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 …

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

, 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. …

‘Safe harbour’ is shorthand for a bundle of privileges in insolvency which are typically afforded to financial … protection against the fallout of the counterparty’s insolvency contributes to systemic stability, as the feared ‘domino effect …

poverty compels work whereas a positive wage elasticity would favour the alternative view that children work because the … boys, consistent with the view that boys work on account of the compulsions of poverty. This is less clear in the case of … requires alleviation of the poverty of their households. Trade sanctions or bans on child labour may have deleterious …

well-known inequality indices. The same cannot be said, in respect of poverty indices, for the second-order stochastic … dominance criterion for poverty analysis introduced by Atkinson (1987). Indeed, two of the best known poverty indices, the head … provides a more comprehensive coverage of poverty indice. By establishing the relationship between welfare and poverty …