Risk management regulation and corporate demand for reinsurance in the Spanish Autarky (1940-1952)

This paper examines the changes to reinsurance regulation implemented during Spanish autarky analyze how restriction of imports financial services affects performance insurance and risk management industry. We build a novel dataset on domestic insurers reinsurers identify effects barriers purchasing foreign corporate strategies ultimately, determinants demand. find that, in spite chronic dependence exchange networks, faced this period isolation by means an intensive use captive reinsurance. strategy helped alleviate distress resulted substitution companies, as far restrictive was force.