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作者：Gonzalez-Eiras, Martin; Niepelt, Dirk
作者单位：Universidad de San Andres Argentina; Study Center Gerzensee; University of Bern; Stockholm University; Centre for Economic Policy Research - UK
摘要：We analyze the effect of the projected demographic transition on the political support for social security, and equilibrium outcomes. Embedding a probabilistic-voting setup of electoral competition in the standard OLG model with capital accumulation, we find that intergenerational transfers arise in the absence of altruism, commitment, or trigger strategies. Closed-form solutions predict population ageing to lead to higher social security tax rates, a rising share of pensions in GDP, but event...
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作者：Focarelli, Dario; Pozzolo, Alberto Franco; Casolaro, Luca
作者单位：University of Molise; Sapienza University Rome; European Central Bank; Bank of Italy
摘要：To verify if a delegated monitor can certify its ability to perform its assigned tasks, we test whether syndicated loans in which a larger share of the facility is retained by the arranger have lower interest rates. For a large sample of syndicated loans in over 80 countries we find that this certification effect exists and is greater for facilities characterized by greater due diligence and monitoring efforts. Further, for listed companies the announcement effect of the new loan on the stock ...
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作者：Van den Heuvel, Skander J.
作者单位：University of Pennsylvania
摘要：Capital requirements are the cornerstone of modern bank regulation, yet little is known about their welfare cost. This paper measures this cost and finds that it is surprisingly large. I present a simple framework, which embeds the role of liquidity creating banks in an otherwise standard general equilibrium growth model. A capital requirement limits the moral hazard on the part of banks that arises due to deposit insurance. However, this capital requirement is also costly because it reduces t...
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作者：Restuccia, Diego; Yang, Dennis Tao; Zhua, Xiaodong
作者单位：University of Toronto; Virginia Polytechnic Institute & State University; Chinese University of Hong Kong
摘要：A decomposition of aggregate labor productivity based on internationally comparable data reveals that a high share of employment and low labor productivity in agriculture are mainly responsible for low aggregate productivity in poor countries. Using a two-sector general-equilibrium model, we show that differences in economy-wide productivity, barriers to modern intermediate inputs in agriculture, and barriers in the labor market generate large cross-country differences in the share of employme...
