This paper investigates the relationship between the size of an unfunded public pension system and economic growth in … argument of parental utility. Unfunded public pensions can promote growth when families face liquidity constraints preventing … there is no case for unfunded public pensions in economies where bequests are operative. By contrast, there exists a growth …

-term growth. We find that financial markets increase substantially the speed with which the observed sectoral allocation of output … faster for sectors that have a higher "natural" long-term risk-adjusted growth and which exhibit higher information frictions …

I analyze output growth, volatility, and skewness as the joint outcomes of financial openness. Using an industry panel … of 53 countries over 45 years, I find that financial openness increases simultaneously mean growth and the negative … skewness of the growth process. The increase in output skewness appears to come from a more negatively skewed distribution of …

economic growth that has accumulated over the past quarter-century. The bulk of the historical evidence suggests that financial … development a¤ects economic growth in a positive, monotonic way, yet recent research endeavors have provided useful and … financial markets benefit society, as well as the channels through which finance can slow down long-term growth. …

explores implications for growth, innovation, inflation, financial markets, fiscal policy, and several socio-economic outcomes …