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A Comparative Study of Public—Private Catastrophe Insurance Systems: Lessons from Current Practices
As America debates the merits of government-provided health insurance, it is important to note that the U. For decades, it has used taxpayer funds to support the world's largest health care insurance programs Medicare and Medicaid as well as the biggest pension and disability insurance system Social Security. The recent economic crisis has prompted the government to dramatically increase its insurance role by assuming large equity positions in private firms and bailing out troubled mortgages buyers and sellers.
Do these public insurance programs improve social welfare? Or does government intervention risk moral hazard and result in inefficient programs that would be better handled by the private sector? In Public Insurance and Private Markets, leading economists critically examine the government's role in insuring against pension fund shortfalls, crop losses, property damage from floods and other natural catastrophes, bank failure, and terrorism.
Brown and his coauthors argue that government intervention must always be economically justified; that risk adjusted premiums are essential; that the true taxpayer burden for public insurance programs must be recognized; and that private markets are capable of transferring risk without government intervention. Poorly designed government insurance programs result in misallocation of resources, excessive risk-taking, and potentially enormous burdens on current and future taxpayers. Public Insurance and Private Markets offers market-based guidelines for the proper scope of government intervention and the design of public insurance programs-guidelines that will benefit the U.
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Lincoln, United Kingdom Seller Rating:. Create a Want Tell us what you're looking for and once a match is found, we'll inform you by e-mail. Funds that invest in traditional asset classes, such as stocks and bonds, are generally open-ended - that is they have no fixed life, and investors can invest and redeem at given intervals. This is made possible by the liquidity of the underlying investments which allows a fund manager to easily invest new capital, or sell positions to generate cash to fund redemptions.
This is a consequence of the illiquidity of the target investments — i. This is the period in which a fund manager markets its strategy to potential institutional investors. During this phase, which will often last up to 12 months, potential investors undertake detailed due diligence on the manager and will negotiate the key legal terms of the proposed fund with the manager.
Once the fund has held its first close, it is able to start investing the money that has been committed by its investors. The fund manager will have developed a pipeline of potential deals during its fundraising process, and will seek to make these, and other investments, during its investment period. Once the fund manager has made each investment, it will seek to maximise the return for its investors. Whenever the fund sells a business, it will return the proceeds to its investors as a distribution.
For Private Debt funds, which have lent capital to companies, these distributions will be made upon repayment of the underlying loans when they reach maturity. Consequently, as soon as the investment period for one fund ends, the manager will seek to hold the first close on its next fund. This is why the track records of private markets fund managers consist of a series of numbered funds, each following the same strategy but with consecutive investment periods.
Private Markets. Strategy Types There are a broad range of strategy types within Private Markets, each with its own unique risk and return characteristics. Further information on each strategy type can be found at the dedicated pages below. Private Equity Capital Growth Private Equity funds seek to generate capital growth for their investors by buying established busin Private Debt Yield Private Debt funds do what banks used to do before the financial crisis; lending to high quality bus Venture Growth Potential Venture funds seek to identify the most promising emerging businesses, and provide them with the cap