to minimize uncertainty during economic crises, profit-seeking entrepreneurship should dominate political action. This is …

Are market and voting institutions capable of producing optimal intergenerational risk-sharing? To study this question … we consider a simple endowment economy with uncertainty and overlapping generations. Endowments are stochastic; thus it … that take place in markets and voting institutions. Unlike most of the literature, we study both ex-ante and interim risk …

Are market and voting institutions capable of producing optimal intergenerational risk-sharing? To study this question …, we consider a simple endowment economy with uncertainty and overlapping generations. Endowments are stochastic; thus it … that take place in markets and voting institutions. Unlike most of that literature, we study both ex-ante and interim risk …

Risk premia are significantly elevated during periods of democratization in a cross-country panel of equity data … democratizations succeed. Finally, using a shift in Catholic church doctrine in support of democracy, majority Catholic autocracies …. These results shed light on how redistribution risk shapes asset prices …