We test for the existence of housing bubbles associated with a failure of the transversality condition that requires the present value of payments occurring infinitely far in the future to be zero. Th
Religions have little to say about shareholders but have much to say about creditors. We find that the origin of a country's legal system is more important than its religion and language in explaining
The data and programs replicate tables and figures from "Pandemic responsiveness: Evidence from social distancing and lockdown policy during COVID-19", by Timothy Besley and Sacha Dray. Please see the
In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of banks. These two sectors are commonly viewed either as operating in parallel, perform