A dynamic analysis of the demand for life insurance during the 2008 financial crisis: evidence from the panel Survey of Consumer Finances

Abstract American families have become less economically secure in recent decades, and this process accelerated during the 2008 financial crisis and its immediate aftermath. This study investigates how the crisis apportioned income precarity among families compared to pre-crisis years. We use the Survey of Consumer Finances and find that working families suffered the preponderance of income losses from the crisis, although the crisis shifted income losses towards more privileged working families. In fact, middle-income working families now have the same level of income precarity as the working poor, and families in the top income quintile continue to have elevated precarity levels. This result indicates that the middle class continues to bear a growing share of economic risk and that all working families are experiencing heightened insecurity in the post-crisis era.

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Was the U.S. life insurance industry in danger of systemic risk by using derivative hedging prior to the 2008 financial crisis?

Quantitative Finance and Economics ◽

10.3934/qfe.2019.1.145 ◽

2019 ◽

Vol 3 (1) ◽

pp. 145-164 ◽

Cited By ~ 1

Author(s):

Etti G. Baranoff ◽

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Patrick Brockett ◽

Thomas W. Sager ◽

Bo Shi ◽

...

Keyword(s):

Financial Crisis ◽

Life Insurance ◽

Systemic Risk ◽

Insurance Industry ◽

2008 Financial Crisis ◽

Life Insurance Industry ◽

The 2008 Financial Crisis ◽

The U.S

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Perceived and Realized Risk Tolerance: Changes During the 2008 Financial Crisis

Journal of Financial Counseling and Planning ◽

10.1891/1052-3073.27.2.265 ◽

2016 ◽

Vol 27 (2) ◽

pp. 265-276 ◽

Cited By ~ 9

Author(s):

Diane K. Schooley ◽

Debra Drecnik Worden

Keyword(s):

Financial Crisis ◽

Perceived Risk ◽

Employment Status ◽

Life Cycle Stage ◽

Risk Tolerance ◽

Portfolio Risk ◽

Survey Of Consumer Finances ◽

Consumer Finances ◽

Tolerance Education ◽

The 2008 Financial Crisis

Using the 2007–2009 Survey of Consumer Finances panel data, this study examined changes in perceived and realized risk tolerance after the financial crisis. Households who perceived less risk tolerance were more likely to have reduced their portfolio risk and vice versa. Furthermore, households whose wealth decreased were more likely to perceive less risk tolerance and vice versa. Regression analysis revealed that change in risk tolerance as measured by the change in financial portfolio risk is related to perceived risk tolerance, education, life cycle stage, and employment status. Single households, or those households whose head is less educated, or self-employed or unemployed, may need financial advice to prevent them from reducing their portfolio risk in reaction to a financial crisis.

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Do Crises Hit Female-Managed and Male-Managed Firms Differently? Evidence from the 2008 Financial Crisis

10.1596/34458 ◽

2020 ◽

Author(s):

Tanima Ahmed ◽

Silvia Muzi ◽

Kohei Ueda

Keyword(s):

Financial Crisis ◽

2008 Financial Crisis ◽

The 2008 Financial Crisis

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Mathematics without Apologies

10.23943/princeton/9780691175836.001.0001 ◽

2017 ◽

Cited By ~ 2

Author(s):

Michael Harris

Keyword(s):

Number Theory ◽

Financial Crisis ◽

Pop Culture ◽

First Century ◽

2008 Financial Crisis ◽

Dinner Party ◽

Mathematical Life ◽

Personal Experiences ◽

The 2008 Financial Crisis ◽

Guided Tour

What do pure mathematicians do, and why do they do it? Looking beyond the conventional answers, this book offers an eclectic panorama of the lives and values and hopes and fears of mathematicians in the twenty-first century, assembling material from a startlingly diverse assortment of scholarly, journalistic, and pop culture sources. Drawing on the author's personal experiences as well as the thoughts and opinions of mathematicians from Archimedes and Omar Khayyám to such contemporary giants as Alexander Grothendieck and Robert Langlands, the book reveals the charisma and romance of mathematics as well as its darker side. In this portrait of mathematics as a community united around a set of common intellectual, ethical, and existential challenges, the book touches on a wide variety of questions, such as: Are mathematicians to blame for the 2008 financial crisis? How can we talk about the ideas we were born too soon to understand? And how should you react if you are asked to explain number theory at a dinner party? The book takes readers on an unapologetic guided tour of the mathematical life, from the philosophy and sociology of mathematics to its reflections in film and popular music, with detours through the mathematical and mystical traditions of Russia, India, medieval Islam, the Bronx, and beyond.

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