Financing recovery after disasters : explaining from property-liability insurance firms

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<title>Financing recovery after disasters</title>
<subTitle>: explaining from property-liability insurance firms</subTitle>
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<name type="personal" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20190008587">
<namePart>Babich, Volodymyr O.</namePart>
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<abstract displayLabel="Summary">Credit provides a means for uninsured households and businesses to manage disaster losses, but access to credit may be tenuous after severe events. Using lender fixed effects models, we examine how natural disasters affect the amount of credit supplied by community lenders in developing and emerging economies. We find that disasters reduce lending. We consider two potential causes of lending reductions: (1) disasters reduce expected returns on loans made after the event or (2) capital constraints (lenders' difficulty replacing equity lost during the event). We develop a dynamic model that informs our empirical identification of these causes and conclude that capital constraints cause observed credit contractions. We also examine the effects of insurance market development and find evidence that insurance preserves the creditworthiness of borrowers. Our results demonstrate pervasive disaster-related credit supply shocks in developing and emerging economies and identify new insurance market opportunities.</abstract>
<note type="statement of responsibility">Benjamin Collier, Volodymyr O. Babich</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080600204">
<topic>Catástrofes naturales</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080586294">
<topic>Mercado de seguros</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080581602">
<topic>Países emergentes</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080624934">
<topic>Seguro de daños patrimoniales</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080582401">
<topic>Riesgo crediticio</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080578879">
<topic>Análisis empírico</topic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
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<text>03/06/2019 Volumen 86 Número 2 - junio 2019 , p. 479-520</text>
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