This article seeks to provide a categorisation of events of systemic financial instability that have been experienced in recent decades, seeking to draw out common elements from these seemingly-diverse events. We maintain that despite the apparent diversity of events of financial instability, a...

This paper explores the relationship between demographics and aggregate financial asset prices in 7 OECD countries over the past 50 years. Unlike most extant work it adopts an international as well as US focus, and also includes non-demographic variables usually considered to influence asset...

Equity prices are major sources of shocks to the world economy and channels for propagation of these shocks. We seek to calibrate macroeconomic effects of falls in share prices and assess appropriate policy responses, using the National Institute Global Econometric Model NiGEM. Based on...

Pension fund assets have increased markedly during recent decades, and there are signs that this trend will continue, particularly given demographic changes and the current pattern of pension reform towards funded systems. However, research on the extent to which growth in pension assets...

The increase in equity prices over the 1990s has to a large degree been attributed to permanently higher productivity growth that is derived from the ‘new economy’ and related research and development (R&D) expenditures. This paper establishes a rational expectations model of technology...

Pension fund assets have increased markedly during recent decades, and there are signs that this trend will continue, particularly given demographic changes and the current pattern of pension reform towards funded systems. However, research on the extent to which growth in pension assets...

The UK pension system is traditionally seen as offering a good example to other countries, having features such as a low social security burden of the public sector as well as a high coverage of well-financed voluntary private schemes. But recent developments suggest that the model has shown...

This article seeks to provide a categorisation of events of systemic financial instability that have been experienced in recent decades, seeking to draw out common elements from these seemingly-diverse events. We maintain that despite the apparent diversity of events of financial instability, a...

We seek to assess the effect of changes in commercial property prices on bank behaviour and performance in a range of industrialised economies, extending the existing micro literature on bank performance. The results suggest that, consistent with macro-level studies, commercial property prices...