FINANCIAL INTERMEDIARIES’ ASSET–LIABILITY DEPENDENCY AND LOW-INTEREST-RATE ENVIRONMENT: EVIDENCE FROM EU LIFE INSURERS
نویسندگان
چکیده
منابع مشابه
The Value of Financial Intermediaries: Empirical Evidence from Syndicated Loans
Empirical estimates of the benefit of financial intermediation are constructed by examining the role played by local banks in facilitating syndicated loans to borrowers in emerging market countries. Assuming that local banks possess a superior monitoring ability, the market is ideal for studying the value of intermediation since cross-border lending into emerging markets is plagued by particula...
متن کاملIntegration Benefits on EU Retail Credit Markets – Evidence from Interest Rate Pass-through
Lending and borrowing interest rates are often slow to adjust to changing capital market conditions. This paper argues that national differences of the pass-through speed in the EU can be regarded as a retail-oriented indicator of financial integration. Based on an ECB database the speed of interest rate adjustments for different markets and countries is measured showing a considerable fragment...
متن کاملParticipating Policy Usage Evidence from Stock Life Insurers
Extant literature demonstrates that participating policies mitigate shareholder-policyholder incentive conflicts in stock insurance firms. However, extending the argument in Mayers and Smith (1994), the authors formally show that participating policies also exacerbate the shareholder-manager incentive conflicts in stock insurance firms. In this article, the authors test whether hypotheses deriv...
متن کاملFinancial Intermediaries and Markets
A complex financial system comprises both financial markets and financial intermediaries. We distinguish financial intermediaries according to whether they issue complete contingent contracts or incomplete contracts. Intermediaries such as banks that issue incomplete contracts, e.g., demand deposits, are subject to runs, but this does not imply a market failure. A sophisticated financial system...
متن کاملInterest Rate Pass-Through and Monetary Transmission: Evidence from Individual Financial Institutions’ Retail Rates
Official interest rate changes should influence short rates on money market instruments and retail products, such as deposit accounts and mortgages, but complete pass-through is often taken for granted. This paper provides a theoretical and econometric framework for assessing the evidence for this assumption using seventeen years of monthly data for rates on thirteen deposit and mortgage produc...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Financial Management, Markets and Institutions
سال: 2019
ISSN: 2282-717X
DOI: 10.1142/s2282717x19400036