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The Limits of Market-Based Risk Transfer and Implications for Managing Systemic Risks

Nicolas R Blancher, François Haas, John Kiff, Oksana Khadarina, Paul S. Mills, Parmeshwar Ramlogan, William Lee, Yoon Sook Kim, Todd Groome and Shinobu Nakagawa

No 2006/217, IMF Working Papers from International Monetary Fund

Abstract: The paper discusses the limits to market-based risk transfer in the financial system and the implications for the management of systemic long-term financial risks. Financial instruments or markets to transfer and better manage these risks across institutions and sectors are, as yet, either nascent or nonexistent. As such, the paper investigates why these markets remain "incomplete." It also explores a range of options by which policymakers may encourage the development of these markets as part of governments' role as a risk manager.

Keywords: Insurance companies; Insurance; Market risk; Health care spending; Health care; WP,transfer market,market participant,longevity risk,risk transfer,transfer activity (search for similar items in EconPapers)
Pages: 49
Date: 2006-10-01
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Handle: RePEc:imf:imfwpa:2006/217