk tolerance, controlling for respondent and household characteristics.
Abstract: Using six Survey of Consumer Finances cross-sectional datasets representing the years 1983-2001, this study investigates changes in financial risk tolerance levels over time. Logit analyses are performed to test changes in risk tolerance, controlling for respondent and household characteristics. Willingness to take some risk fell from 1983 to 1989, did not change from 1989 to 1992, increased in 1995, increased again in 1998, then decreased in 2001. Financial risk tolerance tends to increase when stock returns increase and decrease when stock returns decrease. This relationship could lead to buying when prices are high and selling when prices are low. Financial education is needed to help investors overcome the bias of overweighting recent events.
122 citations
Book•
01 Jan 2002
TL;DR: In this paper, the authors present a simulation approach to estimate market risk using non-parametric VaR and ETL and a toolkit for backtesting market risk models and stress testing.
Abstract: Preface.Acknowledgements.The Risk Measurement Revolution. Measures of Financial Risk. Basic Issues in Measuring Market Risk. Non parametric VaR and ETL. Parametric VaR and ETL. Simulation Approaches to VaR and ETL Estimation. Incremental and Component Risks. Estimating Liquidity Risks. Backtesting Market Risk Models. Stress Testing. Model Risk.Toolkit.Bibliography.Author Index.Subject Index.Software Index.
122 citations