Author
Steven L. Schwarcz
Posts
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ArticleVol. 99 · Iss. 3
Insuring the ‘Uninsurable’: Catastrophe Bonds, Pandemics, and Risk Securitization
ABSTRACT In principle, governments could protect against the potential economic devastation of future pandemics by requiring businesses to insure against pandemic-related risks. In practice,…
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ArticleVol. 87 · Iss. 2
Regulating Complexity in Financial Markets
As the financial crisis has tragically illustrated, the complexities of modern financial markets and investment securities can trigger systemic market failures. Addressing these complexities,…
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ArticleVol. 89 · Iss. 3
Marginalizing Risk
A major focus of finance is reducing risk on investments, a goal commonly achieved by dispersing the risk among numerous investors. Sometimes, however, risk…