This paper develops and tests a model of Japan’s household savings rate, based on the life-cycle hypothesis that the … primary motive for savings is provision for retirement. The paper shows that Japan’s high household savings rate in recent … improvements in public pension benefits and the aging of the population. It projects that the savings rate will decline …

time-varying risk. Some work by Abel provided us with the insights needed to produce such formulas. This paper gives a …

The paper considers gains from international economic policy coordination when there is uncertainty concerning the …

This paper develops a public education scheme that takes uncertainty aspects of private educational investments … returns of investments in education. The consideration of uncertainty provides a neglected link between educational choice …

surplus as a proportion of GDP and the ratio of government consumption to GDP—are important determinants of private savings …This paper examines the extent to which conclusions of cross-country studies of private savings are robust to allowing … for the possible heterogeneity of savings behavior across countries and the inclusion of dynamics. It shows that …

sector’s loan portfolio to eliminate risk, full government guarantee of private sector loans (or deposits) is suboptimal. The …

assess the interest rate risk carried by a sample of Indian banks in March 2002. We find evidence of substantial exposure to …