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About Sovereign Insurance and Program Design: What Is Optimal for the Sovereign?
The design of the optimal sovereign insurance contract is analyzed the sovereign chooses the contract; effort is not contractible; shocks are of uncertain magnitude; the sovereign can save; and the sovereign can default. Under these i) an ex ante premium leads to higher coverage; ii) the premium increases with the sovereign’s incentive to take risks; iii) a deductible is chosen to limit moral hazard; iv) the deductible-to-support ratio is decreasing with the size of the realized shock; and v) the change in the choice of savings when insurance is available is ambiguous, as there is a trade-off between inducing higher effort and increasing the likelihood of default.
Detailed Information
| Author: | Miguel Messmacher |
|---|---|
| Publication Year: | 2006 |
| ISBN: | 9786613828033 |
| Pages: | 30 |
| Language: | English |
| File Size: | 0.19140625 |
| Format: | |
| Price: | FREE |
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