CATalytic Insurance : The Case of Natural Disasters

CATalytic Insurance : The Case of Natural Disasters

Why should countries buy expensive catastrophe insurance? Abstracting from risk aversion or hedging motives, this paper shows that catastrophe insurance may have a catalytic role on external finance. Such effect is particularly strong in those midd...

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Bibliographic Details
Main Authors: Cordella, Tito, Yeyati, Eduardo Levy
Format: Policy Research Working Paper
Language:English
Published: 2012
Subjects:
ACCESS TO CAPITAL
ACCESS TO CAPITAL MARKET
ACCESS TO CAPITAL MARKETS
ACCESS TO CREDIT
ACCESS TO INSURANCE
ADVERSE SELECTION
AGENCY COSTS
AMOUNT OF CAPITAL
BAILOUTS
BOND ISSUANCE
BOND MARKET
BORROWER
BORROWING
BORROWING CONSTRAINTS
BORROWING COST
BORROWING COSTS
CAPITAL INVESTMENT
CAPITAL MARKETS
CAPITAL NEEDS
CATASTROPHE BOND
CATASTROPHE BONDS
COLLATERAL
CONSUMPTION SMOOTHING
COORDINATION FAILURES
COST OF CAPITAL
COUPON
CREDIT LINE
CREDIT MARKETS
CREDIT RISK
CREDITOR
CREDITORS
CREDITWORTHINESS
DEBT
DEBT ISSUANCE
DEBT OBLIGATIONS
DEFAULT CASE
DEFAULT COSTS
DEFAULT RISK
DEFAULTS
DERIVATIVE
DEVELOPING COUNTRIES
ECONOMIC COSTS
ECONOMIC DEVELOPMENT
ECONOMIC LOSSES
EVENT OF DEFAULT
EXCHANGE RATE
EXCHANGE RATE REGIME
EXPENDITURE
EXPOSURE
EXTERNAL DEBT
EXTERNAL FINANCE
FAIR PRICE
FINANCIAL CONSTRAINTS
FINANCIAL FLOWS
FINANCIAL STUDIES
GOVERNMENT INTERVENTION
INCOME
INCOME LEVEL
INCOME LEVELS
INCOME SMOOTHING
INCOMES
INDEBTEDNESS
INNOVATIONS
INSTRUMENT
INSURANCE
INSURANCE MARKET
INSURANCE MARKETS
INSURANCE POLICIES
INSURANCE POLICY
INSURANCE PREMIUM
INSURANCE PREMIUMS
INSURANCES
INSURER
INTEREST RATE
INTERNATIONAL BANK
INTERNATIONAL CAPITAL
INTERNATIONAL CAPITAL MARKET
INTERNATIONAL ECONOMICS
INVESTING
INVESTMENT OPPORTUNITIES
INVESTMENT OPPORTUNITY
ISSUANCE
LEVEL OF INDEBTEDNESS
LEVY
LIQUIDITY
LIQUIDITY CRISIS
LOAN
LOAN AMOUNTS
LOW-INCOME COUNTRIES
MARKET ACCESS
MARKET DISCIPLINE
MIDDLE-INCOME COUNTRIES
MIDDLE-INCOME COUNTRY
MORAL HAZARD
MULTILATERAL LENDER
MULTILATERAL LENDERS
NATURAL DISASTER
NATURAL DISASTERS
NEGATIVE SHOCK
OUTPUT
POLITICAL ECONOMY
PRIVATE CREDITORS
PRIVATE LENDERS
PRIVATE LENDING
PRIVATE MARKETS
PROBABILITY OF DEFAULT
PRODUCTIVITY
PUBLIC FINANCES
RECIPIENT COUNTRY
REPAYMENT
RETURN
RISK AVERSION
RISK NEUTRAL
RISK OF DEBT
RISK OF DEBT REPUDIATION
RISK PREMIUM
RISK-FREE RATE
SECURITIZATION
SOVEREIGN DEBT
SOVEREIGN DEFAULT
VOLATILITY
Online Access:http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100726082621
http://hdl.handle.net/10986/3861

Internet

http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100726082621
http://hdl.handle.net/10986/3861

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