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dc.contributor.author
Castagnolo, Fernando  
dc.contributor.author
Ferro, Gustavo Adolfo  
dc.date.available
2017-08-24T19:28:30Z  
dc.date.issued
2013-02  
dc.identifier.citation
Castagnolo, Fernando; Ferro, Gustavo Adolfo; Could we rely on market discipline as a substitute for insurance regulation?; Emerald Group Publishing Limited; Journal of Financial Regulation and Compliance; 21; 1; 2-2013; 4-15  
dc.identifier.issn
1358-1988  
dc.identifier.uri
http://hdl.handle.net/11336/22945  
dc.description.abstract
Purpose: The purpose of this paper is to examine empirically whether the market discipline works, and if so, whether it is a complement or substitute of prudential regulation in the insurance markets. Market discipline is intended as “the power of … market forces … to evaluate and control the risky behaviour of the financial institutions”. The authors' formal hypothesis is that if market discipline works as complementary to prudential regulation, the response of the insured is expected to be weaker than if market discipline acts as a substitute to prudential regulation. Design/methodology/approach: The authors designed an experiment examining policy subscription reaction to adjustments in insurers' risk ratings in three different regulatory environments, to compare market discipline in each market. An econometric model was estimated to test the reaction of policy subscription to changes in credit ratings of the insurers. Findings: The findings indicate that more market discipline was exerted in the crisis period, and more intensely where it is intended to replace regulation. A formal hypothesis was tested: in a less regulated environment, consumers' protection rests more heavily on their caution and use of market information about the insurers' financial condition. Research limitations/implications: The research is constrained by the availability and detail of the publicly available data. Practical implications: The results imply that regulation and market discipline work more as complements than as substitutes. Social implications: Market discipline does not replace prudential regulation in the insurance market. Originality/value: The approach presented in the paper adds to precedent work studying comparatively different regulatory environments, and also concerns the response of market discipline in the financial crisis context.  
dc.format
application/pdf  
dc.language.iso
eng  
dc.publisher
Emerald Group Publishing Limited  
dc.rights
info:eu-repo/semantics/openAccess  
dc.rights.uri
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/  
dc.subject
Regulation  
dc.subject
Microeconomic Intervention  
dc.subject
Financial Crisis  
dc.subject
Credit Ratings  
dc.subject
Insurance  
dc.subject
Market Discipline  
dc.subject.classification
Otras Economía y Negocios  
dc.subject.classification
Economía y Negocios  
dc.subject.classification
CIENCIAS SOCIALES  
dc.title
Could we rely on market discipline as a substitute for insurance regulation?  
dc.type
info:eu-repo/semantics/article  
dc.type
info:ar-repo/semantics/artículo  
dc.type
info:eu-repo/semantics/publishedVersion  
dc.date.updated
2017-08-22T21:24:18Z  
dc.journal.volume
21  
dc.journal.number
1  
dc.journal.pagination
4-15  
dc.journal.pais
Reino Unido  
dc.journal.ciudad
Wagon Lane  
dc.description.fil
Fil: Castagnolo, Fernando. Citigroup; Reino Unido  
dc.description.fil
Fil: Ferro, Gustavo Adolfo. Universidad Argentina de la Empresa. Facultad de Ciencias Económicas. Instituto de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina  
dc.journal.title
Journal of Financial Regulation and Compliance  
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/http://www.emeraldinsight.com/doi/abs/10.1108/13581981311297795  
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/doi/http://dx.doi.org/10.1108/13581981311297795