Institutional Quality, Knightian Uncertainty, and Insurability: A Cross-Country Analysis
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 insuranc...
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| creator | Erbas, S. Nuri Sayers, Chera L |
| 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. |
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Nuri ; Sayers, Chera L</creator><creatorcontrib>Erbas, S. Nuri ; Sayers, Chera L</creatorcontrib><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. 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Nuri</creatorcontrib><creatorcontrib>Sayers, Chera L</creatorcontrib><title>Institutional Quality, Knightian Uncertainty, and Insurability: A Cross-Country Analysis</title><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.</description><subject>Financial Sector</subject><subject>Governance</subject><subject>Information And Uncertainty</subject><subject>Institutional Quality</subject><subject>Insurability</subject><subject>Knightian Uncertainty</subject><subject>Risk (Insurance)</subject><isbn>9781451988086</isbn><isbn>1452729964</isbn><isbn>1451864396</isbn><isbn>1451988087</isbn><isbn>9781451864397</isbn><isbn>9781452729961</isbn><isbn>9781451988086</isbn><isbn>1451988087</isbn><fulltext>true</fulltext><rsrctype>book</rsrctype><creationdate>2006</creationdate><recordtype>book</recordtype><sourceid>2BV</sourceid><recordid>eNpdkE9Lw0AQxVdEsdR8hz0IXgzs_-x6q6FqsSCCircwSTe6mm7q7uaQb29Ke3Iuwxt-7_GYE5SZQlMhqdGaaHX6T5-jmTJaaikMu0BZjN9kGiPopGfoY-VjcmlIrvfQ4ZcBOpfGG_zk3edXcuDxm29sSOD8_gx-gyfHEKB2e_AWL3AZ-hjzsh98CiNeTDFjdPESnbXQRZsd9xy93y9fy8d8_fywKhfrHLjkWuVW1cCASs03pC4YKVpLqJSWMW5bQ1piGRSytrZljRTNRmljQEsuCiBEGcbn6PoQvAv972Bjqmzd9z-NnepAVy3vSk6o4FRO5NWBdNu22gW3hTBWStDi-C-tBDcF_wOPdF-m</recordid><startdate>20060701</startdate><enddate>20060701</enddate><creator>Erbas, S. Nuri</creator><creator>Sayers, Chera L</creator><general>International Monetary Fund</general><scope>2BV</scope><scope>C-M</scope><scope>KRY</scope></search><sort><creationdate>20060701</creationdate><title>Institutional Quality, Knightian Uncertainty, and Insurability: A Cross-Country Analysis</title><author>Erbas, S. Nuri ; Sayers, Chera L</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-a35386-e6ba2a1583d0b7207fe0155e223ef90f0e2a75beef2c54cd6899a85347a006923</frbrgroupid><rsrctype>books</rsrctype><prefilter>books</prefilter><language>eng</language><creationdate>2006</creationdate><topic>Financial Sector</topic><topic>Governance</topic><topic>Information And Uncertainty</topic><topic>Institutional Quality</topic><topic>Insurability</topic><topic>Knightian Uncertainty</topic><topic>Risk (Insurance)</topic><toplevel>online_resources</toplevel><creatorcontrib>Erbas, S. Nuri</creatorcontrib><creatorcontrib>Sayers, Chera L</creatorcontrib><collection>IMF E-Library</collection><collection>IMF Books & Analytical Papers</collection><collection>International Monetary Fund (IMF)</collection></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Erbas, S. Nuri</au><au>Sayers, Chera L</au><format>book</format><genre>book</genre><ristype>BOOK</ristype><btitle>Institutional Quality, Knightian Uncertainty, and Insurability: A Cross-Country Analysis</btitle><date>2006-07-01</date><risdate>2006</risdate><isbn>9781451988086</isbn><isbn>1452729964</isbn><isbn>1451864396</isbn><isbn>1451988087</isbn><isbn>9781451864397</isbn><isbn>9781452729961</isbn><eisbn>9781451988086</eisbn><eisbn>1451988087</eisbn><abstract>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.</abstract><cop>Washington</cop><pub>International Monetary Fund</pub><oclcid>698585492</oclcid><tpages>15</tpages><edition>1</edition><oa>free_for_read</oa></addata></record> |
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| subjects | Financial Sector Governance Information And Uncertainty Institutional Quality Insurability Knightian Uncertainty Risk (Insurance) |
| title | Institutional Quality, Knightian Uncertainty, and Insurability: A Cross-Country Analysis |
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