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Capturing the Evolution of Dealer Credit Terms Related to Securities Financing and OTC Derivatives
This is a print on demand edition of a hard to find publication. In the period prior to the financial crisis, leverage in the financial system increased substantially. This buildup was likely facilitated by, among other factors, a loosening of credit terms related to OTC derivatives and securities financing transactions. However, little or no systematic data on these trends were available at the time. The new Senior Credit Officer Opinion Survey on Dealer Financing Terms, which was conducted for the first time in June 2010, partially fills this gap. The new survey provides qualitative information about changes in credit terms and conditions across the entire range of these transactions, and the evolution of market conditions and conventions applicable to such activities.
Insurance Or Self-insurance?
We explore the feasibility of catastrophic health insurance established in conjunction with individual health accounts (IHAs). Under this plan, the employer establishes both a high-deductible health insurance plan and an IHA. Employee health care costs below the deductible are then paid out of the IHA; costs above the deductible are paid by the insurance plan. Assets remaining in the account when the employee retires are available for other purposes. Although attractive because it helps to solve the moral hazard problem associated with conventional insurance plans, the scheme may be considered infeasible if medical expenditures over a working life are so persistent that certain individuals a...
Understanding Data
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Capital Gains Tax Realizations and Tax Rates
Using data from the 1986 through 1997 period, we update the time series evidence on the response of capital gains realizations to tax rates. In general, we find higher long-run elasticities than reported in many previous studies, but the estimates decrease substantially when the influence of 1986 is effectively removed. We explore several explanations for a diminished behavioral response in the period following fundamental tax reform, finding some suggestive evidence that the response may be dulled in part by a succession of rate changes in a relatively short period and the increasing role of mutual funds in households' portfolios.
Frontiers in the Economics of Aging
As America's population ages, economic research related to the elderly becomes increasingly important to public policy. Frontiers in the Economics in Aging directs attention to four topics: the role of retirement accounts, such as IRAs and 401(k)s in personal saving; the economics of health care; new advances in research methodology; and aging in relation to inequality. Some of the issues analyzed within these topics are the implications of rising personal retirement saving in recent years, how health and health insurance affect labor supply, and the effects of pensions on the distribution of wealth. David Wise's lucid introduction provides an overview of each paper. In addition to this book's appeal for specialists and microeconomists, it offers immediately practical ideas and methods for shaping public policy. In fact, one of the papers in this volume, "The Taxation of Pensions: A Shelter Can Become a Trap," helped to spur new legislation that reformed laws on pension distribution.
