With the aging population of the U.S., questions of estate planning have grown in importance. For the wealthiest Americans, the federal estate tax can destroy almost half of their wealth. Because of the special tax treatment of death benefits, life insurance has been used for many years to mitigate the impact of estate taxes. This paper looks at actual life insurance holdings to determine if there is evidence that life insurance is being used for this purpose. The results suggest that life insurance is being used for estate tax purposes and this motivates modeling of wealth accumulation impacted by estate taxes. The intent of the model is to show how changes in the estate tax and/or tax treatment of life insurance would change the accumulation of wealth by individuals. This modeling is important, as new estate tax reforms are likely given that the current reforms expire at the end of 2010.
{"title":"Why Do Rich People Buy Life Insurance?","authors":"Lisa L. Verdon","doi":"10.2139/ssrn.1265046","DOIUrl":"https://doi.org/10.2139/ssrn.1265046","url":null,"abstract":"With the aging population of the U.S., questions of estate planning have grown in importance. For the wealthiest Americans, the federal estate tax can destroy almost half of their wealth. Because of the special tax treatment of death benefits, life insurance has been used for many years to mitigate the impact of estate taxes. This paper looks at actual life insurance holdings to determine if there is evidence that life insurance is being used for this purpose. The results suggest that life insurance is being used for estate tax purposes and this motivates modeling of wealth accumulation impacted by estate taxes. The intent of the model is to show how changes in the estate tax and/or tax treatment of life insurance would change the accumulation of wealth by individuals. This modeling is important, as new estate tax reforms are likely given that the current reforms expire at the end of 2010.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128344481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-10-16DOI: 10.1111/j.1468-0416.2008.00142.x
Enrique Bonsón, Tomas Escobar, Francisco Flores
The banking/investment sector must deal with a new variable, Operational Risk, for explaining various recent crises and bankruptcies. Operational Risk, which can be defined briefly as the risk generated by possible failures of a entity's Information Systems (IS), must be measured, covered, mitigated and managed by applying a series of methodologies, each of which assumes that the IS of the bank operates at a certain Stage of Sophistication. The present study proposes a scheme of evolution that details the stages of enhancement in the sophistication of their IS that banking entities may implement, so as to be capable of capturing, mitigating and managing Operational Risk. Using econometric methods, we create a proxy variable to capture the IS Sophistication of each entity. Then, the factor of entity size has been analyzed, and the country effect is explored. Additionally, the importance of intangible assets is weighted, among others entity aspects. The entity size has been revealed as the variable with most influence on the plans formulated in this respect by European entities, against other variables also considered in the present study, such as the country effect or the importance of intangible assets. The work shows how IS decisions referring to Operational Risk management are very influenced by size. It could introduce competition differences in the European banking system.
{"title":"Operational Risk Measurement in Banking Institutions and Investment Firms: New European Evidences","authors":"Enrique Bonsón, Tomas Escobar, Francisco Flores","doi":"10.1111/j.1468-0416.2008.00142.x","DOIUrl":"https://doi.org/10.1111/j.1468-0416.2008.00142.x","url":null,"abstract":"The banking/investment sector must deal with a new variable, Operational Risk, for explaining various recent crises and bankruptcies. Operational Risk, which can be defined briefly as the risk generated by possible failures of a entity's Information Systems (IS), must be measured, covered, mitigated and managed by applying a series of methodologies, each of which assumes that the IS of the bank operates at a certain Stage of Sophistication. The present study proposes a scheme of evolution that details the stages of enhancement in the sophistication of their IS that banking entities may implement, so as to be capable of capturing, mitigating and managing Operational Risk. Using econometric methods, we create a proxy variable to capture the IS Sophistication of each entity. Then, the factor of entity size has been analyzed, and the country effect is explored. Additionally, the importance of intangible assets is weighted, among others entity aspects. The entity size has been revealed as the variable with most influence on the plans formulated in this respect by European entities, against other variables also considered in the present study, such as the country effect or the importance of intangible assets. The work shows how IS decisions referring to Operational Risk management are very influenced by size. It could introduce competition differences in the European banking system.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"119737425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Previous studies suggest that retirees face the risk of financial ruin even with (real) withdrawal rates as low as 4%. This paper proposes a new retirement investment strategy using Treasury Inflation Protected Securities (TIPS) and longevity insurance products that would permit annual withdrawal rates in excess of 5% without any risk of ruin; this strategy does not require retirees to irrevocably commit their entire savings in an annuity at retirement. The strategy can be implemented at minimal cost by retirees and their financial advisers. Institutional providers can adapt this strategy to design and develop products that provide inflation adjusted lifetime annuities, while allowing retirees to retain control over most of their savings in retirement.
{"title":"A New Strategy to Maximize Retirement Withdrawals Using TIPS and Longevity Insurance","authors":"S. Shankar","doi":"10.2139/SSRN.1281565","DOIUrl":"https://doi.org/10.2139/SSRN.1281565","url":null,"abstract":"Previous studies suggest that retirees face the risk of financial ruin even with (real) withdrawal rates as low as 4%. This paper proposes a new retirement investment strategy using Treasury Inflation Protected Securities (TIPS) and longevity insurance products that would permit annual withdrawal rates in excess of 5% without any risk of ruin; this strategy does not require retirees to irrevocably commit their entire savings in an annuity at retirement. The strategy can be implemented at minimal cost by retirees and their financial advisers. Institutional providers can adapt this strategy to design and develop products that provide inflation adjusted lifetime annuities, while allowing retirees to retain control over most of their savings in retirement.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132602937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sparked by rising defaults on subprime mortgages, the financial turmoil of 2007 and 2008 threatened the stability of the worldwide financial system and led to unprecedented interventions in financial markets by central banks and other governmental institutions. This essay describes and explains the complexities of the financial turmoil of 2007 and 2008 for students of the financial system so that they might understand better how problems in the mortgage market led to the possibility of collapse of the financial system and the controversial actions taken by the Federal Reserve and other governmental entities. We draw several lessons about the behavior of financial markets and financial regulation from this historic episode.
{"title":"The Complexities of the Financial Turmoil of 2007 and 2008","authors":"G. A. Krohn, W. Gruver","doi":"10.2139/SSRN.1282250","DOIUrl":"https://doi.org/10.2139/SSRN.1282250","url":null,"abstract":"Sparked by rising defaults on subprime mortgages, the financial turmoil of 2007 and 2008 threatened the stability of the worldwide financial system and led to unprecedented interventions in financial markets by central banks and other governmental institutions. This essay describes and explains the complexities of the financial turmoil of 2007 and 2008 for students of the financial system so that they might understand better how problems in the mortgage market led to the possibility of collapse of the financial system and the controversial actions taken by the Federal Reserve and other governmental entities. We draw several lessons about the behavior of financial markets and financial regulation from this historic episode.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126081808","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
China’s banking industry has grown rapidly over the past three decades. As the major source of funding for Chinese enterprises (especially state-owned enterprises), the banking sector has helped finance the nation’s transformation from a centrally planned economy to a market-oriented economy. In the meantime, large amounts of nonperforming loans have accumulated on the balance sheets of Chinese banks, partly due to the cost of reform, partly due to poor management and inadequate regulation. In 1999, four asset management corporations were established to resolve the nonperforming loan problem. As stated by the State Council, these asset management corporations would cease operation by the end of 2009. It is therefore of interest to examine the progress they have made in disposing of nonperforming loans. In this paper, the author attempts to draw a picture of how the nonperforming loan problem has developed since the mid-1990s, provide an estimate of the total nonperforming loans held by Chinese financial institutions, and assess to what extent these bad assets might pose a threat to the country’s financial stability.
{"title":"China's Nonperforming Loans: A $540 Billion Problem Unsolved","authors":"Tong Li","doi":"10.2139/ssrn.1278235","DOIUrl":"https://doi.org/10.2139/ssrn.1278235","url":null,"abstract":"China’s banking industry has grown rapidly over the past three decades. As the major source of funding for Chinese enterprises (especially state-owned enterprises), the banking sector has helped finance the nation’s transformation from a centrally planned economy to a market-oriented economy. In the meantime, large amounts of nonperforming loans have accumulated on the balance sheets of Chinese banks, partly due to the cost of reform, partly due to poor management and inadequate regulation. In 1999, four asset management corporations were established to resolve the nonperforming loan problem. As stated by the State Council, these asset management corporations would cease operation by the end of 2009. It is therefore of interest to examine the progress they have made in disposing of nonperforming loans. In this paper, the author attempts to draw a picture of how the nonperforming loan problem has developed since the mid-1990s, provide an estimate of the total nonperforming loans held by Chinese financial institutions, and assess to what extent these bad assets might pose a threat to the country’s financial stability.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125443921","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper aims to understand the role of micro-insurance as an element of social protection. It outlines the current status of micro-insurance provision in Ghana and Sri Lanka, two countries with very different socio-cultural backgrounds. It concludes that both countries are unlikely to extend their social security systems to the entire population in the short to medium term, making private micro-insurance initiatives essential mechanisms to help people reduce their vulnerability.
{"title":"Micro-Insurance in the Context of Social Protection","authors":"T. Arun, S. Steiner","doi":"10.2139/ssrn.1297192","DOIUrl":"https://doi.org/10.2139/ssrn.1297192","url":null,"abstract":"This paper aims to understand the role of micro-insurance as an element of social protection. It outlines the current status of micro-insurance provision in Ghana and Sri Lanka, two countries with very different socio-cultural backgrounds. It concludes that both countries are unlikely to extend their social security systems to the entire population in the short to medium term, making private micro-insurance initiatives essential mechanisms to help people reduce their vulnerability.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132121550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Accepting deposits and other payable funds by the public, as well as the granting of credits by a bank constitute the core of banking activity. The essence of this activity has not changed almost at all since the earlier times when the banking activity was practised. However, it has been broadened to include also the activity of the issuance of instruments of payment in the form of electronic money. In this paper we try to answer some basic questions regarding banks and banking activity in the light of the recently passed law "On Banks in the Republic of Albania". We also take a brief look into the European law on the issue.Veprimtaria e pranimit te depozitave dhe fondeve te tjera te ripagueshme nga publiku, dhe e dhenies se kredive per llogari te bankes perben thelbin e veprimtarise bankare. Thelbi i kesaj veprimtarie nuk ka ndryshuar pothuajse fare, qe nga kohet me te hershme te ushtrimit te saj. Megjithate ajo eshte zgjeruar per te perfshire brenda saj edhe veprimtarine e emetimit te mjeteve te pageses ne formen e parase elektronike. Ne kete artikull synojme t’i japim pergjigje disa ceshtjeve themelore ne lidhje me banken dhe konceptin e veprimtarise bankare ne kendveshtrimin e ligjit te ri 'Per bankat ne Republiken e Shqiperise.' Ne artikull hedhim nje veshtrim te shkurter edhe mbi legjislacioni evropian ne kete fushe.
接受公众存款和其他应付资金以及银行发放贷款构成了银行活动的核心。自早期银行活动以来，这一活动的本质几乎没有任何改变。不过，它的范围已经扩大到还包括发行电子货币形式的支付工具的活动。在本文中，我们试图根据最近通过的《阿尔巴尼亚共和国银行法》回答有关银行和银行活动的一些基本问题。此外，我们还对欧洲有关该问题的法律进行了简要研究。我的银行账户被盗，我的银行账户被盗，我的银行账户被盗，我的银行账户被盗。我们可以通过电子邮件、网页、电子表格等方式向用户发送信息。我们的艺术品与日本的艺术品一样，都是以 "Per bankat ne Republiken e Shqiperise"（"每家银行都是一个共和国"）为主题的，都是以银行的概念和理念为基础的。Ne artikull hedhim nje veshtrim te shkurter edhe mbi legjislacioni evropian ne kete fushe.
{"title":"Banks and Banking Activity in the Light of the New Law On Banks in the Republic of Albania (Bankat dhe veprimtaria bankare në këndvështrimin e ligjit të ri 'Për Bankat në Republikën e Shqipërisë')","authors":"E. Tarelli","doi":"10.2139/ssrn.1462231","DOIUrl":"https://doi.org/10.2139/ssrn.1462231","url":null,"abstract":"Accepting deposits and other payable funds by the public, as well as the granting of credits by a bank constitute the core of banking activity. The essence of this activity has not changed almost at all since the earlier times when the banking activity was practised. However, it has been broadened to include also the activity of the issuance of instruments of payment in the form of electronic money. In this paper we try to answer some basic questions regarding banks and banking activity in the light of the recently passed law \"On Banks in the Republic of Albania\". We also take a brief look into the European law on the issue.Veprimtaria e pranimit te depozitave dhe fondeve te tjera te ripagueshme nga publiku, dhe e dhenies se kredive per llogari te bankes perben thelbin e veprimtarise bankare. Thelbi i kesaj veprimtarie nuk ka ndryshuar pothuajse fare, qe nga kohet me te hershme te ushtrimit te saj. Megjithate ajo eshte zgjeruar per te perfshire brenda saj edhe veprimtarine e emetimit te mjeteve te pageses ne formen e parase elektronike. Ne kete artikull synojme t’i japim pergjigje disa ceshtjeve themelore ne lidhje me banken dhe konceptin e veprimtarise bankare ne kendveshtrimin e ligjit te ri 'Per bankat ne Republiken e Shqiperise.' Ne artikull hedhim nje veshtrim te shkurter edhe mbi legjislacioni evropian ne kete fushe.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131765013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Basel II regulatory capital formula could imply substantial gaps between the long run PD and the short run historical average. Hence, banks might need to raise their short run historical average of internal PD substantially. Under through-the-cycle rating system, they might have to increase it even more when the economy is in booming period. With more realistic assumption of credit migration, however, we find that gaps are much smaller in many cases. We show, through simulation and a credit card portfolio, that adjustment in the short run PD can generate substantial variation in BASEL II regulatory capital.
{"title":"Long Run Probability of Default and BASEL II Capital Allocation","authors":"Jaesun Noh","doi":"10.2139/ssrn.1272271","DOIUrl":"https://doi.org/10.2139/ssrn.1272271","url":null,"abstract":"Basel II regulatory capital formula could imply substantial gaps between the long run PD and the short run historical average. Hence, banks might need to raise their short run historical average of internal PD substantially. Under through-the-cycle rating system, they might have to increase it even more when the economy is in booming period. With more realistic assumption of credit migration, however, we find that gaps are much smaller in many cases. We show, through simulation and a credit card portfolio, that adjustment in the short run PD can generate substantial variation in BASEL II regulatory capital.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129706846","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Recent studies find a positive correlation between default and loss given default rates of credit portfolios. In response, financial regulators require financial institutions to base their capital on the 'Downturn' loss rate given default which is also known as Downturn LGD. This article proposes a concept for the Downturn LGD which incorporates econometric properties of credit risk as well as the information content of default and loss given default models. The concept is compared to an alternative proposal by the Department of the Treasury, the Federal Reserve System and the Federal Insurance Corporation. An empirical analysis is provided for Hong Kong mortgage loan portfolios.
{"title":"Credit Losses in Economic Downturns - Empirical Evidence for Hong Kong Mortgage Loans","authors":"Harald Scheule","doi":"10.2139/ssrn.1323664","DOIUrl":"https://doi.org/10.2139/ssrn.1323664","url":null,"abstract":"Recent studies find a positive correlation between default and loss given default rates of credit portfolios. In response, financial regulators require financial institutions to base their capital on the 'Downturn' loss rate given default which is also known as Downturn LGD. This article proposes a concept for the Downturn LGD which incorporates econometric properties of credit risk as well as the information content of default and loss given default models. The concept is compared to an alternative proposal by the Department of the Treasury, the Federal Reserve System and the Federal Insurance Corporation. An empirical analysis is provided for Hong Kong mortgage loan portfolios.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121397583","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose - The deregulation of financial services in the Refah Bank of Iran, aimed at the creation of a level-playing-field in the provision of banking services across the Iran. The plan was to establish new strategies in order to attract more investments. So prioritizing the different kinds of accounts is the purpose of this study. Design/methodology/approach - For prioritizing the different kinds of accounts in Refah Bank of Iran, objectives, alternatives and criteria established from literature review and interviews with Bank managers. Then weights designated. For solving this multi-criteria problem we used TOPSIS. Findings - From the research we can conclude that current account is the best kinds of account in point view of profitability, so Refah Bank in its marketing can invest on this account more. After that, 6-months specific short-term deposit has second ranking and so on. The interesting finding is that primary research of Bank which has done before shows that 6-months specific short-term deposit has third ranking and general short-term deposit account is second. So based on this ranking, Refah Bank of Iran can establish new marketing strategies. Research limitations/implications - This research is limited to Refah Bank of Iran.
{"title":"Analysis and Prioritizing Bank Account with TOPSIS Multiple-Criteria Decision - A Study of Refah Bank in Iran","authors":"Mansour Khodam Abbasi, M. Hemmati, M. Abdolshah","doi":"10.2139/ssrn.1253682","DOIUrl":"https://doi.org/10.2139/ssrn.1253682","url":null,"abstract":"Purpose - The deregulation of financial services in the Refah Bank of Iran, aimed at the creation of a level-playing-field in the provision of banking services across the Iran. The plan was to establish new strategies in order to attract more investments. So prioritizing the different kinds of accounts is the purpose of this study. Design/methodology/approach - For prioritizing the different kinds of accounts in Refah Bank of Iran, objectives, alternatives and criteria established from literature review and interviews with Bank managers. Then weights designated. For solving this multi-criteria problem we used TOPSIS. Findings - From the research we can conclude that current account is the best kinds of account in point view of profitability, so Refah Bank in its marketing can invest on this account more. After that, 6-months specific short-term deposit has second ranking and so on. The interesting finding is that primary research of Bank which has done before shows that 6-months specific short-term deposit has third ranking and general short-term deposit account is second. So based on this ranking, Refah Bank of Iran can establish new marketing strategies. Research limitations/implications - This research is limited to Refah Bank of Iran.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133831772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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