Standard theories of investment behaviour have concentrated on the neoclassical andTobin?s Q approaches, with most empirical work on aggregate data focusing on the former. In contrast,a separate literature on monetary transmission, centred on the credit channel and financial acceleratoreffects,...

This paper explores the relationship between demographics and aggregate financial asset prices in 7OECD countries over the past 50 years. Unlike most extant work it adopts an international as well asUS focus, and also includes non-demographic variables usually considered to influence asset...

We seek to assess the effect of changes in commercial property prices on bank behaviourand performance in a range of industrialised economies, extending the existing micro literature onbank performance. The results suggest that, consistent with macro-level studies, commercial propertyprices have...

The ageing of the world population is an ineluctable process with major economicimplications. Whereas there is extensive research on macroeconomic effects and on financial assetprices there has been more limited systematic research into the impact of demographic changes onfinancial asset volumes...

Using data from the US, UK, Japan and Canada, this paper provides evidence on thebenefits to an economy from ?multiple intermediation buffers?. The overall conclusion is that theexistence of active securities markets alongside banks is indeed beneficial to the stability of corporatefinancing,...