A note on refinancing costs,prepayment assumptions,and the value of mortgage-backed securities

This article analyzes the effect and timing of the FHA's streamline refinance program on the value of GNMA 15s. The program announced in March 1989 reduced the refinancing costs for those mortgages of 15 percent and above. The program is expected to reduce the value of GNMA's. The authors find a reduction of .47 to 3.40 points in the value of GNMA 15s during the 3-week to 13-week period following the announcement of the plan. The drop in value translates into a wealth loss for GNMA 15 holders of about $20 million over this time.     

The federal deposit insurance fund that didn't put a bite on U.S. taxpayers

Unlike the Federal Savings and Loan Insurance Corporation and the Bank Insurance Fund, the National Credit Union Share Insurance Fund (NCUSIF) survived the 1980s without falling into a state of accounting insolvency. This paper analyzes how differences in incentive structure constrain the attractiveness of interest-rate speculation and other risk-taking opportunities to managers and regulators of credit unions. Despite these better incentives, robust present-value calculations establish that NCUSIF fell into economic insolvency during the mid-1980s.Besides calculating the extent of this insolvency, the paper also seeks to explain why, after NCUSIF became insolvent, it could rebuild its reserves without an explicit or implicit taxpayer bailout. Our explanation turns on cross-industry coinsurance responsibilities and the shallowness of the fund's observed insolvency relative to industry net worth. We identify forces in the decisionmaking environment tending to limit the depth and duration of unresolved insolvencies at individual credit unions. Managerial opportunities to benefit personally from taking risks that would flow through to NCUSIF are constrained by difficulties in converting a credit union to stockholder form and by the intensity of proactive monitoring of troubled credit unions by sister institutions and other private coinsurers. We conjecture that expanded use of coinsurance and private monitoring could reduce taxpayer loss exposure elsewhere in government deposit insurance systems.     

保险资金运用新规的历史跨越

2009年颁布了新《保险法》,随后《保险资金运用管理暂行办法》、《保险资金投资股权暂行办法》、《保险资金投资不动产暂行办法》等一系列保险资金运用的规定相继出台。新规的实施给保险资金运用提供了更广阔的渠道,比如不动产、未上市企业股权,以及基础设施债权计划等。新形势下,保险资金运用在拥有重大机遇的同时,也面临严峻的挑战。回...     

Mortgage Refinancing,Adverse Selection,and FHA's Streamline Program

When interest rates decline, borrowers whose houses have appreciated significantly refinance out of FHA, while those whose houses have not do not. We provide evidence of the negative impact of regular (nonstreamline) refinancing in the mid-1980s on the average quality of FHA's surviving business. We demonstrate this adverse selection both informally and econometrically. We also argue that the sharp reduction in the cost of streamline refinancing (limited documentation, no required appraisal, and so on) in FHA's streamline refinance program in 1992 likely reduced the level of adverse selection in the FHA portfolio during the 1993 to 1994 refinancing boom, and we provide quantitative estimates of the resultant reduction in claim rates. While this reduction in cost almost certainly increased the financial viability of FHA during the middle 1990s, it may not in the long run.     

How Did Workers Benefit from Bolivia's Emergency Social Fund?

Bolivia's Emergency Social Fund (ESF) was established to cushionthe adverse effects on the poor of the economic crisis and subsequentstabilization program in the 1980s and to facilitate transitionthrough the phases of structural adjustment. The ESF providedtemporary employment opportunities by funding small-scale, labor-intensiveprojects that were proposed by local governmental and nongovernmentalorganizations. This article measures the impact of the ESF programon employment and income of workers in the ESF projects. Forthe average ESF worker, hourly wages were 12.8 percent higher,the work week was 9.5 hours longer, and weekly earnings were32 percent higher than what they would have been without theESF. Taking into account the probability that the individualmay not have worked without the ESF leads to larger gains. Thegreatest benefits from participating in the program were receivedby those who would have been least well-off without it.     

机关事业单位养老保险制度改革探索——以江苏省连云港市为例

机关事业单位养老保险制度,作为整个养老保险制度的重要组成部分,其改革的重要性、必要性和紧迫性毋庸置疑。结合江苏省连云港市机关事业单位养老保险制度的改革现状、存在问题及其原因分析,针对性地提出进一步推进机关事业单位养老保险制度改革的对策建议:扩大基本养老保险覆盖范围,提高基金统筹层次;设计公平的基本养老金计发办法,建立基本养老金调整机制;建立基本养老保险个人账户,完善养老保险管理体制;制定统一的机关事业单位养老保险政策,构建多层次的养老保险体系。     

建立大学生互助保险基金的可行性分析——基于完善大学生医疗保障体系的角度

1985年我国开始推行学生平安保险,2008年9月国家又明确规定将大学生纳入城镇居民基本医疗保障体系,大学生医疗保障体系就此初步建立。但此体系只能提供最基本的医疗保障,大学生医保、学平险所未覆盖的地方或保障不足的地方则需要进一步完善,譬如大学生重疾保障、意外身故等。本文以完善大学生医疗保障体系为目的,重点分析了大学生互助保险基金实行的必要性和可行性,并结合湖北经济学院实际,测算了大学生互助保险基金的缴费水平、收支情况等。分析结果显示,大学生互助保险基金是切实可行的。     

基于损失分布的产险公司保险保障基金构成机制研究

保险保障基金制度是为了确保保单持有人利益和完善保险企业退出机制而建立的特殊制度。保险保障基金的筹集是保险保障基金制度的核心内容，它直接关系到保险保障基金制度的有效运行。本文以产险公司为例，通过拟合损失分布，从保单定价的盈亏平衡原理和产险公司实际偿付能力出发，给出了产险公司破产时，保险保障基金的期望损失计算公式，并提出相关参数的估计方法，对建立保险保障基金的风险缴纳比例机制有一定的借鉴意义。     

Longevity Risk Management in Singapore's National Pension System

Although annuities are a theoretically appealing way to manage longevity risk, in the real world relatively few consumers purchase them at retirement. To counteract the possibility of retirees outliving their assets, Singapore's Central Provident Fund, a national defined contribution pension scheme, has recently mandated annuitization of workers’ retirement assets. More significantly, the government has entered the insurance market as a public‐sector provider for such annuities. This article evaluates the money's worth of life annuities and discusses the impact of the government mandate and its role as an annuity provider on the insurance market.     

机构投资者股权对银行公司治理与绩效的影响

在机构投资者对银行进行投资时,不同类型的机构投资者具有不同的表现.其中,QFII、证券公司、社保和保险基金都能影响银行的公司治理,促进其综合业绩的提高;证券投资基金和企业不能对这两个方面产生显著影响.在选择银行股时,证券投资基金注重银行过去综合业绩的表现,企业、社保基金和保险基金注重银行过去市场价值的增长,QFII和证券公司同时考虑了这两个方面.实行银行股权全流通,放松时机构投资者的管制,改革证券交易方面的税收制度,培养机构投资者的投资理念,有利于发挥机构投资者对银行公司治理的积极作用.     

The Development and Regulation of China's Insurance Market: History and Perspectives

China's private insurance market has been developing rapidly since the 1980s. Regulation of the market has developed in tandem with its growth. This article provides a systematic overview of China's insurance regulatory system and the evolving process of insurance supervision and regulation. The nature and direction of regulatory changes are evaluated in light of theories of public reform and the special character of China among developing economies.     

Risk Management: History,Definition, and Critique

The study of risk management began after World War II. Risk management has long been associated with the use of market insurance to protect individuals and companies from various losses associated with accidents. Other forms of risk management, alternatives to market insurance, surfaced during the 1950s when market insurance was perceived as very costly and incomplete for protection against pure risk. The use of derivatives as risk management instruments arose during the 1970s, and expanded rapidly during the 1980s, as companies intensified their financial risk management. International risk regulation began in the 1980s, and financial firms developed internal risk management models and capital calculation formulas to hedge against unanticipated risks and reduce regulatory capital. Concomitantly, governance of risk management became essential, integrated risk management was introduced, and the chief risk officer positions were created. Nonetheless, these regulations, governance rules, and risk management methods failed to prevent the financial crisis that began in 2007.     

Risk reduction in S&L mortgage loan portfolios through geographic diversification

The reduction in foreclosure-risk exposure to S&L mortgage portfolios that results from elimination of geographic restrictions due to DIDMCA of 1980 is evaluated in this study. By employing a quadratic programming approach, it is empirically demonstrated that geographic diversification can reduce a mortgage portfolio's foreclosure-risk exposure by 50 percent to 90 percent when compared to geographically undiversified mortgage portfolios. The benefits of reduced-foreclosure risk could accrue to either the FSLIC or to member S&Ls if the FSLIC adopts a risk-based insurance premium.The authors would like to thank Ike Mathur, Donald Fraser, Stuart Rosenstein, the two anonymous referees, and the editor for comments, suggestions, and corrections.     

Reforming Social Insurance in The Netherlands

This paper discusses recent reforms of social insurance in the Netherlands. It describes how a serious economic crisis in the beginning of the 1980s set the stage for the subsequent reform process. The most fundamental reforms were introduced in the areas of sickness insurance, which was privatized, and disability insurance, which now involves experience rating. After exploring various challenges affecting the future of social protection, the paper discusses various remaining policy options.     

先行支付制度法理分析

从社会保险法理看,社会保险基金对第三人侵权造成的保险损害承担保险给付义务,在履行保险给付义务之后,保险人依法获得保险代位权;工伤保险基金对未缴纳保险费的单位职工工伤损害承担保险赔偿责任.我国《社会保险法》确立的先行支付制度,否定相关社会保险基金在该情形下的保险赔偿义务.这不仅冲击了社会保险法理,也违背了社会保险法的基本原则,而且给司法实践造成一定困扰.明确相关保险基金先行支付义务和求偿权的实质,是该制度正常运用的基础.     

CHANGES IN MARKET PERCEPTION OF RISKINESS: THE CASE OF TOO-BIG-TO-FAIL

In 1984, the Comptroller of the Currency stated that the eleven largest banking firms were “too big to fail,” implying they would receive de facto 100 percent deposit insurance. The question is whether this announcement altered the market's perception of the riskiness of all banking organizations, not just those included in the Comptroller's statement. We address this question with two tests. First, through the examination of changes in institutional equity ownership from 1980 through 1988, we find that the announcement is associated with increases in institutional ownership at a time when a comparable set of nonfinancial firms saw reductions in institutional holdings. Second, through the examination of stock returns behavior of bank holding companies around announcements of dividend cuts and omissions from 1974 through 1991, we find that the Comptroller's 1984 announcement altered the market's reaction to dividend cuts and omissions by bank holding companies not specifically included in the Comptroller's statement.     

美国保险公司破产研究及对我国的启示

保险公司的破产会给保单持有人、股东以及保险保障基金等造成很大的损失。鉴于国内相关案例和数据的缺乏,本文主要参考美国的文献和数据,分析了1978年～2009年美国保险公司破产案例,研究发现虽然保险公司破产的触发事件主要是损失准备金不足、非充分定价、公司业务的快速增长、子公司破产和投资失败等,但导致保险公司破产的根本原因却...     

贷款保证保险:发展情况、现存问题及建议

发展贷款保证保险对于缓解小微企业融资难有着积极的意义。从20世纪80年代开始,国内贷款保证保险的试点工作就已陆续开展。然而,发展贷款保证保险面临法律法规不健全、信用风险较大、银保合作不顺畅等问题。为积极发展贷款保证保险,需要完善相关的法律法规,优化社会信用生态环境,理顺银保合作关系。     

海外保险机构并购国内基金公司的财富效应研究——基于宏利人寿并购泰达荷银基金案例分析

海外保险机构希望选择通过并购国内基金公司来增强自身综合化与国际化经营能力,但其前景如何？以宏利人寿保险并购国内泰达荷银基金管理为例,分别从市场反应和财务绩效两个方面来研究宏利人寿并购产生的财富效应。在并购公告的市场反应来看,其累积超常收益率都跑赢了市场;从财务指标变动趋势发现,宏利人寿盈利能力稳健,成长能力逐年增强,风险水平比较低,抵御风险能力较强,长期来看将产生协同效应,创造价值。从而对宏利金融管理人员、宏利金融公司股东、证券监管者、保险监管者等提出了一些建议。     

Claims‐Made and Reported Policies and Insurer Profitability in Medical Malpractice

The liability crisis of the 1970s led to the introduction of a new type of insurance policy designed to reduce the undiversifiable uncertainty associated with writing long‐tail liability lines. These new claims‐made and reported policies gained favor in place of the traditional occurrence coverage in the early 1980s not only in medical malpractice but also in the general liability arena. The main question we want to address in this article is why two types of contracts that cover the same risk exposure exist in the medical malpractice insurance industry whereas only one exists primarily in other insurance lines.