hedge funds, banks, brokers, and insurance companies based on principal components analysis and Granger-causality tests. We … the finance and insurance industries. These measures can also identify and quantify financial crisis periods, and seem to …, banks, insurance companies, and brokers …

privately observable, idiosyncratic random events. The information structure precludes conventional insurance arrangements …. However, a financial institution -- perhaps best viewed as a savings bank -- can provide partial insurance by generating a …, resulting in a level of expected utility higher than that achievable in simple security markets. Insurance is incomplete because …

Using a model with constant relative risk-aversion preferences, endogenous labor supply and partial insurance against … cost associated with missing insurance markets. On the other hand, greater wage dispersion presents opportunities to raise …

: (1) the real interest rate in Japan may remain below that in the United States, despite international arbitrage, (2) the … main relevant effect of the internationalization in Japan may have been to accelerate the process whereby corporate finance …

formal quantitative analysis. We begin with studies of the Dutch Republic, England, the U.S., France, Germany and Japan that …

Japan; adjustment of employment is significantly greater in the United States, while that of average hours is about the same … in the two countries. Although workers in Japan enjoy greater employment stability than do U.S. workers, we find … is borne by production workers. In Japan, female workers, in particular, bear a disproportionate share of adjustment …

benchmark, we estimate that removal of these barriers would increase the productive labor supply in Japan by some 13 to 18 …