Private Versus Public Risk Sharing: Should Governments Provide Reinsurance

2010 ◽  
Author(s):  
Henning Bohn
Keyword(s):  
Risk Sharing ◽  
Public Risk

scholarly journals Private and Public Risk Sharing in the Euro Area

2018 ◽  
Author(s):  
Jacopo Cimadomo ◽  
Oana Furtuna ◽  
Massimo Giuliodori
Keyword(s):  
Euro Area ◽  
Risk Sharing ◽  
Public Risk ◽  
Private And Public

scholarly journals Private and public risk sharing in the euro area

2020 ◽  
Vol 121 ◽  
pp. 103347
Author(s):  
Jacopo Cimadomo ◽  
Gabriele Ciminelli ◽  
Oana Furtuna ◽  
Massimo Giuliodori
Keyword(s):  
Euro Area ◽  
Risk Sharing ◽  
Public Risk ◽  
Private And Public

scholarly journals Private and Public Risk Sharing in the Euro Area

2017 ◽  
Author(s):  
Jacopo Cimadomo ◽  
Oana Furtuna ◽  
Massimo Giuliodori
Keyword(s):  
Euro Area ◽  
Risk Sharing ◽  
Public Risk ◽  
Private And Public

Protecting All: Risk Sharing for a Diverse and Diversifying World of Work

2019 ◽  
Author(s):  
Truman Packard ◽  
Ugo Gentilini ◽  
Margaret Grosh ◽  
Philip O’Keefe ◽  
Robert Palacios ◽  
...  
Keyword(s):  
Risk Sharing

Lending to the Borrower from Hell

2017 ◽  
Author(s):  
Mauricio Drelichman ◽  
Hans-Joachim Voth
Keyword(s):  
United States ◽  
Sixteenth Century ◽  
Sovereign Debt ◽  
Risk Sharing ◽  
The United States ◽  
Philip Ii ◽  
Loan Contracts ◽  
The Right ◽  
Intelligent Model ◽  
New Evidence

Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of debt, historical precedents can offer valuable insights. This book looks at one famous case—the debts and defaults of Philip II of Spain. Ruling over one of the largest and most powerful empires in history, King Philip defaulted four times. Yet he never lost access to capital markets and could borrow again within a year or two of each default. Exploring the shrewd reasoning of the lenders who continued to offer money, the book analyzes the lessons from this historical example. Using detailed new evidence collected from sixteenth-century archives, the book examines the incentives and returns of lenders. It provides powerful evidence that in the right situations, lenders not only survive despite defaults—they thrive. It also demonstrates that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The book unearths unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times. A fascinating story of finance and empire, this book offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults.

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