financial work experience is due to an increase in the proportion of financial assets and the easing of financing constraints …

Using confidential microdata, we show that shocks to primary dealers' risk-bearing constraints have significant effects … on the US Treasury securities market. In response to tighter constraints, dealers reduce their Treasury positions … that contribute more to the utilization of risk constraints. The impaired intermediation also affects Treasury yields …

for lower-performing younger siblings. This suggests that FSE alleviated financial constraints, allowing families to …