By Vittorio Conti, Rony Hamaui
Following years of keep watch over and legislation, the earlier ten years have noticeable a huge pattern towards the liberalization of economic markets. This quantity analyzes this technique and considers most likely destiny advancements. It comprises papers at the habit of families and companies, inventory, bond and foreign money markets, and the habit and function of monetary intermediaries, really banks. the subjects tested diversity from the call for for private and company credits and the allocation of savers' wealth, to recommendations in securities and prone traded in monetary markets, and their law.
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However, we would like to stress the drawbacks of the previous approach. First of all, the list of non-marketable assets is far from being exhaustive. It is not difficult to imagine that human wealth could play a crucial role in this respect. In addition the age composition of population (which is supposed to proxy social-security wealth) could actually capture neglected individual heterogeneity and point to aggregation bias. Finally, it is important to recall that, in some cases, very different financial instruments and intermediaries hide behind an homogeneous terminology.
1982) 'On the Exclusion of Assets from Tests of the Two Parameter Model: A Sensitivity Analysis', Journal of Financial Economics, 10: 237-68. 2 Credit, money and consumption: time-series evidence for Italy ORAZIO P. ATTANASIO and GUGLIELMO WEBER 1 Introduction The main goal of this chapter is to study the implications of intertemporal maximising behaviour for consumption and interest rates in a world where credit markets are imperfect, and to provide some evidence from Italian macroeconomic time series.
T;j= i, . I) where r is the age of retirement and Tis maximum length of life. Similarly, for individuals currently belonging to the work force in the /th age cohort (wr7), the computation of social-security wealth (denoted by y) implies that expected pension benefits for all workers should be summed up from retirement age up the expected time of death. That is, yt = ^w^iby^jd/ii + ry-' (i = 0, . , vj = r, . 2) where 6 is initial working age. 16 Net rates of return A further set of problems refers to the definition and measurement of rates of return.