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| Morales, Lucia; Gassie, Esmeralda. |
| Despite the fact that there is a substantial literature on the analysis of volatility spillovers between stock returns and domestic exchange rates, surprisingly, little empirical research has examined volatility spillovers between oil prices and emerging economies, where a clear gap of research have been found regarding to the BRIC financial markets and the effects of the 2007-2009 World economy crisis. This lack of research might appear as surprising given that energy markets are of particular interest as they are considered a fundamental reference for economic recovery and growth. Therefore, this work aims to address this gap on the literature by looking at the BRIC financial markets and their co-movements with regard to some energy markets (oil, natural... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: BRIC; Energy Markets; GARCH; T-GARCH modeling; Volatility; Agribusiness; F; G. |
| Ano: 2011 |
URL: http://purl.umn.edu/115523 |
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| Bielza, Maria; Garrido, Alberto. |
| Since 1996, different formats of whole-farm insurance (WFI) have been launched in North America and Spain. Their rationale is to pool all farm's insurable risks into a single policy that provides cheaper coverage against the farm's revenue losses. We evaluate the gains of moving from a situation of full insurance coverage delivered by crop-specific policies to WFI. Based on the records of individual farmers gathered by the Spanish Agricultural Insurance Agency (ENESA), we select two representative farms in Valencia that have consistently purchased insurance during 1993-2004 for three crops (apricots, plums and wine grapes). WFI is designed to deliver exactly the same expected revenue than does the combined effects of three crop-specific multiple-peril... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural insurance; Whole-farm insurance; Simulation; Crop risks; Spanish agriculture; Risk and Uncertainty; Q14; G; Q18. |
| Ano: 2006 |
URL: http://purl.umn.edu/25421 |
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| Gennaioli, Nicola; Shleifer, Andrei; Vishny, Robert. |
| We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive. Financial innovation can make both investors and... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Financial Innovation; Financial Fragility; Securities; Risks; Financial Economics; G; G11; G15; G2. |
| Ano: 2010 |
URL: http://purl.umn.edu/96496 |
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