We consider a growth model in which intergenerational transfers are made via stocks of private and public capital. Private capital is the outcome of individuals’private savings while decisions regarding public capital are made collectively. We hypothesize that private saving choices evolve through individual selection while public saving decisions are the result of group selection. The main res...

We establish a fundamental relationship between the return on the banking sector’s assets and each banker’s willingness to supply liabilities that facilitate payments and settlement (private money). In particular, we show that the regulation of lending practices is necessary for the optimal provision of private money. In an environment in which bankers cannot commit to their promises, an unregu...

Cumulative abnormal return (CAR) is estimated as long-term shareholder wealth of private placement, and we propose empirical evidence of the effect of private placement on long-term shareholder wealth. Private placement of listed firms has significantly positive effect on long-term shareholder wealth. Cumulative abnormal return are positively related with offer type of private placement at the ...

An endogenous growth model of human capital accumulation with a private alternative to public education is studied. Public education is tax ...nanced and determined endogenously through a voting process. A tension between private consumers, who do not want to contribute to public education, and public consumers who want relatively large contributions is identi...ed. Public education consumers e...

This study examines households’ fertility variations in response to expected permanent shifts in the return to education. Wage premiums measure the return to education because their long-run movements are driven by factors exogenous to the fertility process. The results indicate that high education parents’ fertility responds negatively to changes in the expected return to college and negativel...