| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26337 |
| 来源ID | Working Paper 26337 |
| Retirement in the Shadow (Banking) | |
| Guillermo Ordoñez; Facundo Piguillem | |
| 发表日期 | 2019-10-07 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The U.S. economy has recently experienced two, seemingly unrelated, phenomena: a large increase in post-retirement life expectancy and a major expansion in securitization and shadow banking activities. We argue they are intimately related. Agents rely on financial intermediaries to save for post-retirement consumption. When expecting to live longer, they rely more heavily on intermediaries that use securitization, with riskier but higher returns. A quantitative evaluation of the model shows the potential of the demographic transition to account for a boom in credit and output, but only when it triggers a more extensive use of securitization and shadow banking. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Labor Economics ; Demography and Aging |
| URL | https://www.nber.org/papers/w26337 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584008 |
| 推荐引用方式 GB/T 7714 | Guillermo Ordoñez,Facundo Piguillem. Retirement in the Shadow (Banking). 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26337.pdf（1418KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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