Once in a Lifetime? The Effects of the Global Financial Crisis on Household Willingness to Take Financial Risk

We investigate the effect of the global financial crisis (GFC) on household willingness to take risk. A model incorporating experienced returns as a determinant of risk tolerance is specified, with time‐varying weights on past stock returns capturing changes during the crisis. Results show that households became more myopic during the GFC, placing greater weight on more recent stock returns when evaluating financial risk attitudes. Households have been more sensitive to financial shocks during the GFC and post‐GFC periods, with the change in sensitivity found to be uniform over the life cycle and other household characteristics, but differing by income

Testing the impact of educational expenditures on economic growth: new evidence from Latin American countries

This paper investigates the impact of educational expenditures on economic growth for 18 Latin American countries over the period 1970-2009 by using cointegration test procedure in the presence of two unknown structural breaks. Considering structural breaks is necessary for our analysis because of that Latin American countries implemented important reforms to expand their educational systems and these reforms may affect the cointegrating relationship. The findings indicate that there is evidence of cointegrating relationship between educational expenditures and economic growth for the considered countries except Chile, Guyana, Jamaica, Nicaragua, Paraguay, Peru and Uruguay. Another finding of the paper is that identified structural breaks refer to the educational reform periods of Latin American countries

Early labour-market experiences of second-generation immigrants in Sweden

This article investigates second generation immigrant's early labour-market performances in Sweden. To study their labour-market success we estimate dynamic transition rate models-Cox type proportional hazards, in a competing risk framework using register based panel-data set. Our results reveal that parental resources affect not only second-generation immigrants' continuing education but also their later labour-market success. The study verifies that finding a job is difficult for second-generation immigrants and the significant unobserved-heterogeneity parameter estimate may indicate discrimination. As a whole, second-generation immigrants have worse labour-market performances compared to their native-born counterparts.

Differential fertility and intergenerational mobility under private versus public education

10.1007/s00148-012-0445-5Journal of Population Economics263907-94