The crisis is likely to accelerate pension trends already at work. This further market shock highlighting the riskiness of company pension provision, and of equity investment, will probably accelerate the closure of existing DB schemes and encourage closer matching of assets with liabilities...

I identify new patterns in countries' economic performance over the 2007-2014 period based on proximity through distance, trade, and finance to the US subprime mortgage and Eurozone debt crisis areas. To understand the causes of the cross-country variation, I develop an open economy model with...