Life insurance lags non-life insurance in many nascent markets. In order to develop the life insurance market, insurance companies sometimes present the introduction of tax incentives to stimulate consumers' willingness to commit to long term savings associated with life insurance. This paper...

The authors study the relationship between the development of contractual savings (assets of pension funds, and life insurance companies) and non-life insurance, and, the development of stock markets (market capitalization and value traded). Their contribution lies in providing time-series...

The authors analyze the relationship between the development and asset allocation of contractual savings and firms' capital structures. The authors develop a simple model of firms' leverage and debt maturity decisions. They illustrate the mechanisms through which contractual savings development...