Purpose The structural change of the dairy industry has been a long-term process with fewer, larger dairy herds in all regions. The purpose of this paper is to evaluate whether this structural change is leading to less income and wealth equality across dairy farms and how these factors differ...

Abstract In comparison to the standard literature on inequality and growth which assumes the former to be exogenous, we formulate a model in which inequality and growth are both endogenous. Long-run distribution, at least locally, is shown to be independent of the initial distribution of factor...

Abstract In this paper I explore the quantitative implications for savings of population aging. In doing so, I pay particular attention to some features that have been partially over-looked in the literature. These features include the details of the population aging process, the initial...

The paper investigates the relationship between income inequality and future income growth rates of households at different points of the income distribution. The analysis uses micro-census data from U.S. states covering the period from 1960 to 2010, and controls for exposure to imports from...

Abstract Der demografische Wandel in Deutschland lässt sich auch ohne einen weiteren Abbau bei den Renten finanzieren. Eine Kapitaldeckung oder Teil-Privatisierung ist gesamtwirtschaftlich betrachtet kontraproduktiv. Hierdurch werden lediglich die Gewinn- und Vermögenseinkünfte und die...

Poor rural and urban households in developing countries face substantial risks, which they handle with risk-management and risk-coping strategies, including self-insurance through savings and informal insurance mechanisms. Despite these mechanisms, however, vulnerability to poverty linked to...

Purpose The purpose of this paper is to find out whether the election of star analysts leads to the conflict of interests between analysts\institutional investors and individual investors. And then, further investigate how the election results to influence the individual investors’ decision...

Immigrants from countries with more effective institutions are more likely than other immigrants to have a relationship with a bank and to use formal financial markets more extensively. The evidence that a country's institutional environment shapes beliefs—and by extension the use of financial...