We survey contributions to the analysis of household liabilities, highlighting relevant theoretical aspects and outlining how data sources may support empirical testing and measurement efforts. Specifically, we classify aspects of household debt, discussing the theoretical and policy relevance...

We construct, on the basis of an original methodology and database, composite indices to measure domestic financial development in 26 emerging economies, using mature economies as a benchmark. Twenty-two variables are used and grouped according to three broad dimensions: (i) institutions and...

We show that countries that take on more international risk are rewarded with higher expected consumption growth. International risk is defined as the beta of a country's consumption growth with world consumption growth. High-beta countries hold more foreign assets, as predicted by the theory....

We show that countries that take on more international risk are rewarded with higher expected consumption growth. International risk is defined as the beta of a country’s consumption growth with world consumption growth. High-beta countries hold more foreign assets, as predicted by the theory....

In the present paper it will be shown that in country level economic growth has a positive impact on stock prices in the long run. This study refers annually to the Western Europe, Japan and the United States during the period 1999-2007. Therefore, any factor favoring economic growth should be...

We show that countries that take on more international risk are rewarded with higher expected consumption growth. International risk is defined as the beta of a country's consumption growth with world consumption growth. High-beta countries hold more foreign assets, as predicted by the theory....

Retail banking customers seeking financial advice naturally aim to build portfolios that will support their lifetime planning goals. However, discrepancies may arise between the quality of financial advice and advisor commissions. We use savings and loan contracts (SLCs), a financial product...

We analyze the long-run optimal combination of wealth and labor tax rates in a model where wealth-to-income ratios and wealth inequality are rising endogenously. We consider rich (lenders) and poor (borrowers) households, financial and housing wealth, and find that a ''realistic'' optimal steady...

We construct, on the basis of an original methodology and database, composite indices to measure domestic financial development in 26 emerging economies, using mature economies as a benchmark. Twenty-two variables are used and grouped according to three broad dimensions: (i) institutions and...

Adjustable rate mortgages (ARMs) made a dramatic entry into the U.S. mortgage market subsequent to the passage of the GARN - St. Germain Depository Institutions Reform Act of 1982. By the mid 1990's over 20 percent of first mortgages were adjustable and were used across a wide range of urban...