Institutional quality, Knightian uncertainty, and insurability
a cross-country analysis
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Author
Contributions
- Sayers, Chera L. - Contributor
- International Monetary Fund. Office of Executive Directors. - Contributor
Publication
2006 - International Monetary Fund, Office of Executive Directors, Washington, D.C., District of Columbia
Language
English
Word Count
3,250 words, Guess
Page Count
13 pages
Identifiers
- Better World Books9781451864397
- Better World Books9781452729961
- Better World Books9781451988086
- Open LibraryOL21611027M
Classifications
- LCCHG8051
Description
Knightian uncertainty (ambiguity) implies presence of uninsurable risks. Institutional quality may be a good indicator of Knightian uncertainty. This paper correlates non-life insurance penetration in 70 countries with income level, financial sector depth, country risk, a measure of cost of insurance, and the World Bank governance indexes. We find that institutional quality-transparency-uncertainty nexus is the dominant determinant of insurability across countries, surpassing the explanatory power of income level. Institutional quality, as it reflects on the level of uncertainty, is the deeper determinant of insurability. Insurability is lower when governance is weaker.
Subjects
Topics
Series Statement
- IMF working paper -- WP/06/179
Links
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