The finances of the Czech Republic pension system have deteriorated markedly in recent years and the aging population will add further strains in the future. The system is also burdened by significant distortions anf disincentive effects. This paper assesses the current pay-as-you go (PAYG)...

This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by deteriorating funding conditions and investor sentiment....

Recent events have shown that sovereigns, just like banks, can be subject to runs, highlighting the importance of the investor base for their liabilities. This paper proposes a methodology for compiling internationally comparable estimates of investor holdings of sovereign debt. Based on this...