Complementarity between multilateral and bilateral aid is essential to ensuring Official Development Assistance (ODA) has impact and is effective. This paper examines whether multilateral outflows and the “multi bi” (or earmarked) aid of Development Assistance Committee (DAC) members are...

In fifteen European countries, China, and the US, stocks and business equity as a share of total household assets are represented by an increasing and convex function of income/wealth. A parsimonious model fitted to the data shows why background labor-income risk can explain much of this...

We analytically show that a common across rich/poor individuals Stone-Geary utility function with subsistence consumption in the context of a simple two-asset portfolio-choice model is capable of qualitatively and quantitatively explaining: (i) the higher saving rates of the rich, (ii) the...