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This paper argues that limited asset market participation is crucial in explaining U.S....

This paper uses a Merton-type estimate of the probability of default (PoD) for the main banks in...

The Economics of Demographics provides a detailed look at how the biggest demographic upheaval in...

Knightian uncertainty (ambiguity) implies presence of uninsurable risks. Institutional quality...

Noteworthy among the six papers appearing in this latest issue of the IMF's peer-reviewed journal...

Using the IMF's Global Economic Model, calibrated to the European Union, the effects of reform in...