Bonds - Working Knowledge - Harvard Business School

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Filter Results: (2)

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Page 1 of 2 Results

26 Jun 2018
Working Paper Summaries

The Impact of Pensions and Insurance on Global Yield Curves

by Robin Greenwood and Annette Vissing-Jorgensen

The global financial crisis and its aftermath had a dramatic impact on the solvency of pension funds and insurance companies. Drawing on a large cross-section of countries, this paper shows the importance of pension and insurance companies in determining the yields on long maturity bonds around the world.

15 Sep 2017
Working Paper Summaries

Debt Redemption and Reserve Accumulation

by Laura Alfaro and Fabio Kanczuk

This study examines how reserve accumulation affects governments’ decisions to default. The analysis assumes that countries can accumulate reserves and borrow internationally using their own currency. Results suggest that the optimal level of international reserves is fairly large because their cost is mitigated by valuation-smoothing gains. The model matches some features of Brazil’s economic fluctuations.