This paper describes the political economy of shadow banking and how it relates to the dramatic institutional changes experienced by global capitalism over past 100 years. We suggest that the dynamics of shadow banking rest on the distributive tension between workers and firms. Politics wedge...

This paper examines, using the Generational Accounting method, the long run viability and the intergenerational income redistribution effects of the Spanish public pension system. Given the huge intertemporal debt accumulated by the current pension system, which is allocated entirely to...

The paper examines the intergenerational impact of the Spanish public pension system after the 1997 Pension Reform Act. Working within a Generational Accounting framework, we find that maintaining the new legal setting could leave future generations with liabilities as high as 176 percent of...