The authors analyze the relationship between the development and asset allocation of contractual savings and firms'capital structures. The authors develop a simple model of firms'leverage and debt maturity decisions. They illustrate the mechanisms through which contractual savings development...

The authors analyze the relationship between the development of contractual savings institutions and banks'efficiency, credit, and liquidity risks. They discuss the potential mechanisms through which the development of contractual savings institutions may affect the banking sector. They show...

This paper studies whether compliance with the Basel Core Principles for Effective Banking Supervision (BCP) improves bank soundness. BCP compliance assessments provide a unique source of information about the quality of bank supervision and regulation around the world. The authors find a...

The authors assess empirically the impact of contractual savings institutions portfolios (pension funds and life insurance companies) on securities markets, for example, depth and liquidity in the domestic stock market, and depth in the domestic bond market. They discuss how the...

The authors present empirical evidence on the determinants of industry-level multifactor productivity growth. They focus on"traditional factors,"including the process of technological catch up, human capital, and research and development (R&D), as well as institutional factors affecting labor...

This paper estimates how changes in China's exchange rates would affect exports from competitor countries in third-country markets -- in other words, the"spillover effect."The authors use recent theory to develop an identification strategy, with a key role for the competition between China and...