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We use the information in credit-default swaps to obtain direct measures of the size of the default and nondefault components in corporate spreads. We find that the majority of the corporate spread is due to default risk. This result holds for all rating categories and is robust to the...
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Retirement benefit guarantees can ensure a minimum standard of living in retirement. I propose a framework to discuss the design of such guarantees. The model features a standard life-cycle setting, in which individual agents' choices can have negative external effects on public finances,...
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the portfolio holds common stocks amounts to an asset swap. Such an asset swap does not increase national saving, wealth …. The asset swap is deemed successful if the stock portfolio generates sufficient cash to pay off the interest and principal …
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