kinds of financial crises for four countries (Argentina, Australia, Canada, and the United States) over the long-run …

superior. The intuition is simple: if underlying technologies are not convex, then risk-sharing can lower expected utility. The … likelihood of a bankruptcy cascade, "contagion," and systemic risk …

Developments in the financial sector have led to an expansion in its ability to spread risks. The increase in the risk … bearing capacity of economies, as well as in actual risk taking, has led to a range of financial transactions that hitherto … appetite for risk may expand over the cycle. Not only can these intermediaries accentuate real fluctuations, they can also …

-specific factors. In an empirical analysis of term structures of government bond yields for the Germany, Japan, the U.K. and the U …