Página 1 dos resultados de 6469 itens digitais encontrados em 0.029 segundos

Cash settlement impact on fed cattle futures contract basis risk in Brazil

Rochelle,Thereza Christina Pippa; Ferreira Filho,Joaquim Bento de Souza
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/06/2000 Português
Relevância na Pesquisa
66.04%
This paper examines the impact of cash settlement on the Commodities & Futures Exchange (Bolsa de Mercadorias & Futuros, BM&F) fed cattle futures contract basis risk, in nine regions in Brazil. The analysis was conducted only during the contract maturity months, and the random component of the basis series, which represents the risk, was isolated through successive lags in the original series. Then, the standard deviations of the random component of the basis (that represent basis risk) were regressed on dummy variables for cash settlement and seasonal effects. The regression model was estimated for every location and sex. The results lead to the conclusion that basis risk has been reduced after the introcustion of cash settlement for both male and female animals in all nine regions. Moreover, basis risk is lower for contract maturity months placed in the first half of the year than in for those in the second semester.

Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses From Flood Hazards In Central Europe (Poland, Czech Republic, Hungary and Slovakia)

Pollner, John D.
Fonte: World Bank Publicador: World Bank
Português
Relevância na Pesquisa
45.83%
This report addresses the large flood exposures of Central Europe and proposes efficient financial and risk transfer mechanisms to mitigate fiscal losses from natural catastrophes.. The report is primarily addressed to the governments of the region which should build into their fiscal planning, the necessary contingent funding mechanisms, based on their exposures. While there exist pan-European mechanisms such as the EU Solidarity Fund to help EU members fund mega disasters, these only kick in at extremely high loss levels. Given these issues, the Governments of the V-4 countries should consider it a priority to set up risk transfer mechanisms to reduce fiscal volatility following natural catastrophes. The private sector insurance markets in the V-4 countries appear adequate and reflect rather high levels of penetration in the economy and in the housing sector. Economic and fiscal analyses based on global data also show that countries with insurance mechanisms and markets show a stronger GDP recovery path and lower fiscal deficits following a disaster. However...

Disaster Risk Financing and Contingent Credit : A Dynamic Analysis

Clarke, Daniel; Mahul, Olivier
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
45.81%
This paper aims to assist policy makers interested in establishing or strengthening financial strategies to increase the financial response capacity of developing country governments in the aftermath of natural disasters, while protecting their long-term fiscal balance. Contingent credit is shown to increase the ability of governments to self-insure by relaxing their short-term liquidity constraints. In many situations, contingent credit is most effectively used to facilitate risk retention for middle layers, with reserves used for bottom layers and risk transfer (for example, reinsurance) for top layers. Discussions with governments on the optimal use of contingent credit instruments as part of a sovereign catastrophe risk financing strategy can be guided by the output of a dynamic financial analysis model specifically developed to allow for the provision of contingent credit, in addition to reserves and/or reinsurance. This model is illustrated with three country case studies: agricultural production risks in India; tropical cyclone risk in Fiji; and earthquake risk in Costa Rica.

Catastrophe Risk Financing in Developing Countries : Principles for Public Intervention

Cummins, J. David; Mahul, Olivier
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
45.82%
Public intervention in catastrophe insurance markets, supported by the donor community and the World Bank, should be country specific. Low-income countries, where the domestic non-life insurance market is undeveloped, should focus in the short term on the development of sovereign catastrophe insurance solutions and the promotion of public goods related to risk market infrastructure. These countries are usually not mature enough for the promotion of catastrophe insurance pools for private homeowners. Middle-income countries, where the domestic non-life insurance market is more developed, should help the private insurance industry offer market-based catastrophe insurance solutions to homeowners and to small and medium enterprises, including the agricultural sector. This book offers a framework, with lessons drawn from recent experience, guiding principles for public intervention and potential roles for donors and International Financial Institutions (IFIs). These lessons are expected to be used in developing affordable...

Managing Agricultural Risk at the Country Level : The Case of Index-Based Livestock Insurance in Mongolia

Mahul, Olivier; Skees, Jerry
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
45.93%
This paper describes the index-based livestock insurance program in Mongolia designed in the context of a World Bank lending operation with Government of Mongolia and implemented on a pilot basis in 2005. This program involves a combination of self-insurance by herders, market-based insurance, and social insurance. Herders retain small losses, larger losses are transferred to the private insurance industry, and extreme or catastrophic losses are transferred to the government using a public safety net program. A syndicate pooling arrangement protects participating insurance companies against excessive insured losses, with excess of loss reinsurance provided by the government. The fiscal exposure of Government of Mongolia toward the most extreme losses is protected with a contingent credit facility. The insurance program relies on a mortality rate index by species in each local region. The index provides strong incentives to individual herders to continue to manage their herds so as to minimize the impacts of major livestock mortality events; individual herders receive an insurance payout based on the local mortality...

Patterns of Rainfall Insurance Participation in Rural India

Gine, Xavier; Townsend, Robert; Vickery, James
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
45.87%
This paper describes the contract design and institutional features of an innovative rainfall insurance policy offered to smallholder farmers in rural India, and presents preliminary evidence on the determinants of insurance participation. Insurance takeup is found to be decreasing in basis risk between insurance payouts and income fluctuations, increasing in household wealth and decreasing in the extent to which credit constraints bind. These results match with predictions of a simple neoclassical model appended with borrowing constraints. Other patterns are less consistent with the "benchmark" model; namely, participation in village networks and measures of familiarity with the insurance vendor are strongly correlated with insurance takeup decisions, and risk-averse households are found to be less, not more, likely to purchase insurance. We suggest that these results reflect household uncertainty about the product itself, given their limited experience with it.

Rural Risk Management Ethiopia

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
45.82%
This document investigates prospects for the use of index based weather insurance in Ethiopia for commercial and semi-commercial farmers. The document first summarizes the impact of risk weather risk in particular on Ethiopian agriculture and the need to balance investments in weather risk mitigation and weather risk management. Because the focus of this document is on risk management in the face of potential weather shocks, this introduction is followed by a summary of the traditional risk-transfer tool available for managing agricultural weather risk, multi-peril crop insurance. It outlines the limitations of this approach in the Ethiopian context. Finally, the first section of the paper provides an overview of the index based weather insurance product, which is the focus of the remainder of the document. Narrowing its scope to the potential use of index based weather insurance products in Ethiopia, the research discusses whether the prerequisites or enabling conditions for this type of product exist and whether there are any major impediments to developing a weather insurance program in the country. It was determined that the major pre-requisites for a pilot program appeared to be in place. The research took a project implementation approach to determining the technical feasibility of this type of program...

Managing Agricultural Production Risk : Innovations in Developing Countries

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
45.82%
This document presents innovations in agricultural risk management for natural disaster risk, with the focus on defining practical roles for governments of developing countries and the World Bank in developing risk management strategies. The paper includes the following content: introduction; risk and risk management in agriculture, including informal and formal mechanisms; approaches to agricultural risk in developed countries; innovation in managing production risk - index insurance; new approaches to agricultural risk management in developing countries; from theory to practice: pilot projects for agricultural risk transfer in developing countries; and potential roles for governments and the World Bank.

Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses from Flood Hazards in Central Europe

Pollner, John
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
45.82%
This report addresses the large flood exposures of Central Europe and proposes efficient financial and risk transfer mechanisms to mitigate fiscal losses from natural catastrophes. In particular, the Visegrad countries (V-4) of Central Europe, namely, Poland, the Czech Republic, Hungary, and the Slovak Republic, have such tremendous potential flood damages that reliance on budgetary appropriations or even European Union (EU) funds in such circumstances becomes ineffective and does not provide needed cash funds for the quick response and recovery needed to minimize economic disruptions. The report is primarily addressed to the governments of the region, which should build into their fiscal planning the necessary contingent funding mechanisms, based on their exposures. The report is addressed to finance ministries and also to the insurance and securities regulators and the private insurance and capital markets, which may all play a role in the proposed mechanisms. An arrangement using a multi-country pool with a hazard-triggered insurance payout mechanism complemented by contingent financing is proposed...

Managing Agricultural Production Risk : Innovations in Developing Countries

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
45.82%
This document presents innovations in agricultural risk management for natural disaster risk, with the focus on defining practical roles for governments of developing countries and the World Bank in developing risk management strategies. The paper includes the following content: introduction; risk and risk management in agriculture, including informal and formal mechanisms; approaches to agricultural risk in developed countries; innovation in managing production risk - index insurance; new approaches to agricultural risk management in developing countries; from theory to practice: pilot projects for agricultural risk transfer in developing countries; and potential roles for governments and the World Bank.

Insurance against Climate Change : Financial Disaster Risk Management and Insurance Options for Climate Change Adaptation in Bulgaria

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
45.82%
Bulgaria is exposed to nearly all types of climate extremes, including floods, droughts, and others, as well as earthquakes. The combination of insurance products, early warning systems, information campaigns, infrastructure adaptation measures, and strict regulations can be very useful in tackling the negative climate change impacts. This note provides an overview of the insurance sector s contribution to climate change - related risk prevention and highlights some of Bulgaria s ongoing disaster risk management (DRM) efforts. The note aims to raise awareness and emphasize the role that financial disaster risk management (FDRM), including insurance, can have in climate change adaptation. Based on a desk review and preliminary in-country stakeholder consultations, the note s findings are meant to motivate new thinking and serve as an engagement tool for ongoing in-country discussions, as well to help identify analytical work to be carried out in the future. Based on the preliminary review of Bulgaria s specific context...

Managing Risk with Insurance and Savings : Experimental Evidence for Male and Female Farm Managers in the Sahel

Delavallade, Clara; Dizon, Felipe; Vargas Hill, Ruth; Petraud, Jean Paul
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Português
Relevância na Pesquisa
55.91%
Although there is fast-growing policy interest in offering financial products to help rural households manage risk, the literature is still scant as to which products are the most effective. This paper uses a randomized field experiment in Senegal and Burkina Faso to compare male and female farmers who are offered index-based agricultural insurance with those who are offered a variety of savings instruments. The paper finds that female farm managers were less likely to purchase agricultural insurance and more likely to invest in savings for emergencies, even controlling for access to informal insurance and differences in crop choice. It is hypothesized that this finding results from the fact that, although men and women are equally exposed to yield risk, women face additional sources of lifecycle risk -- particularly health risks associated with fertility and childcare -- that men do not. In essence, the basis risk associated with agricultural insurance products is higher for women. Purchasing insurance increased input spending and use more than savings. Those who purchased more insurance realized higher average yields and were better able to manage food insecurity and shocks. This finding suggests that gender differences in demand for financial products can have an impact on productivity...

Innovation in Disaster Risk Financing for Developing Countries

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
45.82%
This report aims to advance the dialogue on creative, forward-looking solutions for developing countries by presenting recent innovations on disaster risk financing and insurance developed by the private markets as well as the international donor community, from the macro (government) level down to the micro (household) level. It discusses how these innovations can be adapted and implemented in developing countries to better protect efficiently those countries against the financial consequences of natural disasters. Section one provides an introduction to the economic and fiscal impacts of natural disasters on developing countries. Section two examines examples of innovation in the private insurance and capital markets that may have applications in sovereign disaster risk financing for developing countries. Section three examines how innovations coming out of mature property catastrophe risk insurance (PCRI) markets could serve in low and middle-income countries. Section four considers how innovation is taking seed in creative disaster micro insurance programs in low- and middle-income countries. Section five wraps up the report with brief concluding remarks.

Quantifying through Ex Post Assessments the Micro-Level Impacts of Sovereign Disaster Risk Financing and Insurance Programs

de Janvry, Alain
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
45.81%
Uninsured natural disasters can have devastating effects on human welfare and economic growth, particularly in developing countries where large segments of the population are in poverty and government resources and capacity to assist in relief, recovery, and reconstruction are limited. Therefore there is interest in exploring how these countries can design and implement disaster relief financing and insurance programs. This paper discusses four aspects of the microeconomics of disaster relief financing and insurance programs that are important for the ex post impact evaluation of such programs: (1) use of game setups to analyze the private willingness-to-pay for disaster protection through risk transfer or risk retention instruments; (2) use of ex post analysis of existing disaster relief financing and insurance schemes (such as Mexico’s programs) to analyze the willingness to provide political support to such schemes; (3) use of ex post analysis of existing schemes to analyze not only ex post coping with shock...

Jamaica : Toward a Strategy for Financial Weather Risk Management in Agriculture

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Agricultural Study; Economic & Sector Work
Português
Relevância na Pesquisa
45.82%
This report forms part of the technical assistance provided by the World Bank under the Non-lending Technical Assistance Program for the Caribbean 'market-based agriculture risk management in the Caribbean.' The program is largely financed by the European Union All Agriculture Commodities Program (AACP) Initiative and contributions from the International Fund for Agriculture Development (IFAD) and the World Bank. This document provides technical input for designing a national strategy for addressing the financial weather risks facing the agricultural sector of Jamaica. As such, it identifies the various options from current available financial risk transfer instruments for addressing crop weather risks for small farmers (livestock risks are not directly addressed in this report) and identifies the public investments needed for supporting market development of the agricultural insurance market. The report is structured in five sections to facilitate its presentation. The first two sections present a snapshot of the Jamaican economy and agricultural sector...

Agricultural Risk Management in the Caribbean : Lessons and Experiences, 2009-2012

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Agricultural Study; Economic & Sector Work
Português
Relevância na Pesquisa
45.82%
The purpose of this report is to summarize the main results and lessons learned during the implementation of the World Bank technical assistance (TA), which are valuable to the ongoing discussion on agricultural risk management in the region. The report is organized as follows. Section two summarizes the program risk management strategies, including initial objectives and final outcomes. In particular, it describes how these objectives change in order to respond to the countries' particular demands. Section three presents the methodology and basic principles applied in the four stages of the program implementation. Six country cases are summarized in section four with a complete description of final outputs and recommendations. Finally, section five presents the main conclusions and lessons learned.

Weather Based Crop Insurance in India

Clarke, Daniel J.; Mahul, Olivier; Rao, Kolli N.; Verma, Niraj
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
45.96%
The weather index insurance market in India is the world's largest, having transitioned from small-scale and scattered pilots to a large-scale weather based crop insurance program covering more than 9 million farmers. This paper provides a critical overview of this market, including a review of indices used for insurance purposes and a description and analysis of common approaches to design and ratemaking. Products should be designed based on sound agronomic principles and further investments are needed both in quantifying the level of basis risk in existing products, and developing enhanced products with lower basis risk. In addition to pure weather indexed products, hybrid products that combine both area yield and weather indices seem promising, with the potential to combine the strengths of the individual indices. A portfolio approach to pricing products, such as that offered by Empirical Bayes Credibility Theory, can be significantly more efficient than the standalone pricing approaches typically employed in the Indian market. Legislation for index insurance products...

The Caribbean Catastrophe Risk Insurance Initiative : A Review of CCRIF's Operation After Its Second Season

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
55.99%
This report provides an external assessment of the operations of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) during its second policy year from June 1, 2008 to May 31, 2009. Developed at members and associate members of the Caribbean Community (CARICOM's) request following the devastation wrought on Grenada and the Cayman Islands by Hurricane Ivan in 2004, CCRIF was established in May 2007. The World Bank and a number of donors contributed to CCRIF's start-up capital and also underwrote a portion of some members' initial participation fees and premium payments during CCRIF's first three policy years. A multi-donor trust fund continues to reimburse CCRIF for certain eligible expenditures, thus facilitating continued growth of CCRIF's reserves and risk-bearing capacity. The report aims to contribute to on-going discussions within the broader disaster risk management community about the possibilities for scaling up the role of CCRIF in the Caribbean and replicating or adapting CCRIF's innovative model of ex ante disaster risk financing in other disaster-prone regions of the world. Rolling out the second-generation loss model...

Improving Index-Based Drought Insurance in Varying Topography: Evaluating Basis Risk Based on Perceptions of Nicaraguan Hillside Farmers

Kost, André; Läderach, Peter; Fisher, Myles; Cook, Simon; Gómez, Lorena
Fonte: Public Library of Science Publicador: Public Library of Science
Tipo: Artigo de Revista Científica
Publicado em 11/12/2012 Português
Relevância na Pesquisa
45.89%
This paper discusses a methodology to model precipitation indices and premium prices for index-based drought insurance for smallholders. Spatial basis risk, which is borne by the insured, is a problem, especially in variable topography. Also, site-specific drought risk needs to be estimated accurately in order to offer effective insurance cover and ensure financial sustainability of the insurance scheme. We explore farmers' perceptions on drought and spatial climate variability and draw conclusions concerning basis risk with regards to the proposed methodology. There are technically many options to represent natural heterogeneity in index insurance contracts while serving the customer adequately and keeping transaction costs low.

The Zeeman Effect in Finance: Libor Spectroscopy and Basis Risk Management

Bianchetti, Marco
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 27/10/2012 Português
Relevância na Pesquisa
55.85%
Once upon a time there was a classical financial world in which all the Libors were equal. Standard textbooks taught that simple relations held, such that, for example, a 6 months Libor Deposit was replicable with a 3 months Libor Deposits plus a 3x6 months Forward Rate Agreement (FRA), and that Libor was a good proxy of the risk free rate required as basic building block of no-arbitrage pricing theory. Nowadays, in the modern financial world after the credit crunch, some Libors are more equal than others, depending on their rate tenor, and classical formulas are history. Banks are not anymore too "big to fail", Libors are fixed by panels of risky banks, and they are risky rates themselves. These simple empirical facts carry very important consequences in derivative's trading and risk management, such as, for example, basis risk, collateralization and regulatory pressure in favour of Central Counterparties. Something that should be carefully considered by anyone managing even a single plain vanilla Swap. In this qualitative note we review the problem trying to shed some light on this modern animal farm, recurring to an analogy with quantum physics, the Zeeman effect.