-free loans through third-party guarantees and relationship lending, but also through modifying loan terms, such as reducing loan … size. Guarantees are the relatively most important substitute, they reduce collateral requirements independently of …

of optimal risk-sharing in mortgage contracts. But since only a small literature has studied this question, more research …’s (1986a) model, using it to characterize optimal contracts in the absence of mortgage termination, and then exploring how …

This paper explores the introduction of collective risk-sharing elements in defined contri-bution pension contracts. We …

return and income risks and also upon the actuarial fairness of annuity contracts. We focus on the case of Japan where aging …

of return and income risks and also upon the actuarial fairness of annuity contracts. …

We develop and estimate a model of dynamic interactions in which commitment is limited and contracts are incomplete to … each other through both formal contracts and informal agreements, that is, self-enforcing agreements specifying voluntary … to self-enforcement bind with positive probability and formal contracts are used to reduce this probability. …

neither of them guarantees utility equalization. …

, implemented at the end of a three-year cycle in which contracts are generally revised, was (a) the joint outcome of negotiations …