The UvA-LINKER will give you a range of other options to find the full text of a publication (including a direct link to the full-text if it is located on another database on the internet).
De UvA-LINKER biedt mogelijkheden om een publicatie elders te vinden (inclusief een directe link naar de publicatie online als deze beschikbaar is in een database op het internet).

Search results

Record: oai:ARNO:419215

AuthorM.R.C. Bersem
TitleOther people’s money: essays on capital market frictions
PromotorE.C. Perotti
Co-promotorE.-L. von Thadden
Date08-06-2012
Year2012
Pagesvi, 131
ISBN9789036103077
FacultyFaculty of Economics and Business
Institute/dept.FEB: Amsterdam Business School Research Institute (ABS-RI)
Keywordssovereign debt; collective pension funds; political intervention in capital markets
AbstractThis dissertation investigates capital market frictions across three themes. The first theme is sovereign debt. Recent experience in the EU shows that it can be complex to enforce the repayment promises of states. Furthermore, governments are better informed about their repayment capacity than creditors are. This dissertation argues that enforcement and information problems explain why states issue simple debt contracts that frequently lead to debt crises. Such contracts are optimal because they save on costly audits by creditors.
The second theme concerns collective pension funds. It is often argued that pension funds can enhance the welfare of their participants. This dissertation highlights one rationale for pension funds based on credit constraints. Pension funds’ actual ability to increase welfare may be limited due to an agency problem.
The third theme concerns political intervention in capital markets. Financial liberalization and expanded access to capital are historically seen as signs of greater freedom. Yet many democratic states choose to restrain the resource allocation called for by free capital markets. This dissertation argues that democracies may choose to introduce restraints on free capital markets—thereby favouring income stability over economic growth—depending on demographical context, the distribution of wealth
LanguageEnglish
NoteTinbergen Institute research series no. 531
Document typeDissertation
Download
Document finderUvA-Linker