Catastrophe Bonds, Reinsurance, and the Optimal Collateralization of Risk-Transfer
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Catastrophe bonds feature full collateralization of the underlying risk transfer, and thus abandon the insurance principle of economizing on collateral through diversification. We examine the theoretical foundations beneath this paradox, finding that fully collateralized instruments have important
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美国国家经济研究局创建时间：
2006-12-01
