Presidential Address: Pension Policy and the Financial System
研究了全球养老金政策如何影响金融体系结构，提出促进养老金储蓄会推动资本市场发展的假说，并建立模型分析储蓄在银行与资本市场间的配置，最后用数据验证理论。
ABSTRACT In this paper, I examine the effect of pension policy on the structure of financial systems around the world. In particular, I explore the hypothesis that policies that promote pension savings also promote the development of capital markets. I present a model that endogenizes the extent to which savings are intermediated through banks or capital markets, and derive implications for corporate finance, household finance, banking, and the size of the financial sector. I then present a number of facts that are broadly consistent with the theory and examine a variety of alternative explanations of my findings.