This paper concerns the earnings mobility of individuals in the Canadian labour market. It is inspired by the growing economics literature on the growing inequality of the earnings distributions in North America. The majority of the studies that deal with Canada, such as the well-known work by...

This paper derives risk indicators for the major Chilean banks based on contingent claims analysis, an extension of Black-Scholes-Merton option-pricing theory. These risk indicators are clearly tied to macroeconomic and financial developments in Chile and outside, but bank responses are highly...

This paper proposes a new framework for the analysis of public sector debt sustainability. The framework uses concepts and methods from modern practice of contingent claims to develop a quantitative risk-based model of sovereign credit risk. The motivation in developing this framework is to...

This paper examines the level and structure of fiscal revenues from the Baltics, Russia, and other former Soviet Union countries’ (BRO) energy sector and suggests reforms in energy tax policy. Revenues from the oil and gas sectors are about half the level that might be expected from...

This paper presents a cross-sectional analysis of earnings patterns for 1982-92. resullts generally agree with others' findings based on a survey of Consumer Fianance data, and indicate a general increase in earnings inequality over the time due to cyclical effects as well as to more structural...