The sharp rise in household finance, both in debt and in assets, is one of the striking empirical facts about the US … years has affected household finances through the channel of debt, leverage, or asset formation. Our findings suggest that …

as inside equity and debt. We call our framework the two-stage model of firm growth. A key finding is that outside equity … promotes ex post efficiently (second stage growth) at the expense of ex ante efficiently (first stage growth) which debt work … the opposite way. This is because equity promotes replacement of the entrepreneur, while debt promotes entrenchment. So …

wealth households but high relative measures of wealth inequality. Italian households hold very little debt and are much more … to hold much more housing debt well into retirement. Increases in owner occupation and house prices 2000-05 in the UK has … composition, educational attainment and income as well as wealth and debt portfolios. Educational loans are increasing in their …

We study a dynamic general equilibrium model in which firms choose their investment level and their capital structure …, trading off the tax advantages of debt against the risk of costly default. The costs of bankruptcy are endogenously determined … constrained inefficient. In particular there is too little debt and too little default. …

, firms’ investment is too low and, although the capital structure is chosen optimally, in equilibrium too little debt is used … advantages of debt against the risk of costly default. The costs of default are endogenous: bankrupt firms are forced to …

determined by the maximum potential profitability of the home industry. It is argued that interpretations based on ?profit …