that borrowers and savers differ in their marginal propensities to save out of permanent income. Embedding this insight in … a two-agent overlapping-generations model, we find that recent trends in income inequality and financial liberalization …

Rising income inequality since the 1980s in the United States has generated a substantial increase in saving by the top … of the income distribution, which we call the saving glut of the rich. The saving glut of the rich has been as large as … the global saving glut, and it has not been associated with an increase in investment. Instead, the saving glut of the …

the particular savings hypothesis. However, if savings out of capital income are substantial so that a certain threshold … asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the … impact of factor substitution and income distribution on economic growth. We can show that this impact relies on both an …

capital income risk, we solve for the optimal consumption-saving choices and show that the expected welfare is increasing with … uninsured capital income risk, and suffer from an information-processing capacity constraint. For given attention devoted to … households would pay more attention to capital income risk if they have (i) lower initial wealth endowment, (ii) lower marginal …

? liquidity constraints. We also demonstrate that increasing the rate of inflation can be welfare improving when credit rationing …

bank and a crowdlending platform and show that the entry of crowdlending can induce a switching effect as well as a credit … reduced the small business loans originated by banks, in particular, in the low- or moderate-income tracts as well as in the … distressed middle-income tracts with a high poverty rate. A conservative estimate suggests that the crowdlending entry may have …

low-income countries. Major themes in the literature include the determinants and consequences of joining the formal … sector; the impacts of access to credit and other financial services; the impacts of business training; barriers to hiring …