CATalytic insurance: the case of natural disasters
研究了发展中国家购买昂贵巨灾保险的原因，发现保险对外部融资有催化作用，尤其对面临金融约束的中低收入国家，能降低违约风险、放宽借贷限制、增强资本市场准入。
Why should developing countries buy expensive catastrophe (CAT) insurance? Abstracting from risk aversion or hedging motives, we find that insurance may have a catalytic role on external finance. Such effect is particularly strong in those low- to middle-income countries that face financial constraints when hit by a shock or in its anticipation. Insurance makes defaults less likely, thereby relaxing the country’s borrowing constraint, and enhancing its access to capital markets. The presence of multilateral lenders that explicitly or implicitly provide inexpensive reconstruction funds in the aftermath of a natural disaster weakens but does not eliminate the demand for catalytic insurance.