Zugl.: Duisburg, Essen, Univ., Diss., 2008

Essen, Universiẗat, Diss., 2008--Duisburg.

Zugl.: Heidelberg, Univ., Diplomarbeit, 2006

No description available.

No description available.

過去國外的實證研究結果指出，反向房屋抵押貸款確實可為老年屋主帶來顯著的所得提高效果，而本文主要探討台灣地區擁有自用住宅單身老人的生活型態，並藉由對房價的估計值，計算出老年屋主若利用反向房屋抵押貸款商品後預估可獲得的所得水準，以衡量反向房屋抵押貸款能為台灣的退休屋主帶來多少經濟上的挹注。研究結果顯示，反向房屋抵押貸款對獨居的老年屋主之所得替代率，平均提升效果約為40%至140%，確實能有效改善擁有自用住宅的老年人在退休期間的財務狀況。進一步比較不同世代，結果發現對40年代出生的退休屋主而言，藉由反向房屋抵押貸款來提升退休後的所得，其效果較其他世代的屋主更為顯著。 / The results of past empirical research indicate that the reverse mortgage can indeed bring a significant increase in income for elderly homeowners. This study mainly explored the lifestyle of the single elderly in Taiwan who had the house for own use, and used the estimates of house prices to calculate the estimated income level that the elderly homeowners would be at when they had purchased reverse mortgage products to measure how much economic benefit that the reverse mortgage could bring for the retired homeowners in Taiwan. The research results showed that the reverse mortgage had increased the income-replacement ratio by 40-140% averagely for the elderly homeowners living alone, effectively improving the financial situation of the elderly that had the house for own use during their retirement years. Further, the different generations were also compared, and the results found that using the reverse mortgage to increase the income at retirement showed a better effectiveness on those retired homeowners born in the 1940s than the homeowners of other generations.

Contingent Claim Pricing with Applications to Financial Risk Management By Hua Chen 2008 Committee Chair: Samuel H. Cox and Shaun Wang Major Academic Unit: Department of Risk Management and Insurance This is a multi-essay dissertation designed to explore the contingent claim pricing theory with non-tradable underlying assets, with emphasis on its applications to insurance and risk management. In the first essay, I apply the real option pricing theory and dynamic programming methods to address problems in the area of operational risk management. Particularly, I develop a two-stage model to help firms determine optimal switching triggers in the event of an influenza epidemic. In the second essay, I examine mortality securitization in an incomplete market framework. I build a jump-diffusion process into the original Lee-Carter model and explore alternative model with transitory versus permanent jump effects. I discuss pricing difficulties of the Swiss Re mortality bond (2003) and use the Wang transform to account for correlations of the mortality index over time. In the third essay, I study the valuation of the non-recourse provision in reverse mortgages. I model the various risks embedded in the HECM program and apply the conditional Esscher transform to price the non-recourse provision. I further examine the premium structure of HECM loans and investigate whether insurance premiums are adequate to cover expected claims.

Diss. Universität Duisburg-Essen, 2008. / Business and Economics (German Language) (Springer-11775) (GWV).

Diss. Universität Duisburg-Essen, 2008. / Business and Economics (German Language) (Springer-11775) (GWV).

臺灣以房養老先後推出「公益型」與「商業型」兩種模式，雖然相較其他國家發展的時間尚短，但已累積相關之執行經驗。為探究兩模式的主要差異、過去的執行經驗、推動困境、制度爭議，及老年者真實的申貸考量與困難，本研究採用質性研究取向，以半結構式訪談蒐集資料，訪談的對象包括臺北市公益型以房養老實驗方案的承辦人員，及銀行以房養老業務之行員，並分析相關之文件資料。 歸結上述服務提供方的經驗與觀察，「公益型」以房養老主要面臨預算限制、福利資格門檻過高、缺乏統一的專責單位、缺乏法源依據之困境；而「商業型」方面，子女不同意申辦、找不到通知義務人、非單獨持有房屋、民眾對貸款金額不滿意與民眾尚不了解以房養老為其主要的困境。此外，抵押權年限的規範、申貸者往生後其配偶的居住問題、通知義務人之設定三者為制度上的爭議點。老年者之申貸動機方面，除了基本生活開支的需求外，不願尋求子女提供生活費用、籌錢聘請看護或入住安養中心、提升生活品質、避稅的遺產規劃等皆為可能之動機。由此，本研究建議應修改法令使以房養老不受抵押權年限限制，在未修法之前，銀行應於契約中確保未來延長貸款之保障，此外，可適度放寬通知義務人之規定、考量申貸者死亡後配偶之居住問題，以及讓「商業型」以房養老連結更多社福資源，以期待能發展出更臻完善的以房養老制度。 / Taiwan has launched two models of reverse mortgage (RM), i.e. “welfare” and “commercial” models. Although the period of RM development in Taiwan is relatively shorter than in other countries, there has been some experience in implementation. In order to explore the main differences between the two models, experience and difficulties in implementation, disputes in institutional design and the consideration and obstacles of the elderly in applying for RM, this study adopts qualitative research methods and uses semi-structured interviews to collect data. The interviewees include staff involved in the experimental RM program in Taipei City and staff of banks that offer RM programs. Moreover, this thesis also collects and analyzes documents related to the implementation of RM. Summing up the experience of the providers of RM programs, the main difficulties of “welfare” model include budget constraints, excessively high threshold in participating in the program, lack of an integrated agency to implement RM and legal sources. With regard to the “commercial” model, the main difficulties are: heirs do not agree to apply for RM, difficult to find obligors of notification, without sole ownership of the house, dissatisfactions of applicants with the amount of loans and lack of understandings of RM. In addition, controversial issues of RM include the regulation on the longest period of mortage, the residence issue of spouse after the death of RM applicants and the setting of obligors of notification. Regarding the motives of the elderly to apply for RM, apart from the demands for basic living expenses, other motives include reluctance to receive living expenses from childen, raising money to hire caregivers or stay in a nursing home, promotion of life quality and tax avoidance. Therefore, this study suggests that the regulations on the longest period of RM should be extended and banks should ensure the extention of RM before the amendment of regulations. In addition, the rules on obligor of notification may be appropriately relaxed. The bank should consider the housing problem of applicants’ spouse after the death of RM applicants. Finally, the “commercial” model could connect more social welfare resources for the elderly to develop a better RM system.