The Growing importance of financial spillovers from emerging market economies. The insurance sector : trends and systemic risk implications

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      <subfield code="a">The Growing importance of financial spillovers from emerging market economies. The insurance sector</subfield>
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      <subfield code="a">Trade and financial integration of emerging market economies into the global economy and financial system has increased significantly over the past two decades. As a result, spillovers of emerging market shocks to equity prices and exchange rates in advanced and emerging market economies have risen substantially and now explain over a third of the variation in asset returns in these countries -- The major insurance sector developments over the past decade and assesses changes in the systemic importance of insurers. Insurance firms play an important role as providers of protection against financial and economic risks and as financial intermediaries. The chapter shows  that across advanced economies the contribution of life insurers to systemic risk has increased in recent years, although it clearly remains  below that of banks. This increase is largely due to growing common exposures to aggregate risk, caused partly by a rise in insurers¿ interest rate sensitivity</subfield>
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