The Nation's Financial Outlook.

The financial outlook for the Social Security Disability Insurance program.

Financial Institutions and the Wealth of Nations: Tales of Development

Interactions between economic development and financial development are studied by looking at the roles of financial institutions in selecting R&D projects (including for both imitation and innovation). Financial development is regarded as the evolution of the financing regimes. The effectiveness of R&D selection mechanisms depends on the institutions and the development stages of an economy. A...

Financial Market Globalization and Endogenous Inequality of Nations

This paper analyzes the effects of financial market globalization on the crosscountry pattern of development in the world economy. To this end, it develops a dynamic macroeconomic model of imperfect credit markets, in which the domestic investment becomes borrowing-constrained at the lower stage of development. In the absence of the international financial market, the world economy converges to...

Financial Market Globalization, Symmetry-breaking and Endogenous Inequality of Nations

This paper investigates the effects of financial market globalization on the inequality of nations. The world economy consists of inherently identical countries, which could differ only in their levels of capital stock. Each country is represented by the standard overlapping generations model, modified only to incorporate credit market imperfection. An integration of financial markets affects t...

Endogenous Inequality of Nations Through Financial Asset Market Integration

The paper analyzes an endogenous mechanism leading perfectly symmetric economies to diverge in the long run after unifying their financial asset markets. The standard OLG growth model is extended to include uncertainty and a financial asset used to transfer ownership of the proceeds of an exogenous random production process between generations. Consumers are risk averse, implying that consumers...