Gabriel Chodorow-reich, Andra Ghent, Valentin Haddad
{"title":"资产绝缘体","authors":"Gabriel Chodorow-reich, Andra Ghent, Valentin Haddad","doi":"10.2139/ssrn.2810553","DOIUrl":null,"url":null,"abstract":"\n We construct a new data set tracking the daily value of life insurers’ assets at the security level. Outside of the 2008–2009 crisis, a ${\\$}$ 1 drop in the market value of assets reduces an insurer’s market equity by ${\\$}$ 0.10. During the ?nancial crisis, this pass-through rises to ${\\$}$ 1. We explain this pattern by viewing insurance companies as asset insulators, institutions with stable, long-term liabilities that can ride out transitory dislocations in market prices. Illustrating the macroeconomic importance of insulation, insurers’ market equity declined by ${\\$}$50 billion less than the duration-adjusted value of their securities during the crisis.","PeriodicalId":314321,"journal":{"name":"SPGMI: SNL Financial Data (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2016-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"45","resultStr":"{\"title\":\"Asset Insulators\",\"authors\":\"Gabriel Chodorow-reich, Andra Ghent, Valentin Haddad\",\"doi\":\"10.2139/ssrn.2810553\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\n We construct a new data set tracking the daily value of life insurers’ assets at the security level. Outside of the 2008–2009 crisis, a ${\\\\$}$ 1 drop in the market value of assets reduces an insurer’s market equity by ${\\\\$}$ 0.10. During the ?nancial crisis, this pass-through rises to ${\\\\$}$ 1. We explain this pattern by viewing insurance companies as asset insulators, institutions with stable, long-term liabilities that can ride out transitory dislocations in market prices. Illustrating the macroeconomic importance of insulation, insurers’ market equity declined by ${\\\\$}$50 billion less than the duration-adjusted value of their securities during the crisis.\",\"PeriodicalId\":314321,\"journal\":{\"name\":\"SPGMI: SNL Financial Data (Topic)\",\"volume\":\"30 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2016-05-28\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"45\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"SPGMI: SNL Financial Data (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2810553\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"SPGMI: SNL Financial Data (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2810553","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
We construct a new data set tracking the daily value of life insurers’ assets at the security level. Outside of the 2008–2009 crisis, a ${\$}$ 1 drop in the market value of assets reduces an insurer’s market equity by ${\$}$ 0.10. During the ?nancial crisis, this pass-through rises to ${\$}$ 1. We explain this pattern by viewing insurance companies as asset insulators, institutions with stable, long-term liabilities that can ride out transitory dislocations in market prices. Illustrating the macroeconomic importance of insulation, insurers’ market equity declined by ${\$}$50 billion less than the duration-adjusted value of their securities during the crisis.
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