This paper empirically studies the role of fiscal constraints for disaster vulnerability and investment decisions in a global sample of firms. We build novel firm-level measures of exposure to fiscal constraints based on the sales distributions of firms across countries. This approach allows us...

We devise a simple model of liquidity demand and supply to deepen the understanding of dealers’ liquidity provision in currency markets. Drawing on a globally representative data set on currency trading volumes, we show that at times when dealers' intermediation capacity is constrained the...

Knowledge on mortality risk unfolds over the life-course and questions whether longevity risk should be hedged by acquiring annuities sequentially alongside an evolving information set. It is shown to be optimal for risk averse households to annuitize all old-age consumption already as young...