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Population aging is placing enormous pressures on the pension benefits governments are able to provide. The former transition economies of the countries of Central, Eastern, and Southern Europe (CESE) face unique challenges. The growth of their aging populations outpaces other European countries, while the growth of their financial markets (essential to fund pension provisions) lags behind. With support and direction from the ERSTE Foundation, an Austrian group focused on Central European policy issues, a World Bank team investigated the challenges faced by these countries against the background of international experience from the OECD countries and Latin America. 'Aging Population, Pension Funds, and Financial Markets: Regional Perspectives and Global Challenges for Central, Eastern, and Southern Europe' examines how well the financial systems in the CESE economies were prepared for the challenges of multipillar pension reform, how ready they are for the approaching payout of benefits to the first participants, whether returns from pension funds can be sustained in an aging population, and how determined policy actions might be implemented to complete financial market development.

This paper sheds light on the attractiveness of U.S. assets by studying dollar risk premiums, calculated using Consensus exchange rate forecasts, and linking them to bilateral capital flows. The paper finds that the presence of negative dollar risk premiums (i.e. expectations of a dollar depreciation net of interest rate effects) amid record capital inflows could suggest that investors may favor U.S. assets for structural reasons. One possible explanation could be that the Asian crisis created a large pool of savings searching for relatively riskless investment opportunities, which were provided by deep, liquid, and innovative U.S. financial markets with robust investor protection. Moreover, the continued attractiveness of U.S. financial markets to European investors suggests that they offer a large array of assets, with different risk/return characteristics, that facilitate the structuring of diversified investment portfolios. Looking forward, this suggests that the allocative efficiency of U.S. financial markets could mitigate risks of a disorderly unwinding of global current account imbalances.

Cracking and coalescence behavior in a rectangular rock-like specimen containing two parallel (stepped and coplanar) pre-existing open flaws under uniaxial compression load has been numerically studied by a parallel bonded-particle model, which is a type of bonded-particle model. Crack initiation and propagation from two flaws replicate most of the phenomena observed in prior physical experiments, such as the type (tensile/shear) and the initiation stress of the first crack, as well as the coalescence pattern. Eight crack coalescence categories representing different crack types and trajectories are identified. New coalescence categories namely “New 1” and “New 2”, which are first observed in the present simulation, are incorporated into categories 3 and 4, and category 5 previously proposed by the MIT Rock Mechanics Research Group, respectively. The flaw inclination angle (β), the ligament length ( L ) (spacing between two flaws) and the bridging angle (α) (inclination of a line linking up the inner flaw tips, between two flaws) have different effects on the coalescence patterns, coalescence stresses (before, at or post the peak stress) as well as peak strength of specimens. Some insights on the coalescence processes, such as the initiation of cracks in the intact part of specimens at a distance away from the flaw tips, and coalescence due to the development and linkage of a number of steeply inclined to vertical macro-tensile cracks are revealed by the present numerical study.

By analysing the development and operation of local government bonds (LGBs), a new tool fashioned by the Chinese government to finance infrastructure projects, this article improves the understanding of the political economy of China's local debt. We find that the central government uses LGBs to intervene in local debt and pursue policy objectives, and designs a quota system to decide the bond issuing amount and the project selection. When calculating quotas, the central government prioritizes limiting financial risk and achieving national development goals. Local debt should match the fiscal capacity of local governments, and the projects should contribute to the sectors emphasized by the central government as important for national development, reflecting the centralization of central–local relations. However, LGBs hardly fix the problem of local debt, and the pressure to maintain economic growth by expanding infrastructure investment has pushed local debt to an alarming level.

Purpose: There is a pressing need to increase investments in sustainable infrastructure to promote low carbon economic growth and ensure environmental sustainability. Consequently, this study examines the socio-political factors underlying the adoption of green bond financing of infrastructure projects. Design/methodology/approach: Primary data was gathered from experts with advanced experience in, or knowledge of green bonds in the Kumasi Metropolis. To identify respondents with pertinent knowledge that is relevant to the study, purposive and snowball sampling techniques were used. One-sample t-test and relative importance index were used in this study's statistical analysis. Findings: \"Training and experience with sustainable finance\" was seen as the most important social factor underlying the adoption of green bond financing of infrastructure projects by the respondents and 'Governmental tax-based incentives' was rated as the leading political factor. Originality/value: This pioneering research attempts to ascertain the socio-political factors affecting the adoption of green bond financing of infrastructure projects. Emergent results of analysis and concomitant discussions add knowledge to fill a void in literature on the social and political factors affecting the adoption of green bond financing of infrastructure projects in developing countries.

Background Pet ownership, which has increased over the last decade, can offer owners health benefits. However, relatively few studies have examined the psycho-social benefits of pet ownership, particularly across diverse contexts and types of pets. Existing research is largely Western-focused, and has paid limited attention to the potential interrelationships between pet ownership, pet types, and gender. This study planned to examine associations between various categories of pet ownership and multiple psycho-social benefits in a sample of adults from Japan. Method A cross-sectional design was applied to investigate and analyze pet species and psycho-social health outcomes. Data were collected via an online survey conducted in 21 major Japanese cities during October to November 2020. Four pet ownership categories were analyzed: “non-pet”, “dog”, “other pet”, and “dog and other pet”. Gender-stratified multivariable linear regression models were applied to explore the associations between psycho-social health outcomes and pet ownership categories for both men and women. Results A total of 8,821 participants were included in analysis. The results showed owning both dogs and other pets was associated with higher neighborhood place attachment and social capital for both men and women. For men, owning other pets (excluding dogs) was positively associated with higher neighborhood place attachment and social capital. Dog ownership was also positively associated with social capital, but not neighborhood place attachment, regardless of gender. Conclusions The findings highlight the psycho-social benefits of both single-dog and multi-pet ownership, suggesting their potential for fostering health and social well-being. More research is needed to examine the contributions of specific multi-pet and single-dog ownership and the pathways by which pet ownership contribute to health and well-being.

Despite extensive public infrastructure spending, surprisingly little is known about its economic return. In this paper, we estimate the value of school facility investments using housing markets: standard models of local public goods imply that school districts should spend up to the point where marginal increases would have zero effect on local housing prices. Our research design isolates exogenous variation in investments by comparing school districts where referenda on bond issues targeted to fund capital expenditures passed and failed by narrow margins. We extend this traditional regression discontinuity approach to identify the dynamic treatment effects of bond authorization on local housing prices, student achievement, and district composition. Our results indicate that California school districts underinvest in school facilities: passing a referendum causes immediate, sizable increases in home prices, implying a willingness to pay on the part of marginal homebuyers of $1.50 or more for each $1 of capital spending. These effects do not appear to be driven by changes in the income or racial composition of homeowners, and the impact on test scores appears to explain only a small portion of the total housing price effect.

Widespread municipal defaults in the late 19th century prompted U.S. states to pass laws restricting the amount of debt cities could incur. These restrictions generally did not bind until the 1920s, when suburban growth spurred local governments to invest in infrastructure, most of which was financed by bonds. We study the relationship between several major debt restrictions – debt limits, supermajority voting referenda, and debt exceptions – and municipal indebtedness in the Roaring Twenties. We find that cities that faced more restrictive debt rules were less indebted by 1929. We also find that debt limits reduced the amount of capital spending in cities during the 1920s and 1930s, while stricter voting rules reduced the likelihood of municipal default in the 1930s. These rules thus determined not only the degree of debt accumulation in early 20th century cities, but also their infrastructure investment and financial health.