The Cross‐Section of Asia‐Pacific Mortality Dynamics: Implications for Longevity Risk Sharing
研究了亚太地区新兴和发达经济体的死亡率变化，发现各国间存在长寿风险的对冲机会，并引入k远期合约作为风险分担工具，以韩国和日本为例。
Abstract We study the dynamics of longevity risk across a subset of countries in the Asia‐Pacific (APAC) region. We use hand‐collected and existing data on age‐specific mortality rates from emerging and developed economies to understand how secular changes in mortality vary within and across APAC countries. We use our results to identify cross‐hedging opportunities among longevity risk exposures in the APAC region. We also introduce k ‐forward contracts, which offer natural risk‐sharing opportunities to hedgers in different countries. We consider the example of Korea and Japan as a case study.