This paper examines whether financial constraints affect firms’ investment decisions for older (larger) firms. We compare a group of unbanked firms to firms that rely on formal financing. Specifically, we combine data from the Spanish Mercantile Registry and the Bank of Spain Credit Registry...

We model a reinsurance mechanism for the national unemployment insurance programs of euro area member states. The risk-sharing scheme we analyze is designed to smooth country-level unemployment risk and expenditures around each country's median level, so that participation and contributions...

We use maximum likelihood techniques to distinguish across models of international capital flows using a comprehensive dataset on GDP, capital stocks, consumption, investment, employment, and net exports (used to measure capital flows) for 200 countries between 1950 and 2005. Specifically, we...