Age structural transition is a process and a consequence of shiftingage structure from a young aged population to old aged population. It iswell known that economic growth in the East Asian countries wassignificantly contributed by demographic gift, that is decline in youngaged population and...

We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles, that is, expansions in credit that are backed not by...

We develop a stylized model of economic growth with bubbles. In this model, changes in investor sentiment lead to the appearance and collapse of macroeconomic bubbles or pyramid schemes. We show how these bubbles mitigate the effects of financial frictions. During bubbly episodes, unproductive...

Kerala is well-known for its achievements in the sphere of social development that includes a rapid and high level mobilisation and organisation of workers regardless of location and sectoral occupation. However such a process of social development without a commensurate transformation of the...