Versicherungswissenschaft — Quo vadis?

Insurance science comprises interdisciplinary theories of the real phenomenon ‘insurance’. It reflects the real risk Systems, economic and juridical formation of insurance business, structures and processes in insurance-lin-ked institutions and the overall environment of insurance industry. New de-velopments of insurance science are related to changes of risks, new categories of risk transfer techniques and convergence of insurance and financial markets, including international regulatory Systems of all insurance, financial and capital markets.     

How Does Information Disclosure Affect Bank Systemic Risk in the Presence of a Deposit Insurance System?

ABSTRACT

This article establishes a dynamic game with incomplete information to theoretically analyze the influence mechanism of information disclosure on systemic risk in the presence of a deposit insurance system. To verify the mechanism, we use panel data on 247 global banks in 41 countries during the period 2006 to 2015 in an empirical analysis. Our article finds that a high degree of information disclosure can reduce deposit insurance premiums and weaken the negative incentive from a bailout by regulatory authorities. Moreover, the effect of deposit insurance on financial stability is not apparent, but the synergistic effect of deposit insurance and information disclosure reduces bank systemic risk. Furthermore, different deposit insurance designs affect bank behavior, so it is crucial for bank supervisors to create proper deposit insurance systems, which are helpful in strengthening market discipline and preventing moral hazard thus contributing to a stable financial environment. Therefore, under the deposit insurance system, regulatory authorities should strive to improve the standard of information disclosure to ensure systemic stability.     

保险税理论与实践研究——基于税法的视角

保险税制对保险业的健康发展和保险功能作用的有效发挥具有十分重要的作用,在当前我国经济体制改革逐步深化,市场经济体系日趋完善的背景下,将保险税制改革纳入保险业发展规划蓝图中符合各个主体的利益。本文从法学的角度,在分析我国保险税法规范现状的基础上,探索保险税的法理学原理并试图找到税法对保险业的激励途径。     

Natural Disaster Insurance and the Equity-Efficiency Trade-Off

This article investigates the role of private insurance in the prevention and mitigation of natural disasters. We characterize the equity‐efficiency trade‐off faced by the policymakers under imperfect information about individual prevention costs. It is shown that a competitive insurance market with actuarial rate making and compensatory tax‐subsidy transfers is likely to dominate regulated uniform insurance pricing rules or state‐funded assistance schemes. The model illustrates how targeted tax cuts on insurance contracts can improve the incentives to prevention while compensating individuals with high prevention costs. The article highlights the complementarity between individual incentives through tax cuts and collective incentives through grants to the local jurisdictions where risk management plans are enforced.     

高等学校内部教学质量提升机制研究——以内蒙古财经学院为例

高等学校的教学质量已经成为政府、社会以及高校自身高度重视的问题。通常,高等教育质量保证可以划分为学校内部质量保证与外部质量保证问题,其中高校内部质量保证是关键与基础。为了不断提升高校的教学质量,首先应树立全面质量意识,在此基础上,应构建与完善教学质量的组织保障体系、制度保障体系与信息保障体系。     

On the Implications of the Internet for Insurance Markets and Institutions

By most accounts, the Internet and related advances in information technology significantly affect financial services in general and insurance markets and institutions in particular. Coupled with other important trends such as globalization and regulatory reform, these changes are forcing far‐reaching changes upon the insurance industry and making it more competitive. This article focuses specifically on the implications of the Internet for insurance markets and institutions. The conventional wisdom that the Internet constitutes a sufficient condition for the disintermediation of traditional insurance distribution networks is called into question. To the extent that the Internet reduces transaction costs, it will create opportunities for new intermediaries as well as for existing ones. It will also influence product design, in some cases making it economically attractive to unbundle and repackage various forms of coverage. By removing entry barriers and reducing insurance costs, the Internet will also provide a private market solution to a major insurance regulatory concern—enhancing insurance affordability and availability.     

我国农业保险对农业生产影响效应的实证分析——基于精准扶贫视角

基于我国31省（自治区、直辖市）2007-2015年面板数据,本文从灾前与灾后两个 维度,首先理论分析了农业保险对农业生产的影响机理,再运用系统GMM模型和门槛效应模 型实证检验了农业保险对农业生产的线性和非线性影响。研究结果表明：农业保险灾前对农业 生产具有显著的负向影响,灾后具有显著的正向影响,但农业保险对农业生产的灾后正效应大 于灾前负效应,所以总体上农业保险促进了农业生产水平的提高;农业保险灾前影响效应对农 业生产存在显著的门槛特征,而灾后影响效应对农业生产不存在门槛特征;农业保险对农业生 产的影响依赖于农业生产风险水平,且农业保险对农业生产的促进作用随风险水平提高而下 降。另外,人力资本、农村劳动力转移、农业生产风险水平均对农业生产有显著影响,而人均 农作物播种面积、农业生产现代化水平则影响不明显。     

Risikoorientierte Prämiendifferenzierung in der Kfz-Haftpflichtversicherung — Mehr Prämiengerechtigkeit und weniger Verkehrsunfälle?

New empirical studies and foreign experiences are able to show that risk classification improves the incentives for traffic safety in the mandatory third-party motor insurance. The introduction of rebates and surcharges which will be based on demerit points could help for a better risk classification. In Germany demerit points are registered by the Federal Transport Authority in Flensburg. The article shows how German insurance companies could use these demerit points for the mandatory third-party motor insurance. There are no legal restrictions to voluntarily invent such kind of risk classification.     

GOLBALIZATION, CORPORATE FINANCE, AND THE COST OF CAPITAL

International financial markets are progressively becoming one huge, integrated, global capital market—a development that is contributing to higher stock prices in developed as well as developing economies. For companies that are large and visible enough to attract global investors, having a global shareholder base means having a lower cost of capital and hence a greater equity value for two main reasons: First, because the risks of equity are shared among more investors with different portfolio exposures and hence a different “appetite” for bearing certain risks, equity market risk premiums should fall for all companies in countries with access to global markets. Although the largest reductions in cost of capital resulting from globalization will be experienced by companies in liberalizing economies that are gaining access to the global markets for the first time, risk premiums can also be expected to fall for firms in long-integrated markets as well. Second, when firms in countries with less-developed capital markets raise capital in the public markets of countries (like the U.S.) with highly developed markets, they get more than lower-cost capital; they also import at least aspects of the corporate governance systems that prevail in those markets. For companies accustomed to less-developed markets, raising capital overseas is likely to mean that more sophisticated investors, armed with more advanced technologies, will participate in monitoring their performance and management. And, in a virtuous cycle, more effective monitoring increases investor confidence in the future performance of those companies and so improves the terms on which they raise capital. Besides reducing market risk premiums and improving corporate governance, globalization also affects the systematic risk, or “beta,” of individual companies. In global markets, the beta of a firm's equity depends on how the stock contributes to the volatility not of the home market portfolio, but of the world market portfolio. For companies with access to global capital markets whose profitability is tied more closely to the local than to the global economy, use of the traditional Capital Asset Pricing Model (CAPM) will overstate the cost of capital because risks that are not diversifiable within a national economy can be diversified by holding a global portfolio. Thus, to reflect the new reality of a globally determined cost of capital, all companies with access to global markets should consider using a global CAPM that views a company as part of the global portfolio of stocks. In making this argument, the article reviews the growing body of academic studies that provide evidence of the predictive power of the global CAPM as well as the reduction in world risk premiums.     

金融保险会计准则与监管规定的分离趋势与我国的改革成果

金融保险会计准则与监管规定的分离是会计准则制定的独立性体现,对建立全球统一的高质量会计准则具有重要意义。会计准则与监管规定分离由会计目标和监管目标的差异决定;从国际金融市场多年的发展经验和中国会计改革的成果来看,会计规定与监管规定的分离也是大势所趋。因此我国应该加强会计规定与金融监管政策之间的协调与衔接,提升金融保险会计信息透明度,维护金融安全与稳定,全面提升我国会计乃至整个金融经济的核心竞争力。     

Brazil's rise: Inequality, culture and globalization

This paper argues that the manifold patterns of globalization in relation to inequality can give rise to both the emergence of economic powers (again) rooted in widespread or deep social inequalities and to transversal forces—that cut across social domains (such as the economy, politics or cultural life), national borders, and social groups or classes—seeking to reinforce or to overturn those inequalities. These rising global players both represent particular historical courses toward modernity and capitalism and express in their contradictory outlook the very trends informing hegemonic globalization. These societies are fundamentally split in terms of a global/local economic and socio-cultural dynamics, which at once positions them in favor of integration and resists several of its instantiations. This further sets off a political dispute over the meaning and impact of globalization, which raises an awareness of cultural particularity and also prompts moves toward global articulations as a means to tackle inequality. The Brazilian case is offered as an example of this process: inequality lies at the root of its capitalist modernization, strongly connected to the legacy of slavery, and the recent juncture of globalization has both deepened inequality and opened a chance of fighting it.     

公平视域下机关事业单位养老保险新政的功效分析

2015年1月国务院出台了机关事业单位养老保险新政,将机关事业单位工作人员与企业职工基本养老保险制度"并轨"。本文在围绕起点、过程、结果三个维度对新政出台前我国基本养老保险公平情况进行研究的基础上,分析新政带来的一定程度上促进基本养老保险公平发展、推动补充养老保险发展、促进人员合理流动的直接功效,并且进一步对职业年金的建立倒逼企业年金的发展,企业年金的发展倒逼基本养老保险公平发展的潜在功效进行了剖析。在此基础上,构建出底线公平养老保险体系的过渡性结构,随着政府财政支付社会统筹账户养老金能力的提高,这一结构最终应发展成为真正意义上底线公平养老保险体系的目标结构。     

Disciplining domestic regulation: the World Trade Organization and the market for professional services

This paper presents an institutional analysis of the processes underlying the globalization of professional service and labor markets. Focusing on the accountancy sector, the research documents the ongoing efforts by non-market institutions, including transnational accounting firms and industry lobbies in Europe and the US, to create a global market for accounting and auditing services under the auspices of the World Trade Organization (WTO). The research shows how international trade agreements, specifically the General Agreement on Trade in Services (GATS) and the Disciplines on Domestic Regulation in the Accountancy Sector, are being used to eliminate domestic regulations that industry views as barriers to trade and investment, such as diverse national and sub-national licensing and qualification requirements, regulations limiting scope of practice and forms of business organization, and non-harmonized technical standards. The paper discusses the implications of theses trends for the future of domestic regulation and democratic forms of economic governance.     

Does one size fit all? Determinants of insurer capital structure around the globe

As financial markets become more global, the question arises whether any country specific considerations are still relevant for insurance companies’ capital structure. This research examines this question with firm-level data across a broad range of countries including those in developing markets. What we find is that the optimal capital structure of insurance companies is not homogeneous across countries. We find that country-level factors explain a substantial fraction of the cross-sectional variation in insurance companies’ capitalization levels. Our results add to the current policy discussion on global regulatory capital requirements. If insurer capital structure is not homogeneous across countries, a global capital standard – if desired – should take differences in the institutional environments across countries into account to avoid market distortions.     

Does prevention as an investment strategy explain the intention to purchase guarantees for unit-linked life insurance?

The present paper examines the relationship between prevention as an investment strategy and the perceptions about unit-linked insurance on the intention to purchase interest rate guarantees for such products. We propose a framework in which the relationship between adopting prevention as an investment strategy, and the intention to purchase interest rate guarantees is moderated by the level of financial literacy of the individual and this interaction is mediated by the perceptions regarding unit-linked insurance. We find support for our conceptual model by testing it on a sample of 1017 financial decision makers in Germany using a moderated mediation analysis. The paper therefore offers insights into the decision-making process of financial consumers in Germany and presents practical implications for designing products for age-old provision.     

Stock Market Development and Financial Intermediaries: Stylized Facts

World stock markets are booming, and emerging stock marketsaccount for a disproportionate share of this growth. Yet economistslack a common concept or measure of stock market development.This article collects and compares a broad array of indicatorsof stock market and financial intermediary development, usingdata from forty-four developing and industrial countries duringthe period from 1986 to 1993. The empirical results exhibitwide cross-country differences for each indicator as well asintuitively appealing correlations between various indicators.The article constructs aggregate indexes and analyzes them todocument the relationship between the emergence of stock marketsand the growth of financial intermediaries. It produces a setof stylized facts that facilitates and stimulates research intothe links among stock markets, economic development, and corporatefinancing decisions.     

考察美俄保险市场的若干思考

美国是全球最大的保险市场,交易活跃,成熟度高。同时,美国也是此次全球金融危机的发源地,其保险业受到金融海啸的巨大冲击和影响。与此相对的,俄罗斯是全球新兴的保险市场,发展较快但具有鲜明的转轨经济特征,市场机制和监管制度都尚未成型。美俄保险业各具特点,是全球范围内不同发展阶段保险市场的重要代表。在全球金融危机爆发一周年前夕,我们对美俄两国的保险业及保险监管进行了考察,对金融危机造成的影响和两国政府的应对措施进行了分析研究,并在此基础上,结合中国保险市场面临的形势和问题,形成了若干思考和建议。     

Globalisierung,Versicherung und Welthandelsrecht (WTO)

The article identifies the technological progress in respect of the transport of goods (?container revolution“), passengers (wide body aircraft) and data (world wide web) as the true basis of the present and irreversible development which is usually referred to as globalization. Its effect on insurance is discussed in relation to the capital markets and to the insurance markets. With regard to the latter the main effect of globalisation is the progressive unboundedness of risks which is correlated to the globalization of social and economic developments. The unboundedness of risks would require a world wide extension of insurance business which is, however, in many cases impeded by legal barriers delimiting insurance markets. The deregulation of these barriers has been triggered by GATS, but the process of liberalisation of insurance markets is far from being accomplished.     

Measuring financial market integration over the long run: Is there a U-shape?

Using long time series for sovereign bond markets of fifteen industrialized economies from 1875 to 2009, I find that financial market integration by the end of the 20th century was higher than in earlier periods and exhibited a J-shaped trend with a trough in the 1920s. The main reason for the higher financial integration seen today is the recent extensive globalization. Around the turn of the 20th century, countries frequently drifted apart. Conversely, in recent years, the bond markets of most countries have moved together. Both policy variables and the global market environment play a role in explaining the time variation in integration, while “unexplained” changes in the overall level of country risk are also empirically important. My methodology, based on principal components analysis, is immune to outliers and accounts for global and country-specific shocks and, hence, can capture trends in financial integration more accurately than standard techniques such as simple correlations.     

社会互动对家庭商业保险参与的影响——来自中国家庭金融调查(CHFS)数据的实证分析

本文基于中国家庭金融调查(CHFS)数据,探讨了社会互动对家庭商业保险购买行为的影响。研究发现:社会互动显著提高了家庭商业保险参与的可能性与参与程度,并且在控制了内生性之后,这种促进作用依然显著;同时本文通过金融知识和商业保险信任度等变量验证了社会互动影响家庭商业保险参与行为的两种作用渠道;异质性分析表明,社会互动对于东部和中部地区、中等学历、高收入水平、低参与率社区中家庭的促进作用更大。本文的研究为我国商业保险市场的发展提供了一个新的社会特征视角,重视社会互动的促进作用,加强保险业诚信建设,以此推动我国商业保险业健康快速发展。