@misc{Chang_Chuen-Ping_Shadow_2022,
 author={Chang, Chuen-Ping and Chen, Shi and Lin, Jyh-Jiuan},
 identifier={DOI: 10.15611/aoe.2022.2.10},
 year={2022},
 rights={Pewne prawa zastrzeżone na rzecz Autorów i Wydawcy},
 publisher={Publishing House of Wroclaw University of Economics and Business},
 description={Argumenta Oeconomica, 2022, Nr 2 (49), s. 199-218},
 language={eng},
 abstract={This paper develops a life insurance liability valuation model that integrates the balance-sheet insurer loans with the shadow banking entrusted loans in a premature default risk environment. It is shown that the life insurance policyholder significantly benefits from the entrusted loan activities in a less likely premature default risk environment. The policyholder protection is increased in accord with a high guaranteed interest rate, particularly when the life insurance company has ample access to entrusted loans. The policyholder protection is also significantly increased by a high participation level when the life insurance company ‘shrinks away’ from accessing entrusted loans. Overall, the authors concluded that shadow banking entrusted loans help policyholder protection.},
 title={Shadow banking and life insurance policyholder protection},
 type={artykuł},
 keywords={entrusted loan, guaranteed rate, participation rate, barrier option},
}