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An overlapping generations model is set up in this paper to analyze social security policy in a representative democracy with asymmetric information. The model considers not only redistribution between generations but also redistribution within generations according to individual labor incomes....
Persistent link: https://www.econbiz.de/10010275705
This paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It first reviews the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks - which have both increased in magnitude...
Persistent link: https://www.econbiz.de/10012921767
Persistent link: https://www.econbiz.de/10003929471
The wave of sovereign defaults in the early 1980s and the string of debt crises in the decades that followed have fostered proposals involving policy interventions in sovereign debt restructurings. A key question about these proposals that has proved hard to handle is how they in influence the...
Persistent link: https://www.econbiz.de/10012139015
This paper examines the impact of capital market integration (CMI) on higher education and economic growth. We take into account that participation in higher education is noncompulsory and depends on individual choice. Integration increases (decreases) the incentives to participate in higher...
Persistent link: https://www.econbiz.de/10010261393
This paper examines the impact of capital market integration (CMI) on higher education and economic growth. We take into account that participation in higher education is non-compulsory and depends on individual choice. Integration increases (decreases) the incentives to participate in higher...
Persistent link: https://www.econbiz.de/10010267663
Persistent link: https://www.econbiz.de/10010270901
This study has investigated to which extent rating events influence sovereign bond yield spreads and overall financial market volatility. While rating agencies are part and parcel of today's financial markets, the study succeeds in tracing some independent effect that ratings exert on financial...
Persistent link: https://www.econbiz.de/10010295359
The turbulences in the international financial markets during the summer and autumn of 1998 put the price formation and liquidity provision mechanism in many markets under severe strain. As part of the large-scale portfolio rebalancing that took place, investors shifted a large part of their...
Persistent link: https://www.econbiz.de/10010295689
This paper analyzes long-run co-movements between international real estate stock markets and between regions based on bivariate and multivariate tests for cointegration. While the topic has been analyzed in previous studies such as Gallo and Zhang (2009) and Yunus (2009) among others, this...
Persistent link: https://www.econbiz.de/10010301690