. Aging is already placing a burden on government finances, and Japan's ability to confront the negative fiscal implications … of future aging is constrained by its very high debt-to-GDP ratio. We find that Japan faces a severe fiscal crisis if …

Several recent studies have recommended greater reliance on subordinated debt as a tool to discipline bank risk taking …. Some of these proposals recommend using subordinated debt yield spreads as additional triggers for supervisory discipline … suggests that subordinated debt spreads dominate the current capital measures used to trigger PCA and consideration should be …

Several recent studies have recommended greater reliance on subordinated debt as a tool to discipline bank risk taking …. Some of these proposals recommend using sub-debt yield spreads as triggers for supervisory discipline under prompt … analysis of the relative accuracy of various capital ratios and sub-debt spreads in predicting bank condition, measured as …

international debt in which only governments borrow and lend internationally and decentralized arrangements in which individuals …

Recently there have been a number of recommendations to increase the role of subordinated debt (SND) in satisfying bank …

management. One means recommended to accomplish this is to increase the role of subordinated debt in the bank capital requirement … modified and what might be accomplished by the modification. On the one extreme, some discussions of sub-debt seem to imply … that merely requiring banks to issue debt would solve all safety and soundness related concerns. At the other extreme are a …

changing the numeraire from units of consumption to units of the consumption process. In terms of the new units, the wealth …

discrete-time solutions are derived, illustrating the following ideas: (i) The price-dividend ratio (such as the wealth …