This paper studies the effects of financial deepening and public spending on human capital formation, working hours and growth in a model with financial frictions and productivity heterogeneity. The paper first shows that in the range of capital tax rates that attains a balanced growth path,...

Extreme events are one of the main channels through which climate and socio-economic systems interact. It is likely that climate change will modify their probability distributions and their consequences. The long-term growth models used in climate change assessments, however, cannot capture the...

This paper develops an accounting oriented general equilibrium model that represents macro statistical systems by aggregating journal entries of micro accounting. The aim of the model is integrating microeconomics and macroeconomics by the different way from modern macroeconomics. From a reverse...

Intangible-intensive firms in the U.S. hold an enormous amount of liquid assets that are in fact short-term debts issued by financial intermediaries. This paper builds a macro-finance model that captures this structure. A self-perpetuating savings glut emerges in equilibrium. As intangibles...

It is widely believed that seriously excess debt problems form a major cause of the 1997 Asian financial crisis. This paper investigates empirically the role of the debt problems with respect to both the won/$US rate fluctuations and the won collapse in November 1997. The problems are...

We examine the impact of financial liberalization on fixed investment in Mexico using establishment-level data from the manufacturing sector. In addition to analyzing changes in cash-flow sensitivities, an innovative approach explores the role of real estate as collateral and addresses a...

Federal securities regulation in the United States purports to take a distinctly non-paternalistic approach to the securities markets. The securities laws utilize disclosure, rather than heavy-handed substantive rules, to regulate securities transactions. Instead of flatly and paternalistically...

Now that the stock market's streak skyward has hit the five-year mark, more financial industry experts feel justified in slamming Americans for not saving enough money. Are we really making the mistakes these people describe? In fact our big mistake may be paying any attention at all to the...

This paper studies private investment in India against the backdrop of a significant investment decline over the past decade. We analyze the potential causes of weaker investment at the firm level, using both firm-level financial statements and a novel dataset on firms' investment project...

Global concern on financial involvement of country citizens has been increasing over the years. An improved financial sector transforms to economic growth and greater achievement of equality among citizens. On average financial literacy levels of men are far greater than that of women. The study...