2024-03-28T12:19:52Z
https://mpra.ub.uni-muenchen.de/cgi/oai2
oai:mpra.ub.uni-muenchen.de:804
2022-08-24T07:05:21Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/804/
Organisational change and the computerisation of British and Spanish savings banks, 1965-1985
Batiz-Lazo, Bernardo
Maixe-Altes, J. Carles
N20 - General, International, or Comparative
In this article we explore organisational changes associated with the automation of financial intermediaries in Spain and the UK. This international comparison looks at the evolution of the same organisational form in two distinct competitive environments. Changes in regulation and technological developments (particularly applications of information technology) are said to be responsible for enhancing competitiveness of retail finance. Archival research on the evolution of savings banks helps to ascertain how, prior to competitive changes taking place, participants in bank markets had to develop capabilities to compete.
2006-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/804/1/MPRA_paper_804.pdf
Batiz-Lazo, Bernardo and Maixe-Altes, J. Carles (2006): Organisational change and the computerisation of British and Spanish savings banks, 1965-1985.
en
oai:mpra.ub.uni-muenchen.de:3279
2019-09-28T04:54:45Z
7374617475733D756E707562
7375626A656374733D4E:4E34:4E3430
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3279/
Economic Backwardness in Security Perspective
Carney, Richard
N40 - General, International, or Comparative
N20 - General, International, or Comparative
Modern political economies are distinguished from each other by the institutions that mediate actors’ interactions, falling somewhere along a spectrum between pure market and non-market mechanisms. But how did these institutions originally emerge? With regard to the financial sector, I argue that higher levels of national security threats in combination with economic backwardness lead to a financial system more dominated by banking relationships. To evaluate the argument, I conduct a focused comparison of Japan and Germany before WWII since they had similar political and legal institutions and were both ‘backward’, but differed with regard to the security threats they faced. Germany confronted more menacing threats from neighboring great powers as well as greater domestic unrest following unification in 1871, which led the government to direct lending to sectors vital to the nation’s security via banks. Japan, by contrast, did not face the same level of threats to its security, and consequently securities markets were more dominant.
2004-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3279/1/MPRA_paper_3279.pdf
Carney, Richard (2004): Economic Backwardness in Security Perspective.
en
oai:mpra.ub.uni-muenchen.de:5144
2019-10-02T04:38:13Z
7374617475733D756E707562
7375626A656374733D50:5031:503130
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F35:4F3537
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5144/
Chinese Capitalism in the OECD Mirror
Carney, Richard
P10 - General
N20 - General, International, or Comparative
O57 - Comparative Studies of Countries
As China's economy grows and matures, is it developing institutional patterns that resemble those of other wealthy countries? By examining the origins of modern capitalist institutions among wealthy countries, and how interests structured them, I draw implications for China. Specifically, I find that China resembles continental European capitalism far more than Anglo-American capitalism, and that it is likely to remain this way for the foreseeable future.
2007-03-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5144/1/MPRA_paper_5144.pdf
Carney, Richard (2007): Chinese Capitalism in the OECD Mirror.
en
oai:mpra.ub.uni-muenchen.de:5145
2019-09-28T06:07:20Z
7374617475733D756E707562
7375626A656374733D50:5031:503130
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F35:4F3537
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5145/
Deducing Varieties of Capitalism
Carney, Richard
P10 - General
N20 - General, International, or Comparative
O57 - Comparative Studies of Countries
One of the key criticisms made of the Varieties of Capitalism perspective advanced by Hall and Soskice (2001) is that it is functionalist. Here, I offer a deductive model of capitalism that is consistent with their framework. Specifically, I deduce the structure of nations' capitalist institutions based on distributive welfare gains to those actors representing an economy's main factors of production - land, labor, and capital. Based on the coalitions and political battles that may be fought among these actors, I derive seven capitalist ideal-types that fall along the LME-CME spectrum.
2007-09-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5145/1/MPRA_paper_5145.pdf
Carney, Richard (2007): Deducing Varieties of Capitalism.
en
oai:mpra.ub.uni-muenchen.de:5147
2019-09-27T16:12:41Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D50:5031:503136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5147/
Partisanship at the Origins of Modern Capitalist Institutions
Carney, Richard
N20 - General, International, or Comparative
P16 - Political Economy
Analyses that gauge the relationship of partisanship to economic outcomes nearly always focus on the level of partisanship, and changes to it, at a time concurrent to the outcomes. However, partisanship at the time an institution was established may correspond more strongly to modern economic outcomes than contemporary partisanship measures. To test this argument, I develop a measure of partisanship at the time that modern capitalist institutions were created. Tests reveal that this measure correlates more strongly to many modern economic outcomes than more contemporary measures of partisanship, suggesting that other economic outcomes may be usefully reexamined in light of the partisanship that existed when the initial institutional bargains were struck.
2007-09-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5147/1/MPRA_paper_5147.pdf
Carney, Richard (2007): Partisanship at the Origins of Modern Capitalist Institutions.
en
oai:mpra.ub.uni-muenchen.de:5148
2019-10-16T20:18:59Z
7374617475733D756E707562
7375626A656374733D50:5030
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5148/
Farmers and Capitalism
Carney, Richard
P0 - General
N20 - General, International, or Comparative
Most analyses of modern capitalism focus on bargains struck between workers, managers, and owners (and the different types of firms they inhabit). But considering the substantial influence of institutional inertia on modern outcomes, it is necessary to examine the origins, and to consider which actors were most important in the early construction of capitalist systems. In this regard, farmers have played a critical role. I examine four cases - early 19th Century United States, early 20th Century United States, post-WWII France, and post-WWII Japan - to assess farmers’ influence on the origins of contemporary institutions, and find that they have played an important, though frequently overlooked, role.
2007-09-24
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5148/1/MPRA_paper_5148.pdf
Carney, Richard (2007): Farmers and Capitalism.
en
oai:mpra.ub.uni-muenchen.de:8330
2019-09-26T11:15:54Z
7374617475733D707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D50:5032:503236
7375626A656374733D51:5135:513537
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8330/
Property Rights on Biodiversity and the Pharmaceutical Industry
Chichilnisky, Graciela
N20 - General, International, or Comparative
P26 - Political Economy ; Property Rights
Q57 - Ecological Economics: Ecosystem Services ; Biodiversity Conservation ; Bioeconomics ; Industrial Ecology
Major pharmaceutical companies such as Smith Kline Beecham, Merck, Glaxo and Lilly, and a score of smaller ones, are developing profitable business opportunities in the world's forest while preserving biodiversity and producing incentives for leaving the forests intact. This case study covers the business relationships between Merck and Co. and In Bio in Costa Rica, and the activities of Shaman Pharmaceuticals in Latin America and Africa. It provides the details, discusses what each party expects from these deals, and explores the connections with securitization and with issues of corporate responsibility towards the environment. The study explains the properties of externalities, which are typical of markets involving environmental assets, and the use of property rights in inducing efficient market solutions and corporate social responsibility.
1993
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8330/1/MPRA_paper_8330.pdf
Chichilnisky, Graciela (1993): Property Rights on Biodiversity and the Pharmaceutical Industry. Published in: (1993)
en
oai:mpra.ub.uni-muenchen.de:9461
2022-08-23T14:01:14Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F33:4F3331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9461/
Evidence from the Patent Record on the Development of Cash Dispensing Technology
Batiz-Lazo, Bernardo
Reid, Robert J. K.
N20 - General, International, or Comparative
O31 - Innovation and Invention: Processes and Incentives
There are but a handful of systematic studies on the history of automated teller machines (ATMs) yet all fail to address the issue of paternity while perpetrating ‘common wisdom’ beliefs. This article looks at the birth of currency dispensing equipment, the immediate predecessor to the ATM. At the simplest level, at least four separate instance of innovation can reasonably claim to be the origin of the concept. However, the question as to who invented it is less illuminating than an understanding of the process of innovation itself and how these competing families developed into the modern conception of an ATM. Our research supports the view of user-driven innovation as surviving business records and oral histories tell of close involvement of bank staff in establishing requirements and choosing amongst alternative solutions in the implementation of first generation technology. This case thus shows greater understanding in the user’s role in shaping and directing technological development.
2008-06-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9461/1/MPRA_paper_9461.pdf
Batiz-Lazo, Bernardo and Reid, Robert J. K. (2008): Evidence from the Patent Record on the Development of Cash Dispensing Technology.
en
oai:mpra.ub.uni-muenchen.de:11101
2019-10-30T05:56:21Z
oai:mpra.ub.uni-muenchen.de:11909
2019-09-29T05:06:51Z
7374617475733D756E707562
7375626A656374733D46:4633:463330
7375626A656374733D4E:4E32:4E3230
7375626A656374733D42:4230:423030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11909/
La récente crise financière internationale cause t-elle la crise des marchés des swaps sur défaut de crédit?
Naifar, Nader
F30 - General
N20 - General, International, or Comparative
B00 - General
the aim of this paper is to explain the effect of "Subrime" crisis on credit default swap markets. After the problems of CDO's insttruments, protection buyers use classical credit derivatives instruments such CDS contracts.
2008-10-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11909/1/MPRA_paper_11909.pdf
Naifar, Nader (2008): La récente crise financière internationale cause t-elle la crise des marchés des swaps sur défaut de crédit?
fr
oai:mpra.ub.uni-muenchen.de:12124
2019-09-28T17:29:35Z
7374617475733D696E7072657373
7375626A656374733D4E:4E32:4E3230
7375626A656374733D45:4534:453434
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12124/
Financial structure, financial development and banking fragility: International evidence
Ruiz-Porras, Antonio
N20 - General, International, or Comparative
E44 - Financial Markets and the Macroeconomy
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
We study the effects of financial structure and financial development on banking fragility. We develop our study by using fixed-effects panel-data regressions and by controlling the effects of certain banking indicators. We use individual and principal-components indicators of the activity, size and efficiency of intermediaries and markets. The indicators include data for 211 countries between 1990 and 2003. Our main findings suggest that banking stability is enhanced in market-based financial systems. Financial development reduces it. However this fragility-enhancing effect can be unveiled only when we account for financial structure. Thus, financial structure and development jointly matter to assess banking fragility.
2008-12-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12124/1/MPRA_paper_12124.pdf
Ruiz-Porras, Antonio (2008): Financial structure, financial development and banking fragility: International evidence. Forthcoming in: Analisis Economico
en
oai:mpra.ub.uni-muenchen.de:12165
2019-09-30T18:49:47Z
7374617475733D756E707562
7375626A656374733D45:4531:453132
7375626A656374733D45:4535:453538
7375626A656374733D46:4630:463032
7375626A656374733D4E:4E32:4E3230
7375626A656374733D45:4535:453530
7375626A656374733D45:4530:453030
7375626A656374733D45:4534:453434
7375626A656374733D46:4633:463333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12165/
Reshaping the International Monetary Architecture and Addressing Global Imbalances: Lessons from the Keynes Plan
Piffaretti, Nadia F.
E12 - Keynes ; Keynesian ; Post-Keynesian
E58 - Central Banks and Their Policies
F02 - International Economic Order and Integration
N20 - General, International, or Comparative
E50 - General
E00 - General
E44 - Financial Markets and the Macroeconomy
F33 - International Monetary Arrangements and Institutions
As we witness profound changes in the global economy, and as it becomes apparent that the so-called “Revived Bretton Woods System” may be nothing more than a temporary non sustainable financing of the US structural internal imbalance, favored by the global role of the dollar, which has increased the overall vulnerability of the global financial architecture, it’s worth revisiting the origins of the Bretton Woods conference, and pointing out the relevance for today’s framework of Keynes’ original 1942 plan for an International Clearing Union. In this note we explore the main characteristics of Keynes’ original plan, by revisiting his original writings between 1940 and 1944, and we outline its relevance to the current debate on the international financial architecture, We’ll argue that reforms of the international financial architecture should include anchoring the international monetary system on a sounder institutional ground.
2008-12-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12165/1/MPRA_paper_12165.pdf
Piffaretti, Nadia F. (2008): Reshaping the International Monetary Architecture and Addressing Global Imbalances: Lessons from the Keynes Plan.
en
oai:mpra.ub.uni-muenchen.de:13229
2019-09-27T09:48:28Z
7374617475733D707562
7375626A656374733D46:4633:463332
7375626A656374733D4E:4E32:4E3230
7375626A656374733D46:4633:463331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13229/
Two Hundred Years of Contagion
Reinhart, Carmen
Kaminsky, Graciela
Vegh, Carlos
F32 - Current Account Adjustment ; Short-Term Capital Movements
N20 - General, International, or Comparative
F31 - Foreign Exchange
Over the past two hundred years -- some would argue even longer -- financial events, such as the devaluation of a currency or an announcement of default, have been capable of triggering an immediate adverse chain reaction among countries within a region and in some cases across regions. The impact of these shocks on the countries unfortunate enough to be affected usually included sharp declines in equity prices, a spike in the cost of borrowing in international capital markets, and a significant drop in the availability of capital. In more extreme cases, countries have lost access to cross-border capital flows. Significant declines in output have been the norm in these episodes. Yet, it is remarkable that on other occasions similar events have failed to trigger any international reaction, at least on impact. In some instances, financial markets appear to be quite willing to shrug off an event that will obviously have strong trade and real sector repercussions on the crisis country’s neighbors. We explore what leads some crises to be contagious and others not
2002
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13229/1/MPRA_paper_13229.pdf
Reinhart, Carmen and Kaminsky, Graciela and Vegh, Carlos (2002): Two Hundred Years of Contagion. Published in: Journal of Economic Perspectives , Vol. 17, No. 4 (2003)
en
oai:mpra.ub.uni-muenchen.de:13932
2019-09-26T09:12:15Z
7374617475733D707562
7375626A656374733D46:4633:463334
7375626A656374733D46:4633:463332
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13932/
Debt intolerance
Reinhart, Carmen
Rogoff, Kenneth
Savastano, Miguel
F34 - International Lending and Debt Problems
F32 - Current Account Adjustment ; Short-Term Capital Movements
N20 - General, International, or Comparative
This paper introduces the concept of “debt intolerance,” which manifests itself in the extreme duress many emerging markets experience at debt levels that would seem manageable by advanced country standards. We argue that “safe” external debt-to-GNP thresholds for debt intolerant countries are low, perhaps as low as 15 percent in some cases. These thresholds depend on a country’s default and inflation history. Debt intolerance is linked to the phenomenon of serial default that has plagued many countries over the past two centuries. Understanding and measuring debt intolerance is fundamental to assess the problems of debt sustainability, debt restructuring, capital market integration, and the scope for international lending to ameliorate crises. Our goal is to make a first pass at quantifying debt intolerance, including delineating debtors’ clubs and regions of vulnerability, on the basis on a history of credit events going back to the 1820s for over 100 countries.
2003-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13932/1/MPRA_paper_13932.pdf
Reinhart, Carmen and Rogoff, Kenneth and Savastano, Miguel (2003): Debt intolerance. Published in: Brookings Papers on Economic Activity , Vol. 1, (March 2003): pp. 1-74.
en
oai:mpra.ub.uni-muenchen.de:14479
2022-08-24T07:01:56Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F33:4F3333
7375626A656374733D4E:4E38:4E3834
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14479/
Organisational change and the computerisation of British and Spanish savings banks, circa 1965-1985
Batiz-Lazo, Bernardo
Maixe-Altes, J. Carles
N20 - General, International, or Comparative
O33 - Technological Change: Choices and Consequences ; Diffusion Processes
N84 - Europe: 1913-
In this article we explore organisational changes associated with the computarization of British savings banks while making a running comparison with developments in Spain. This international comparison addresses the evolution of the same organisational form in two distinct competitive environments in the late 20th century. Changes in regulation and technological developments (particularly applications of information technology) are said to be responsible for enhancing competitiveness of retail finance. Archival research on the evolution of savings banks helps to ascertain how, prior to competitive changes taking place, participants in bank markets had to develop capabilities to compete. Moreover, assess the response of collaborative agreements to opportunities opened by technological change (in particular resolve apparent scale disadvantages to contest bank markets). Of particular interest are choices made between applications of computer technology to redefine the relation between head office and retail branches as well as between staff at retail branches and customers.
2008-04-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14479/1/MPRA_paper_14479.pdf
Batiz-Lazo, Bernardo and Maixe-Altes, J. Carles (2008): Organisational change and the computerisation of British and Spanish savings banks, circa 1965-1985.
en
oai:mpra.ub.uni-muenchen.de:16478
2019-09-27T19:16:03Z
7374617475733D756E707562
7375626A656374733D48:4835:483534
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D46:4634:463433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/16478/
Understanding Economic Growth in Indian States
NR, Bhanumurthy
H54 - Infrastructures ; Other Public Investment and Capital Stock
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
F43 - Economic Growth of Open Economies
The present study tries to understand the trends and determinants of economic growth in Indian states. For this, it considers two important determinants such as infrastructure and financial development. With the help of panel time series models, the study concludes that although both the variables are highly correlated with economic growth, it is the social sector development that is having higher impact on the economic growth. In terms of the role of financial sector, the results show that although it is necessary to have development in terms of increase in number of bank branches, it is the extent of bank business that is more important in the growth process.
2009-05-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/16478/1/MPRA_paper_16478.pdf
NR, Bhanumurthy (2009): Understanding Economic Growth in Indian States.
en
oai:mpra.ub.uni-muenchen.de:22785
2019-09-28T05:12:05Z
7374617475733D707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D47:4730:473030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/22785/
Book Review on Islamic finance: law, economics and practice by Mahmoud A. El-Gamal
Islahi, Abdul Azim
N20 - General, International, or Comparative
G00 - General
This a critical evaluation of the book entitled Islamic finance: law, economics and practice by Mahmoud A. El-Gamal
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/22785/1/MPRA_paper_22785.pdf
Islahi, Abdul Azim (2008): Book Review on Islamic finance: law, economics and practice by Mahmoud A. El-Gamal. Published in: Journal of King Abdulaziz University - Islamic Economics , Vol. 21, No. 2 (2008): pp. 97-108.
en
oai:mpra.ub.uni-muenchen.de:23095
2019-09-26T20:37:34Z
7374617475733D756E707562
7375626A656374733D4E:4E30
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23095/
Islam and Christianity: symbiosis of civilizations
Cizakca, Murat
N0 - General
N20 - General, International, or Comparative
It is argued in this paper that Islam had developed its own capitalistic system centuries before the West. This was an economic system based upon constrained maximization, the constraint being imposed by the teachings of classical Islam. Notwithstanding this difference with western capitalism, which does not normally recognize any moral constraints, the two capitalisms constitute a potential area of symbiosis between the two civilizations. Economic contribution of Muslims to the emergence of modern Europe is also emphasized. Thus, economic/institutional history indicates to a long lasting symbiosis rather than a clash between these civilizations.
2006-10-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23095/1/MPRA_paper_23095.pdf
Cizakca, Murat (2006): Islam and Christianity: symbiosis of civilizations.
en
oai:mpra.ub.uni-muenchen.de:23502
2019-10-04T05:04:04Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D47:4732:473239
7375626A656374733D4E:4E30:4E3030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23502/
Simple Financial Economic Models of Fremont Maize Storage and an Assessment of External Threat
Barlow, Renee
Phillips, Kerk L.
N20 - General, International, or Comparative
G29 - Other
N00 - General
This paper presents a pair of models of the storage of maize. One is directly based on standard financial models of portfolio choice. Rather than optimally balancing a financial portfolio by choosing from a variety of financial instruments, our agents optimize holdings of maize by choosing from a variety of storage locations. Agents face a tradeoff between the effort of transporting maize to high elevation granaries versus the safety they offer from theft. The second model uses a multi-period framework to look at the costs and benefits of building a granary in the first place. We use our models to extract a perceived probability of maize theft by outsiders among the Fremont Indians that lived in Eastern Utah roughly 1000 - 700 years ago. We base our estimates on the caloric content of maize, the caloric cost of transporting it to granaries high above the valley floor where the maize was grown, and the costs of building and maintaining them. Our calculations show that a fairly low level of risk, on the order of 5% to 20%, could easily rationalize the use of cliffside granaries.
2010-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23502/1/MPRA_paper_23502.pdf
Barlow, Renee and Phillips, Kerk L. (2010): Simple Financial Economic Models of Fremont Maize Storage and an Assessment of External Threat.
en
oai:mpra.ub.uni-muenchen.de:23925
2019-09-27T10:22:40Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D44:4438:443832
7375626A656374733D47:4731:473130
7375626A656374733D44:4430:443030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23925/
Information transmission and the emergence of a peculiar trading facility in certain emerging markets
Siddiqi, Hammad
N20 - General, International, or Comparative
D82 - Asymmetric and Private Information ; Mechanism Design
G10 - General
D00 - General
A peculiar carry over transaction facility has been associated with emerging markets of India and Pakistan. We show that the trading facility can be considered a market response to the information gaps in these markets. Information can be credibly transmitted through this trading facility. Hence, the emergence of such a trading facility is, perhaps, an example of a creative market response to information problems.
2010-04-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23925/1/MPRA_paper_23925.pdf
Siddiqi, Hammad (2010): Information transmission and the emergence of a peculiar trading facility in certain emerging markets.
en
oai:mpra.ub.uni-muenchen.de:23933
2019-09-26T10:12:33Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D45:4534:453434
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23933/
The ineffectiveness of state as a controller and owner
Bojańczyk, Mirosław
N20 - General, International, or Comparative
E44 - Financial Markets and the Macroeconomy
G01 - Financial Crises
The global market is largely a game without rules and without an arbitrator able to dispense necessary medicine. Undoubtedly, the crisis has caused the emergence of new challenges, which require the active role of the state in various areas. States play the role of owners of companies and market regulators. Unfortunately governments were not performing these functions adequately. Those therefore, who themselves committed many mistakes, must improve not just the mis-functioning market, but also a defectively functioning state; or, to put it otherwise, they must improve themselves.
2010-05-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23933/1/MPRA_paper_23933.pdf
Bojańczyk, Mirosław (2010): The ineffectiveness of state as a controller and owner.
en
oai:mpra.ub.uni-muenchen.de:23934
2019-09-27T11:44:20Z
7374617475733D756E707562
7375626A656374733D42:4232:423231
7375626A656374733D4E:4E32:4E3230
7375626A656374733D43:4337:433730
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23934/
Microfinance and Mechanism Design: The Role of Joint Liability and Cross-Reporting
Abdul Karim, Zulkefly
B21 - Microeconomics
N20 - General, International, or Comparative
C70 - General
Since the establishment of Grameen Bank in 1976 by Professor Muhammad Yunus , many economists have studied extensively, either theoretically or empirically, the success of the Grameen Bank in eradicating the poverty problem in Bangladesh. Therefore, this paper aims to apply the mechanism design theory in microfinance by examining the role of joint liability and cross-reporting mechanism in the loan contract which designing by microfinance lender. In doing so, this study simplified the joint liability mechanism proposed by Ghatak (1999, 2000) and cross-reporting mechanism by Rai and Sjostrom (2004). Based on the joint-liability mechanism, it is clearly stated that the microfinance lender can minimize or avoid the adverse selection problem in the credit market through peer selection and peer screening. In the meantime, the joint liability mechanism is better than individual lending in terms of increasing the social welfare among the poor borrower, charging lower interest rates and generating high repayment rates. In contrast, Rai and Sjostrom (2004) argue that joint liability alone is not enough to efficiently induce borrowers to help each other. Indeed, the cross-reporting mechanism is also important for lenders in order to minimize the problem of asymmetric information in the credit market. The cross-reporting mechanism is also efficient because it can influence the borrower to be truthful-telling about the state of the project and subsequently can minimize the deadweight loss (punishment) among the borrowers. In comparison, without cross-reporting, the lending mechanism is inefficient because the borrower will be imposed harsh punishment from the bank and the bank can undertake auditing or verify the state of the project and punish accordingly.
2009-07-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23934/1/MPRA_paper_23934.pdf
Abdul Karim, Zulkefly (2009): Microfinance and Mechanism Design: The Role of Joint Liability and Cross-Reporting.
en
oai:mpra.ub.uni-muenchen.de:24199
2019-09-26T09:03:47Z
7374617475733D756E707562
7375626A656374733D45:4535:453538
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/24199/
Back to the roots: On the origins of the Fed's independence
Farvaque, Etienne
E58 - Central Banks and Their Policies
N20 - General, International, or Comparative
This note considers the foundations of the Federal Reserve Board's independence. Its origins are shown to reside in the American political philosophy, under which independence is an essential working condition for a perennial democracy.
2010-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/24199/1/MPRA_paper_24199.pdf
Farvaque, Etienne (2010): Back to the roots: On the origins of the Fed's independence.
en
oai:mpra.ub.uni-muenchen.de:24376
2019-09-27T12:07:28Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D46:4633:463330
7375626A656374733D4E:4E32:4E3230
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/24376/
Debt and Growth Revisited
Reinhart, Carmen
Rogoff, Kenneth
E62 - Fiscal Policy
F30 - General
N20 - General, International, or Comparative
E44 - Financial Markets and the Macroeconomy
In a recent paper, we studied economic growth and inflation at different levels of government and external debt. The public discussion of our empirical strategy and results has been somewhat muddled. Here, we attempt to clarify matters, particularly with respect sample coverage (our evidence encompasses forty-four countries over two centuries--not just the United States), debt-growth causality (our book emphasizes the bi-directional nature of the relationship), as well as nonlinearities in the debt-growth connection and thresholds evident in the data (absolutely central points that seem to have been lost in some commentary.) In addition to clarifying the earlier results, this paper enriches our original analysis by providing further discussion of the high debt (over 90 percent of GDP) episodes and their incidence. Some of the implications of our analysis, including for the United States, are taken up in the final section.
2010-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/24376/1/MPRA_paper_24376.pdf
Reinhart, Carmen and Rogoff, Kenneth (2010): Debt and Growth Revisited.
en
oai:mpra.ub.uni-muenchen.de:24410
2019-09-26T21:21:06Z
7374617475733D707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/24410/
Mission Drift of large MFIs?
Schmidt, Oliver
Ramana, N. V.
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
Since the Mexican Microfinance Institution (MFI) Compartamos went public in 2007 – whereby promoting NGOs and private investors earned about USD 425 million – leading journals and magazines have repeatedly run rather sceptical articles about microfinance. They are mostly inspired by antagonists of MFIs growing into market driven enterprises. This antagonism has been blended with contemplation about assumed “subprime issues” of microfinance. However, the sector showed a steady performance, different from most other segments of the financial sector. The unholy blend of these two lines of thought risks to create an unwarranted image of microfinance.
2010-01-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/24410/3/MPRA_paper_24410.pdf
Schmidt, Oliver and Ramana, N. V. (2010): Mission Drift of large MFIs? Published in: Development and Cooperation , Vol. 51, No. 2 (February 2010): pp. 60-61.
en
oai:mpra.ub.uni-muenchen.de:25523
2019-09-26T13:52:00Z
7374617475733D756E707562
7375626A656374733D5A:5A31
7375626A656374733D47:4732:473239
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E30:4E3030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25523/
Simple Financial Economic Models of Fremont Maize Storage and an Assessment of External Threat
Barlow, Renee
Phillips, Kerk L.
Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology
G29 - Other
N20 - General, International, or Comparative
N00 - General
This paper presents a pair of models of the storage of maize. One is directly based on standard financial models of portfolio choice. Rather than optimally balancing a financial portfolio by choosing from a variety of financial instruments, our agents optimize holdings of maize by choosing from a variety of storage locations. Agents face a tradeoff between the effort of transporting maize to high elevation granaries versus the safety they offer from theft. The second model uses a multi-period framework to look at the costs and benefits of building a granary in the first place. We use our models to extract a perceived probability of maize theft by outsiders among the Fremont Indians that lived in eastern Utah roughly 1700 - 700 years ago. We base our estimates on the caloric content of maize, the caloric cost of transporting it to granaries high above the valley floor where the maize was grown, and the costs of building and maintaining them. Our calculations show that a fairly low level of risk, on the order of 5% to 20%, could easily rationalize the use of cliff granaries.
2010-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25523/1/MPRA_paper_25523.pdf
Barlow, Renee and Phillips, Kerk L. (2010): Simple Financial Economic Models of Fremont Maize Storage and an Assessment of External Threat.
en
oai:mpra.ub.uni-muenchen.de:25966
2019-10-02T05:06:15Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E37:4E3730
7375626A656374733D4E:4E32
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25966/
Diverging Paths to a Network World: Computerizing Spanish and British Savings Banks, 1960-1990
Maixe-Altes, J. Carles
N20 - General, International, or Comparative
N70 - General, International, or Comparative
N2 - Financial Markets and Institutions
The development of shared data processing networks and their consequences for new retail banking services from the 1960s to the 1980s in both Spanish and British savings banks are the topic of this research. Each of the two competitive environments responded in its own way to the processes of technological and organizational change. As a result this paper observes cross-country variations in the presence of convergence and globalisation. This approach focus on the impact of computer communication networks as a result of corporate strategy in Spanish savings banks. But relevant aspects of computerization in Britain are considered to highlight the adaptative capacity of technology in different environments. Also this paper considers organizational forms with similar root in their corporate governance to enable a degree of homogeneity of the analysis of technological change.
2010-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25966/1/MPRA_paper_25966.pdf
Maixe-Altes, J. Carles (2010): Diverging Paths to a Network World: Computerizing Spanish and British Savings Banks, 1960-1990.
en
oai:mpra.ub.uni-muenchen.de:26708
2019-09-28T13:54:38Z
7374617475733D756E707562
7375626A656374733D47:4732:473232
7375626A656374733D47:4732:473233
7375626A656374733D4E:4E32:4E3230
7375626A656374733D47:4732:473238
7375626A656374733D47:4732:473234
7375626A656374733D47:4732:473231
7375626A656374733D47:4732:473230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/26708/
Global financial crisis and its impact on the financial system of Kosovo
Ramosaj, Berim
G22 - Insurance ; Insurance Companies ; Actuarial Studies
G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors
N20 - General, International, or Comparative
G28 - Government Policy and Regulation
G24 - Investment Banking ; Venture Capital ; Brokerage ; Ratings and Ratings Agencies
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
G20 - General
The Kosovo’s Financial Sector is one of the newest financial sectors in Eastern Europe whose developments began in early 2000. Kosovo's banking sector consists of 8 privately owned commercial banks, the insurance companies which make up 5% of total financial sector assets by 10 insurance companies with over 70% foreign equity ownership. Pension funds also participate by about 1.5% of the total financial sector assets.
In the long history of global financial crisis, and such have been over 120, the current crisis is regarded as among the most profound (similar to that of year 1929) and comprehensive on the speed and breadth of development. The sources of the crisis lie in the three pillars of the functioning of banking institutions: inadequate management of credit risk and liberalization of excessive lending policies; inadequate capitalization of the banking institutions; and inadequate management of their liquidity.
Kosovo is part of Europe and cannot act as a closed oasis. The concept of a new model of financial sector in Kosovo is thought to create additional mechanisms that will enable advancements in the development of Kosovo’s financial sector with special focus in the field of investment and that mean financial market development namely the securities market.
Legal infrastructure on debt market in Kosovo will create a legal possibility that the central and municipal government have the opportunity to borrow in order to implement their development policies. It is unimaginable implementation of the project without information technology support. This support has to do with that that information technology offers its capacities in supporting of all the activities that include the operation of the securities market and the creation of its electronic data base.
2010-08-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/26708/1/MPRA_paper_26708.pdf
Ramosaj, Berim (2010): Global financial crisis and its impact on the financial system of Kosovo.
en
oai:mpra.ub.uni-muenchen.de:31746
2019-09-28T11:50:07Z
7374617475733D756E707562
7375626A656374733D42:4231:423134
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E31:4E3134
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/31746/
Από την Οικονομική Άνθηση στην Κρίση του 1930
Tsoulfidis, Lefteris
B14 - Socialist ; Marxist
N20 - General, International, or Comparative
N14 - Europe: 1913-
This chapter starts with a discussion of the economic situation in the USA and UK in the 1920s and 1930s and argues that the fundamentals of these two economies in the 1920s were already in a bad shape. In fact, we show that in the US economy the fall in the rate of profit and the stagnation of the mass of real profits preceded the collapse of the stock market in the 1929 and the depression of 1930s. The discussion continues with the economic and political situation in the case of the Greek economy and the way in which she was affected by the depression. From the study of the Greek economy in the 1930s, we derive some useful conclusions that may shed new light to the current depression and debt problems of the Greek economy.
2010-12-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/31746/1/MPRA_paper_31746.pdf
Tsoulfidis, Lefteris (2010): Από την Οικονομική Άνθηση στην Κρίση του 1930.
el
oai:mpra.ub.uni-muenchen.de:34559
2019-09-29T07:18:34Z
7374617475733D696E7072657373
7375626A656374733D45:4530
7375626A656374733D4E:4E32:4E3230
7375626A656374733D46:4634:463433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/34559/
Financial liberalization and macroeconomic performance, empirical evidence from selected Asian countries
Raza, Muhammad Wajid
Mohsin, Hasan M
E0 - General
N20 - General, International, or Comparative
F43 - Economic Growth of Open Economies
Financially repressed economy cannot grow with an increasing growth rate. That’s why most of the developing countries move toward liberalized financial system. The basic objective of this paper is to provide a comparative analysis of Pakistan, China, and India financial sector liberalization and its impact on macroeconomic performance. This study uses Johansen co integration to provide cross country evidence of long run relationship between macroeconomic variables and financial openness. Results show that there is long run relation among financial openness and macro economic performance in all three countries. Financial liberalization has positive and significant effect on Pakistan macroeconomic performance while negative and significant effect on china economy. The relationship in India is positive but not significant
2011-05-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/34559/1/MPRA_paper_34559.pdf
Raza, Muhammad Wajid and Mohsin, Hasan M (2011): Financial liberalization and macroeconomic performance, empirical evidence from selected Asian countries. Forthcoming in: Journal of Econonomics and Behavioral Studies
en
oai:mpra.ub.uni-muenchen.de:38251
2019-09-26T09:23:01Z
7374617475733D696E7072657373
7375626A656374733D5A:5A31
7375626A656374733D47:4732:473239
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E30:4E3030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38251/
Simple Financial Economic Models of Fremont Maize Storage and an Assessment of External Threat
Barlow, Renee
Phillips, Kerk L.
Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology
G29 - Other
N20 - General, International, or Comparative
N00 - General
This paper presents a pair of models of the storage of maize. One is directly based on standard financial models of portfolio choice. Rather than optimally balancing a financial portfolio by choosing from a variety of financial instruments, our agents optimize holdings of maize by choosing from a variety of storage locations. Agents face a tradeoff between the effort of transporting maize to high elevation granaries versus the safety they offer from theft. The second model uses a multi-period framework to look at the costs and benefits of building a granary in the first place. We use our models to extract a perceived probability of maize theft by outsiders among the Fremont Indians that lived in eastern Utah roughly 1700 - 700 years ago. We base our estimates on the caloric content of maize, the caloric cost of transporting it to granaries high above the valley floor where the maize was grown, and the costs of building and maintaining them. Our calculations show that a fairly low level of risk, on the order of 5% to 20%, could easily rationalize the use of cliff granaries.
2010-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38251/1/MPRA_paper_38251.pdf
Barlow, Renee and Phillips, Kerk L. (2010): Simple Financial Economic Models of Fremont Maize Storage and an Assessment of External Threat. Forthcoming in: Research in Economic Anthropology , Vol. 32, (2012)
en
oai:mpra.ub.uni-muenchen.de:39055
2019-09-27T09:25:42Z
7374617475733D707562
7375626A656374733D4B:4B32:4B3232
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4733:473332
7375626A656374733D50:5035:503530
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/39055/
Shareholder protection and stockmarket development: an empirical test of the legal origins hypothesis
Armour, John
Deakin, Simon
Sarkar, Prabirjit
Siems, Mathias
Singh, Ajit
K22 - Business and Securities Law
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
P50 - General
We test the ‘law matters’ and ‘legal origin’claims using a
newly created panel dataset measuring legal change over
time in a sample of developed and developing countries. Our
dataset improves on previous ones by avoiding country-specific variables in favour of functional and generic
descriptors, by taking into account a wider range of legal
data, and by considering the effects of weighting variables
in different ways, thereby ensuring greater consistency of
coding. Our analysis shows that legal origin explains
part of the pattern of change in the adoption of shareholder protection measures over the period from the mid-1990s to the present day: in both developed and developing countries, common law systems were more protective of shareholder interests than civil law ones. We
explain this the result on the basis of the head start
common law systems had in adjusting to an emerging ‘global’
standard based mainly on Anglo-American practice. Our
analysis also shows, however, that civil law origin was
not much of an obstacle to convergence around this model, since civilian systems were catching up with their counterparts in the common law. We then investigate whether
there was a link in this period between increased shareholder protection and stock market development, using a number of measures such as stock market capitalisation, the value of stocktrading and the number of listed firms, after controlling for legal origin, the state of economic
development of particular countries, and their position on the World Bank rule of law index. We find no evidence of
a long-run impact of legal change on stock market development. This finding is incompatible with the claim
that legal origin affects the efficiency of legal rules
and ultimately economic development. Possible explanations
for our result are that laws have been overly protective
of shareholders; transplanted laws have not worked as ex-
pected; and, more generally, the exogenous legal origin effect is not as strong as widely supposed.
2007-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/39055/1/MPRA_paper_39055.pdf
Armour, John and Deakin, Simon and Sarkar, Prabirjit and Siems, Mathias and Singh, Ajit (2007): Shareholder protection and stockmarket development: an empirical test of the legal origins hypothesis. Published in: Centre for Business Research Working Paper Series No. WP358 (December 2007)
en
oai:mpra.ub.uni-muenchen.de:40145
2019-09-29T16:15:20Z
7374617475733D756E707562
7375626A656374733D44:4435:443533
7375626A656374733D4E:4E32:4E3230
7375626A656374733D45:4533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/40145/
Criza economică – un fenomen previzibil
Asavoaei, Alexandru
D53 - Financial Markets
N20 - General, International, or Comparative
E3 - Prices, Business Fluctuations, and Cycles
The main aim of this paper is to emphasize the fact that the economic crisis are common phenomena. We aim to prove that these phenomena are not so unpredictable and surprising as some economists claim nowadays. We are trying to identify and disclose the pattern of a typical period of economic recession. Hence, we focused our analysis on several of the most significant depressions in the economic history, trying to find the similarities between them, but also to point out their specific elements. The purpose of this paper is to show that the main causes of different crises are, more or less, identical, and therefore such phenomena could and should be anticipated more accurately in the future
2012-07-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/40145/1/MPRA_paper_40145.pdf
Asavoaei, Alexandru (2012): Criza economică – un fenomen previzibil.
ro
oai:mpra.ub.uni-muenchen.de:41958
2019-09-27T09:57:30Z
7374617475733D756E707562
7375626A656374733D47:4731:473134
7375626A656374733D43:4335:433531
7375626A656374733D47:4731:473131
7375626A656374733D43:4338:433837
7375626A656374733D4E:4E32:4E3230
7375626A656374733D43:4333:433335
7375626A656374733D43:4333:433332
7375626A656374733D47:4731:473135
7375626A656374733D43:4336:433631
7375626A656374733D43:4330:433031
7375626A656374733D46:4633:463336
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/41958/
Stock Market Integration and International Portfolio Diversification between U.S. and ASEAN Equity Markets
Ardliansyah, Rifqi
G14 - Information and Market Efficiency ; Event Studies ; Insider Trading
C51 - Model Construction and Estimation
G11 - Portfolio Choice ; Investment Decisions
C87 - Econometric Software
N20 - General, International, or Comparative
C35 - Discrete Regression and Qualitative Choice Models ; Discrete Regressors ; Proportions
C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models
G15 - International Financial Markets
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
C01 - Econometrics
F36 - Financial Aspects of Economic Integration
The paper empirically analyzes stock market integration and the benefit possibilities of international portfolio diversification across the Southeast Asia (ASEAN) and U.S. equity markets. It employs daily sample of 6 ASEAN equity market indices and S&P 500 index as a proxy of U.S. market index from years 2001 to 2010.
The paper examines the stock market return interdependence from three different perspectives which are ‘long-term’, ‘short-term’ and ‘dynamic’ perspectives. In order to investigate the long-run interdependencies, the Johansen-Juselius multivariate co-integration test and the bivariate Engle-Granger 2-step method were used. In respect to the short-run interdependencies, the Generalized Impulse Response Function (GIRF) and the Generalized Forecast Error Variance Decomposition (GFEVD) are employed. Finally, to assess the dynamic structure of equity market co-movements, the Dynamic Conditional Correlation (DCC) model is engaged.
Results suggest that in the long-run, there are no potential benefits in diversifying investment portfolios across the ASEAN and U.S. market since there are evidences of cointegration among them. However, the potential benefits of international portfolio diversification can be seen throughout the short-run-period. Subsequently, the DCC findings suggest an overall proposition that by the end of 2010, most of the ASEAN markets do not share the U.S. stock price movement.
2012-08-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/41958/1/MPRA_paper_41958.pdf
Ardliansyah, Rifqi (2012): Stock Market Integration and International Portfolio Diversification between U.S. and ASEAN Equity Markets.
en
oai:mpra.ub.uni-muenchen.de:41997
2019-09-29T22:00:50Z
7374617475733D707562
7375626A656374733D44:4435:443533
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4C:4C32:4C3236
7375626A656374733D47:4732:473234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/41997/
Evolution of the venture capital financing for growing small and medium enterprises in Central and Eastern Europe countries: the case of Macedonia
Lazarevski, Dimche
Mrsik, Jadranka
Smokvarski, Edi
D53 - Financial Markets
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
L26 - Entrepreneurship
G24 - Investment Banking ; Venture Capital ; Brokerage ; Ratings and Ratings Agencies
The objective of this paper is to examine and analyze the differences between Venture Capital development in Macedonia and several Central and Eastern Europe countries, to determine the reasons, and hence extract certain conclusions that will serve as a guideline in Macedonia’s venture capital industry development.
Venture capital is an important intermediary in financial markets, providing capital to firms who otherwise have difficulties attracting financial support. Moreover, venture capital funds provide managerial expertise to the company they are investing in, and have impact on the overall economy through innovation, job creation, economic growth, increased competition and improved corporate governance.
Private equity and Venture capital funds are present for over 20 years in Central and Eastern Europe. The institutional investors evaluate the individual countries’ attractiveness to identify the best investment opportunities for their asset allocation. On the basis of the performed analysis in this paper regarding the PE/VC fundraising and investment activities, conducted interviews, and Country Attractiveness Index (including the economic activities, depth of capital market, taxation, investor protection and corporate governance, human and social environment and entrepreneurial culture and opportunities), Macedonian small and medium size enterprises are obviously not on the PE/VC investors` map, according to the small amount of their investments up to now.
2012-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/41997/1/MPRA_paper_41997.pdf
Lazarevski, Dimche and Mrsik, Jadranka and Smokvarski, Edi (2012): Evolution of the venture capital financing for growing small and medium enterprises in Central and Eastern Europe countries: the case of Macedonia. Published in: Entrepreneurship & Finance eJournal , Vol. 7, No. 47 (7 September 2012)
en
oai:mpra.ub.uni-muenchen.de:42843
2019-09-27T04:45:46Z
7374617475733D707562
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4E:4E32:4E3230
7375626A656374733D42:4235:423530
7375626A656374733D48:4836:483633
7375626A656374733D4E:4E34:4E3430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/42843/
Οι Πτωχεύσεις του Ελληνικού Κράτους
Lefteris, Tsoulfidis
N10 - General, International, or Comparative
N20 - General, International, or Comparative
B50 - General
H63 - Debt ; Debt Management ; Sovereign Debt
N40 - General, International, or Comparative
This article presents and critically evaluates the Greek sovereign defaults and puts them into historical perspective. More specifically, each of the four defaults of the Greek State (1827, 1843, 1893 and 1932) was not an isolated episode in the turbulent economic history of capitalism, but rather it was a manifestation of the respective worldly depressionary periods of 1815-1845, 1873-1896, 1920 - 1940(5). In other words, the depressions increased substantially the likelihood of a default especially for the weaker economies. This by no means implies that the Greek sovereign defaults were to occur as in a natural phenomenon-like way, but rather to show that in each particular default the general economic conditions, in combination with wrong economic policies pursued, in most cases, by inept governments further increased the likelihood of a default, as this can be judged from the Greek experience of the past four defaults. Different economic policies could have postponed or even rescued the country from sovereign defaults and their dire consequences for the vast majority of people. Furthermore, the paper shows that post-default economic life was exceedingly more difficult and it took decades until the return to normalcy.
2012-10-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/42843/1/MPRA_paper_42843.pdf
Lefteris, Tsoulfidis (2012): Οι Πτωχεύσεις του Ελληνικού Κράτους. Published in: Ependitis No. November 17, 2012 (17 November 2012): pp. 1-21.
el
oai:mpra.ub.uni-muenchen.de:51257
2019-09-28T16:48:37Z
7374617475733D707562
7375626A656374733D45:4534:453434
7375626A656374733D45:4536
7375626A656374733D46:4633
7375626A656374733D4E:4E30
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E32:4E3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/51257/
This Time is Different, Again? The United States Five Years after the Onset of Subprime
Reinhart, Carmen
Kenneth, Rogoff
E44 - Financial Markets and the Macroeconomy
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
F3 - International Finance
N0 - General
N20 - General, International, or Comparative
N21 - U.S. ; Canada: Pre-1913
We focus on four previous systemic financial crises that the United States has experienced since 1870. These include the crisis of 1873 (called the Great Depression until the 1930s), the 1893 crisis, the panic of 1907, and the Great Depression. Given that all of the earlier crises predate the creation of deposit insurance in 1933, and that three of the four crises predate the establishment of a central bank in the United States, one could well quibble about the claim that the relevant institutions are more comparable across centuries in the United States than across advanced countries over the last thirty years. Be that as it may, the comparison across systemic US financial crises does not: (i) support the view that the US recoveries from pre-WWII systemic crises were any swifter than the general cross-country pattern and (ii) that the US has fared worse this time around than in previous systemic crises.
2012-10-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/51257/1/MPRA_paper_51257.pdf
Reinhart, Carmen and Kenneth, Rogoff (2012): This Time is Different, Again? The United States Five Years after the Onset of Subprime. Published in: VoxEU (22 October 2012)
en
oai:mpra.ub.uni-muenchen.de:51258
2019-09-29T06:20:56Z
7374617475733D707562
7375626A656374733D45:4534:453434
7375626A656374733D45:4536
7375626A656374733D45:4536:453630
7375626A656374733D46:4633
7375626A656374733D47:4730:473031
7375626A656374733D4E:4E30:4E3030
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/51258/
Causes of Financial Crises Past and Present: The Role of the This Time is Different Syndrome
Reinhart, Carmen
Rogoff, Kenneth
E44 - Financial Markets and the Macroeconomy
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
E60 - General
F3 - International Finance
G01 - Financial Crises
N00 - General
N2 - Financial Markets and Institutions
N20 - General, International, or Comparative
In this note, we attempt to place the question of how we got to the global financial crisis that began as the US Subprime debacle in the summer of 2007 in the context of an international and historical comparative setting. It is of some poignancy that the “we” here refers to the wealthiest economies in the world which had, as late as 2006, been enjoying the benefits of the so-called “Great Moderation.” The “Great Moderation”, was a term used to describe (and extrapolate from) the drop in macroeconomic volatilty in the advanced economies since the late 1980s. As the business cycle had been “tamed”, financial crises of the severity and duration of what we are undergoing in the US and elsewhere in Europe were deemed improbable. At the time, a sovereign default in a eurozone country was inconceivable.
2012
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/51258/1/MPRA_paper_51258.pdf
Reinhart, Carmen and Rogoff, Kenneth (2012): Causes of Financial Crises Past and Present: The Role of the This Time is Different Syndrome. Published in: The Occupy Handbook,. New York: Little, Brown and Co (2012)
en
oai:mpra.ub.uni-muenchen.de:58024
2019-10-09T07:10:12Z
7374617475733D756E707562
7375626A656374733D42:4235:423533
7375626A656374733D45:4530:453032
7375626A656374733D45:4534:453434
7375626A656374733D45:4535:453538
7375626A656374733D45:4536:453635
7375626A656374733D47:4730:473030
7375626A656374733D47:4730:473031
7375626A656374733D47:4731
7375626A656374733D47:4731:473130
7375626A656374733D47:4732:473230
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3230
7375626A656374733D52:5232:523230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/58024/
Book Review – Rethinking Housing Bubbles
Bell, Peter Newton
B53 - Austrian
E02 - Institutions and the Macroeconomy
E44 - Financial Markets and the Macroeconomy
E58 - Central Banks and Their Policies
E65 - Studies of Particular Policy Episodes
G00 - General
G01 - Financial Crises
G1 - General Financial Markets
G10 - General
G20 - General
N10 - General, International, or Comparative
N2 - Financial Markets and Institutions
N20 - General, International, or Comparative
R20 - General
Review of the book titled 'Rethinking Housing Bubbles
The Role of Household and Bank Balance Sheets in Modeling Economic Cycles' by Steven D. Gjerstad and Vernon L. Smith. Published by Cambridge University Press in May 2014.
2014-08-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/58024/2/MPRA_paper_58024.pdf
Bell, Peter Newton (2014): Book Review – Rethinking Housing Bubbles.
en
oai:mpra.ub.uni-muenchen.de:61048
2019-09-26T08:51:18Z
7374617475733D756E707562
7375626A656374733D45:4535
7375626A656374733D45:4535:453538
7375626A656374733D47:4732
7375626A656374733D47:4732:473231
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E32:4E3237
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/61048/
Determinants of Bank Profitability and Basel Capital Regulation: Empirical Evidence from Nigeria
Ozili, Peterson K
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
E58 - Central Banks and Their Policies
G2 - Financial Institutions and Services
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
N2 - Financial Markets and Institutions
N20 - General, International, or Comparative
N27 - Africa ; Oceania
This study, empirically, investigates the determinants of bank profitability. After including the regulatory variable into the model, I find no significant difference in bank profitability during pre-and post-capital regulation regime. Second, after employing NIM and ROA profitability metrics, I find that the determinants of bank profitability, and its significance, depends on the profitability metric employed. Third, I find that asset quality is a strong determinant of bank interest margin, relative to return on asset. Also, I observe that economies of scale and scope enables larger banks to be profitable (ROA) relative to smaller banks. Overall, the insignificant effect of Basel capital regime on bank profitability seems to suggest that such regulation might not be aimed at decreasing bank profits.
2015-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/61048/3/MPRA_paper_61048.pdf
Ozili, Peterson K (2015): Determinants of Bank Profitability and Basel Capital Regulation: Empirical Evidence from Nigeria.
en
oai:mpra.ub.uni-muenchen.de:61069
2019-09-30T17:03:17Z
7374617475733D756E707562
7375626A656374733D45:4535
7375626A656374733D45:4535:453538
7375626A656374733D47:4732
7375626A656374733D47:4732:473231
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E32:4E3237
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/61069/
Determinants of Bank Profitability and Basel Capital Regulation: Empirical Evidence from Nigeria
Ozili, Peterson K
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
E58 - Central Banks and Their Policies
G2 - Financial Institutions and Services
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
N2 - Financial Markets and Institutions
N20 - General, International, or Comparative
N27 - Africa ; Oceania
This study, empirically, investigates the determinants of bank profitability. Overall, I find that the Basel capital regime had no significant effect on bank profitability. This result is significant because it lends support to the view that modified Basel accord in different countries might be aimed to meet other prudential objectives other than the intended objective - to reduce excessive bank risk-taking. Second, after employing NIM and ROA profitability metrics, I find that the determinants of bank profitability, and its significance, depends on the profitability metric employed. Third, I find that loan quality significantly influences bank interest margin while bank size and cost efficiency significantly influences return on asset. Finally, bank capital adequacy is observed to be a significant determinants of bank profitability.
2015-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/61069/1/MPRA_paper_61069.pdf
Ozili, Peterson K (2015): Determinants of Bank Profitability and Basel Capital Regulation: Empirical Evidence from Nigeria.
en
oai:mpra.ub.uni-muenchen.de:61761
2019-09-28T01:42:15Z
7374617475733D707562
7375626A656374733D45:4532:453232
7375626A656374733D45:4535:453532
7375626A656374733D4E:4E32:4E3230
7375626A656374733D50:5034:503436
7375626A656374733D52:5230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/61761/
Business environment analysis of Romania
Stan, Darius
E22 - Investment ; Capital ; Intangible Capital ; Capacity
E52 - Monetary Policy
N20 - General, International, or Comparative
P46 - Consumer Economics ; Health ; Education and Training ; Welfare, Income, Wealth, and Poverty
R0 - General
For much of human history, most people have been deprived of liberty without economic and investment opportunities being driven by poor living. Today, however, say that living in the most prosperous in history. In trying to
remove poverty, disease, ignorance around the world, given the fact that in large part, the restriction on economic
freedom is an important obstacle in trying to define an array in this analysis of the economic potential enlightening in the economic freedom in Romania. In 2014, the principles of economic freedom were again measured and collected in the Index of Economic Freedom, the source directories published by The Wall Street Journal and The Heritage Foundation. We also sought to highlight in an easy to use analysis, we can easily track progress in the development of Romania for economic openness, prosperity, opportunity. The paper will reveal the elementary analysis of the 10 freedoms - from property rights to entrepreneurship - in a report than 186 countries.
2014-11-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/61761/1/MPRA_paper_61761.pdf
Stan, Darius (2014): Business environment analysis of Romania. Published in: Agrarian Economy and Rural Development - Realities and Perspectives for Romania , Vol. 5, No. ISSN 2285–6803 ISSN-L 2285–6803 (20 November 2014): pp. 242-246.
en
oai:mpra.ub.uni-muenchen.de:62810
2019-10-01T00:58:48Z
7374617475733D756E707562
7375626A656374733D4E:4E30
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/62810/
Risk sharing versus risk transfer in islamic finance
Hasan, Zubair
N0 - General
N20 - General, International, or Comparative
Some writers on Islamic finance have recently resuscitated the old ‘no risk, no gain’ precept from the earlier literature in the wake of 2007-2008 financial crisis. They argue that the basic reason for the recurrence of such crises is the conventional interest-based financial system that subsists purely on transferring of risks. In contrast, Islam shuns interest and promotes sharing of risks, not their transfer. The distinction is used to make a case for replacing the conventional system with the Islamic; for that alone is thought as the way to ensuring the establishment of a just and stable crisis free financial system. Islamic banks have faced the current crisis better than the conventional is cited as evidence. The present paper is a critique of this line of thought. It argues that risk-sharing is not basic to Islam. It encourages profit sharing of which sharing of risk is a consequence not the cause. The paper concludes that the case is for reform, not for replacement, of the current debt dominated system marked with duality.
2014-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/62810/1/MPRA_paper_62810.pdf
Hasan, Zubair (2014): Risk sharing versus risk transfer in islamic finance.
en
oai:mpra.ub.uni-muenchen.de:62847
2019-09-26T22:40:08Z
7374617475733D756E707562
7375626A656374733D4E:4E30
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/62847/
Risk sharing versus risk transfer in islamic finance
Hasan, Zubair
N0 - General
N20 - General, International, or Comparative
Some writers on Islamic finance have recently resuscitated the old ‘no risk, no gain’ precept from the earlier literature in the wake of 2007-2008 financial crisis. They argue that the basic reason for the recurrence of such crises is the conventional interest-based financial system that subsists purely on transferring of risks. In contrast, Islam shuns interest and promotes sharing of risks, not their transfer. The distinction is used to make a case for replacing the conventional system with the Islamic; for that alone is thought as the way to ensuring the establishment of a just and stable crisis free financial system. Islamic banks have faced the current crisis better than the conventional is cited as evidence. The present paper is a critique of this line of thought. It argues that risk-sharing is not basic to Islam. It encourages profit sharing of which sharing of risk is a consequence not the cause. The paper concludes that the case is for reform, not for replacement, of the current debt dominated system marked with duality.
2015-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/62847/1/MPRA_paper_62847.pdf
Hasan, Zubair (2015): Risk sharing versus risk transfer in islamic finance.
en
oai:mpra.ub.uni-muenchen.de:63347
2019-09-27T03:56:10Z
7374617475733D707562
7375626A656374733D45:4535
7375626A656374733D45:4535:453538
7375626A656374733D47:4732
7375626A656374733D47:4732:473231
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E32:4E3237
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/63347/
Determinants of Bank Profitability and Basel Capital Regulation: Empirical Evidence from Nigeria
Ozili, Peterson, K
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
E58 - Central Banks and Their Policies
G2 - Financial Institutions and Services
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
N2 - Financial Markets and Institutions
N20 - General, International, or Comparative
N27 - Africa ; Oceania
This study, empirically, investigates the determinants of bank profitability. Overall, I find that the Basel capital regime had no significant effect on bank profitability. This result is significant because it lends support to the view that modified Basel accord in different countries might be aimed to meet other prudential objectives other than the intended objective - to reduce excessive bank risk-taking. Second, after employing NIM and ROA profitability metrics, I find that the determinants of bank profitability, and its significance, depends on the profitability metric employed. Third, I find that loan quality significantly influences bank interest margin while bank size and cost efficiency significantly influences return on asset. Finally, bank capital adequacy is observed to be a significant determinants of bank profitability.
2015-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/63347/1/MPRA_paper_61069.pdf
Ozili, Peterson, K (2015): Determinants of Bank Profitability and Basel Capital Regulation: Empirical Evidence from Nigeria. Published in: Research Journal of Finance and Accounting , Vol. 2, No. 6 (2015): pp. 124-131.
en
oai:mpra.ub.uni-muenchen.de:65894
2019-09-27T10:05:25Z
7374617475733D707562
7375626A656374733D46:4632:463231
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/65894/
International evidence on the link between foreign direct investment and economic freedom
Azman-saini, W.N.W
Tun, Yin-Li
Ibhrahim, Saifuzzaman
F21 - International Investment ; Long-Term Capital Movements
N20 - General, International, or Comparative
Foreign direct investment (FDI) is viewed as one of the key component in the development strategy for many countries,especially for developing ones. However, the distribution of FDI across countries is not uniform as only few countries are able to attract the bulk of FDI. In an effort to further understand the evolution in MNCs locational decision and understand their changing need, this paper examines whether economic freedom has any important role in attracting FDI inflows. To test the hypothesis, this study utilises data from 75 countries over the 1981-2005 period. The resultsof system generalised method-of-moment panel estimator uncover that the importance of economic freedom in attracting FDI inflows is undisputable. This is consistent with the view that improvements in freedom of economic activity provide a better environment for business activity.
2013-06-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/65894/1/MPRA_paper_65894.pdf
Azman-saini, W.N.W and Tun, Yin-Li and Ibhrahim, Saifuzzaman (2013): International evidence on the link between foreign direct investment and economic freedom. Published in: Pertanika Journal of Social Sciences & Humanities No. 21 (2013): pp. 157-170.
en
oai:mpra.ub.uni-muenchen.de:67298
2019-09-30T12:03:19Z
7374617475733D756E707562
7375626A656374733D45:4534:453433
7375626A656374733D47:4732:473231
7375626A656374733D47:4732:473233
7375626A656374733D47:4732:473238
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/67298/
The Determinants of Interest Rates in Microbanks: Age and Scale
Nwachukwu, Jacinta
Asongu, Simplice
E43 - Interest Rates: Determination, Term Structure, and Effects
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors
G28 - Government Policy and Regulation
N20 - General, International, or Comparative
This study investigates the legitimacy of the relatively high interest rates charged by those microfinance institutions (MFIs) which have been transformed into regulated commercial banks using information garnered from a panel of 1232 MFIs from 107 developing countries. Results show that formally regulated micro banks have significantly higher average portfolio yields than their unregulated counterparts. By contrast, large-scale MFIs with more than eight years of experience have succeeded in lowering interest rates, but only up to a certain cut-off point. The implication is that policies which help nascent small-scale MFIs to overcome their cost disadvantages form a more effective pricing strategy than do initiatives to transform them into regulated institutions.
2015-02-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/67298/1/MPRA_paper_67298.pdf
Nwachukwu, Jacinta and Asongu, Simplice (2015): The Determinants of Interest Rates in Microbanks: Age and Scale.
en
oai:mpra.ub.uni-muenchen.de:67785
2019-10-11T04:36:24Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E37:4E3730
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/67785/
Divergent Paths to a Network World. An Approach to the IT from Savings Banks Industry
Maixé-Altés, J. Carles
N20 - General, International, or Comparative
N70 - General, International, or Comparative
This study provides information on how the process of technological globalization was implemented prior to the Internet and what its limits were, which certainly helps to understand how computers are changing the world. One can see divergent patterns in the process of introducing computers (using the worldwide savings bank industry as a reference). However, the foundations of this divergence should be situated within an idiosyncratic and not an asymmetric landscape as a consequence of the role that adoption/appropriation processes (the end-user as an active participant) play in the perspective of technological diffusion.
2015-11-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/67785/1/MPRA_paper_67785.pdf
Maixé-Altés, J. Carles (2015): Divergent Paths to a Network World. An Approach to the IT from Savings Banks Industry.
en
oai:mpra.ub.uni-muenchen.de:68199
2019-09-26T22:56:07Z
7374617475733D756E707562
7375626A656374733D45:4534:453434
7375626A656374733D45:4536:453630
7375626A656374733D45:4536:453632
7375626A656374733D46:4633:463334
7375626A656374733D46:4634:463434
7375626A656374733D47:4730:473031
7375626A656374733D48:4836:483633
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68199/
Banking, Currency, Stock Market and Debt Crises: Revisiting Reinhart & Rogoff Debt Analysis in Spain, 1850-1995
Maixé-Altés, J. Carles
Iglesias, Emma M.
E44 - Financial Markets and the Macroeconomy
E60 - General
E62 - Fiscal Policy
F34 - International Lending and Debt Problems
F44 - International Business Cycles
G01 - Financial Crises
H63 - Debt ; Debt Management ; Sovereign Debt
N10 - General, International, or Comparative
N20 - General, International, or Comparative
What type of crisis is generated when debt increases? We study the Spanish debt evolution in the 19th and 20th centuries by introducing currency and stock-market crises in the Reinhart and Rogoff (2011) framework. We find their same results for the determinants of banking and debt crises but substituting external and public debt with perpetual debt. Moreover, we find that currency crises depend strongly and positively on financial centers crises and negatively and mildly on perpetual debt. We justify the negative relationship due to an inflation tax. We also find that stock-market crises depend only positively and strongly on financial centers crises.
2015-12-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68199/1/MPRA_paper_68199.pdf
Maixé-Altés, J. Carles and Iglesias, Emma M. (2015): Banking, Currency, Stock Market and Debt Crises: Revisiting Reinhart & Rogoff Debt Analysis in Spain, 1850-1995.
en
oai:mpra.ub.uni-muenchen.de:68539
2019-09-27T07:35:59Z
7374617475733D707562
7375626A656374733D42:4231:423130
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423134
7375626A656374733D42:4235:423531
7375626A656374733D45:4533:453332
7375626A656374733D45:4534
7375626A656374733D45:4536
7375626A656374733D45:4536:453635
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68539/
Keynes on the Marginal Efficiency of Capital and the Great Depression
Tsoulfidis, Lefteris
B10 - General
B12 - Classical (includes Adam Smith)
B14 - Socialist ; Marxist
B51 - Socialist ; Marxian ; Sraffian
E32 - Business Fluctuations ; Cycles
E4 - Money and Interest Rates
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
E65 - Studies of Particular Policy Episodes
N20 - General, International, or Comparative
This paper argues that Keynes’s analysis of the marginal efficiency of capital is consistent with the principle of effective demand and is, in this sense, characteristically different from the related classical or neoclassical conceptualisations. Furthermore, the notion of the marginal efficiency of capital is used not only as an explanation of the short term fluctuations in the level of economic activity but also as an interpretation of more serious long term fluctuations such as that of the great depression. Finally, some of Keynes’s economic policy proposals are critically evaluated.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68539/1/MPRA_paper_68539.pdf
Tsoulfidis, Lefteris (2008): Keynes on the Marginal Efficiency of Capital and the Great Depression. Published in: History of Economic Ideas , Vol. 16, No. 3 (2008): pp. 65-78.
en
oai:mpra.ub.uni-muenchen.de:68603
2019-10-01T07:55:05Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F34:4F3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68603/
The Impact of Governance on Economic Growth: The case of Middle Eastern and North African Countries
Emara, Noha
Chiu, I-Ming
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O43 - Institutions and Growth
The main goal of this paper is to evaluate the impact of governance on economic growth using a group of 188 countries. Although our main focus is on the 21 Middle Eastern and North African (MENA) countries, our findings can be applied to the other countries as well.
There are two main contributions in this paper. The first contribution is we are able to create a “composite governance index” (CGI) that summarizes the existing six governance measurements; the Worldwide Governance Indicators (WGI), using the Principal Components Analysis (PCA) method. The first principal component derived from the WGIs explains as large as 81% of the variations in the original six WGI measurements, which indicates that it can be used as a strong indicator for evaluating government’s managerial ability and effectiveness. Following the creation of CGI, the second contribution is we are able to quantify the marginal contribution of improvement in governance to economic performance using PPP adjusted constant per capita GDP data. We find that the per capita GDP would rise by about 2% if the CGI increases by one unit. Using the Rule of 70, the marginal estimate further indicates a mere five-unit improvement in CGI would double the country’s per capita GDP in seven years. Nonetheless, the effect of improvement of governance can not account for the higher than expected per capita GDP in most of the oil rich MENA countries. In other words, the majority of the MENA countries have achieved fragile levels of economic growth that does not depend on sound governance.
2015-12-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68603/1/MPRA_paper_68603.pdf
Emara, Noha and Chiu, I-Ming (2015): The Impact of Governance on Economic Growth: The case of Middle Eastern and North African Countries.
en
oai:mpra.ub.uni-muenchen.de:68639
2019-09-26T10:24:50Z
7374617475733D707562
7375626A656374733D45:4536:453633
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E34:4E3430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68639/
Representation without taxation, taxation without consent; the legacy of Spanish colonialism in America
Irigoin, Alejandra
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
N10 - General, International, or Comparative
N20 - General, International, or Comparative
N40 - General, International, or Comparative
The article examines Spain’s colonial legacy in the long run development of Spanish America. It surveys the fiscal and constitutional outcomes of independence and assesses the relative fiscal and trade burden imposed by colonialism. Constitutional asymmetries between revenue collecting and spending agents constrained de facto governments’ power to tax. Inherent disparities embedded in colonial fiscal system worsened with vaguely defined representation for subjects and territories and troubled their aggregation into a modern representative polity. Governments with limited fiscal capacity failed to deliver public goods and to equitably distribute costs and benefits of independence. Growing indirect taxes, debt and money creation allowed them to transfer the fiscal burden to other constituents or future generations. Taxpayers realised the asymmetry between private contributions and public goods and hence favoured a low but regressive taxation. Comparisons with trajectories in the metropolis and the US are offered to qualify the legacy.
Forthcoming in: Revista de Historia Económica - Journal of Iberian and Latin American Economic History
2015-12-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68639/1/WP227.pdf
Irigoin, Alejandra (2015): Representation without taxation, taxation without consent; the legacy of Spanish colonialism in America. Published in: LSE Economic History Dept Working Papers series No. 227 (15 December 2015): pp. 1-40.
en
oai:mpra.ub.uni-muenchen.de:68683
2019-09-27T17:58:12Z
7374617475733D707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F34:4F3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68683/
Governance and economic growth: The case of Middle Eastern and North African countries
Emara, Noha
Jhonsa, Eric
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O43 - Institutions and Growth
Using a Two-stage Least Square (TSLS) regression for cross-sectional observations of 197 countries for the year 2009, the study estimates the impact of: i) an improvement in the quality of governance on per capita income, and ii) an increase in per capita income on the quality of governance. In line with previous empirical studies, the results suggest a positive, strong, and statistically significant causation from quality of governance to per capita income. In addition, the results suggest a statistically significant causation from per capita income to quality of governance. The estimation results are used to interpret the relationship between governance and growth for the 22 MENA countries. One of the striking results of the study is that, despite the relatively low performance of most of these countries in nearly all of the six measures of governance, their estimated levels per capita of income are higher than for the majority of the countries in the sample. This implies that most MENA countries have achieved a relatively high, but fragile, standard of living for their citizens in the face of poor governance. The fragility of the standard of living in most of these countries was demonstrated by the uprisings in Tunisia, Egypt, and Libya, which had economic grievances as one of their key motivating factors. The findings of the study have two major policy implications. First, development requires a strong effort to improve governance, and second, though to a lesser extent, improving governance requires an exogenous increase in income through means such as multilateral aid.
2014
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68683/1/MPRA_paper_68683.pdf
Emara, Noha and Jhonsa, Eric (2014): Governance and economic growth: The case of Middle Eastern and North African countries. Published in: Journal of Development and Economic Policies , Vol. 16, No. 1 (2014): pp. 47-71.
en
oai:mpra.ub.uni-muenchen.de:68688
2019-10-05T08:55:55Z
7374617475733D707562
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F34:4F3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68688/
Inflation volatility, financial institutions and sovereign debt rating
Emara, Noha
N2 - Financial Markets and Institutions
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O43 - Institutions and Growth
This study analyzes the impact of reducing inflation volatility versus the impact of improving financial institutions with regard to the country’s sovereign debt rating. An empirical analysis of the impact of inflation, inflation volatility and financial institutions on a country’s sovereign debt rating is undertaken using a sample of 37 developed and developing countries over the period 1989–2006. The study estimates a non-linear rating regression that interacts inflation volatility with an index for financial institutions developed in this paper using the principal component analysis. The results suggest that reducing inflation volatility can have a statistically and economically significant positive effect on a country’s sovereign debt rating as compared to the level of inflation. The results also show that improving financial institutions has a statistically and economically significant positive direct and indirect effect on a country’s sovereign debt rating. A decrease of one standard deviation in inflation volatility leads to an increase of about two classifications in a country’s sovereign debt rating. The increase in sovereign debt rating leads to a reduction in the average annual long-term bond yield by about 4.4%. On the other hand, an increase of one standard deviation in the financial institutions’ index leads to an increase in the ratings class of about one class, which in turn reduces the average annual long-term bond yield by about 4.27%.
2012
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68688/1/MPRA_paper_68688.pdf
Emara, Noha (2012): Inflation volatility, financial institutions and sovereign debt rating. Published in: Journal of Development and Economic Policies , Vol. 4, No. 1 (2012): pp. 29-53.
en
oai:mpra.ub.uni-muenchen.de:68689
2019-09-27T12:19:58Z
7374617475733D707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F34:4F3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/68689/
Revisiting sovereign ratings, capital flows and financial contagion in emerging markets
Emara, Noha
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O43 - Institutions and Growth
This study revisits sovereign credit ratings, contagion and capital flows to Emerging Markets (EMs), and clarify the relationship between them. Specifically, this study analyzes how the changes in sovereign rating influence different types of capital flows to EMs and whether the changes in the different kinds of capital flows in one country be explained by a sovereign ratings’ change in another country. Using Arellano-Bover/Blundell-Bond Dynamic Panel System GMM for 23 EMs over the period 1990-2012 the results of the study suggest that sovereign ratings is a crucial factor for EMs’ access to international capital markets and that capital flows is a major source of financing for Ems. In addition, the results show that financial contagion may continue to be a threat to capital flowing into EMs and that financial crisis increases the impact of sovereign rating on foreign direct investment but is not the case with portfolio investment.
2015
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/68689/1/MPRA_paper_68689.pdf
Emara, Noha (2015): Revisiting sovereign ratings, capital flows and financial contagion in emerging markets. Published in: World Journal of Applied Economics , Vol. 1, No. 2
en
oai:mpra.ub.uni-muenchen.de:69672
2019-09-26T22:19:56Z
7374617475733D707562
7375626A656374733D41:4132
7375626A656374733D41:4132:413233
7375626A656374733D42:4230
7375626A656374733D42:4231
7375626A656374733D42:4231:423131
7375626A656374733D42:4231:423135
7375626A656374733D42:4235
7375626A656374733D49:4932
7375626A656374733D49:4933
7375626A656374733D49:4933:493338
7375626A656374733D4E:4E30
7375626A656374733D4E:4E30:4E3031
7375626A656374733D4E:4E31
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E32:4E3233
7375626A656374733D4E:4E32:4E3235
7375626A656374733D4E:4E33
7375626A656374733D4E:4E34
7375626A656374733D50:5030
7375626A656374733D50:5035
7375626A656374733D5A:5A30
7375626A656374733D5A:5A31:5A3131
7375626A656374733D5A:5A31:5A3132
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/69672/
Kontribusi Sarjana Muslim bagi Peradaban Eropa: Melacak Akar Sejarah dan Perkembangan Ekonomi
Jaelani, Aan
A2 - Economic Education and Teaching of Economics
A23 - Graduate
B0 - General
B1 - History of Economic Thought through 1925
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
B15 - Historical ; Institutional ; Evolutionary
B5 - Current Heterodox Approaches
I2 - Education and Research Institutions
I3 - Welfare, Well-Being, and Poverty
I38 - Government Policy ; Provision and Effects of Welfare Programs
N0 - General
N01 - Development of the Discipline: Historiographical; Sources and Methods
N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations
N10 - General, International, or Comparative
N2 - Financial Markets and Institutions
N20 - General, International, or Comparative
N23 - Europe: Pre-1913
N25 - Asia including Middle East
N3 - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy
N4 - Government, War, Law, International Relations, and Regulation
P0 - General
P5 - Comparative Economic Systems
Z0 - General
Z11 - Economics of the Arts and Literature
Z12 - Religion
The development of economic thought in the Islamic tradition started since the beginning of the first century of the Hijrah. This period is a time when the scientific works about how to achieve economic progress and strengthen the country through foreign trade intangibles movements in the West, known as mercantilism in the economic literature. At this stage of history, after the transmission of Greek ideas, the Muslim scholars to innovate and enrich life interpretations of thought in the world at large, then gradually those ideas into decline and forgotten in history. However, these ideas are not recognized by Western scholars, resulting in a missing link that led to the "great gap" in the history of the world economy.
2015-12-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/69672/1/MPRA_paper_69672.pdf
Jaelani, Aan (2015): Kontribusi Sarjana Muslim bagi Peradaban Eropa: Melacak Akar Sejarah dan Perkembangan Ekonomi. Published in: Festival & Seminar Tahunan Seni & Peradaban Tingkat Internasional , Vol. 1, No. Menuju Perdamaian Dunia Melalui Islam Berkemajuan Mencerahkan Keadaban Bangsa-bangsa (23 February 2016): pp. 1-28.
id
oai:mpra.ub.uni-muenchen.de:72571
2019-10-02T10:52:23Z
7374617475733D707562
7375626A656374733D45:4535
7375626A656374733D45:4535:453538
7375626A656374733D47:4732
7375626A656374733D47:4732:473231
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E32:4E3237
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/72571/
Determinants of Bank Profitability and Basel Capital Regulation: Empirical Evidence from Nigeria
Ozili, Peterson Kitakogelu
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
E58 - Central Banks and Their Policies
G2 - Financial Institutions and Services
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
N2 - Financial Markets and Institutions
N20 - General, International, or Comparative
N27 - Africa ; Oceania
This study, empirically, investigates the determinants of bank profitability. After including the regulatory variable into the model, I find no significant difference in bank profitability during pre-and post-capital regulation regime. Second, after employing NIM and ROA profitability metrics, I find that the determinants of bank profitability, and its significance, depends on the profitability metric employed. Third, I find that asset quality is a strong determinant of bank interest margin, relative to return on asset. Also, I observe that economies of scale and scope enables larger banks to be profitable (ROA) relative to smaller banks. Overall, the insignificant effect of Basel capital regime on bank profitability seems to suggest that such regulation might not be aimed at decreasing bank profits.
2015-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/72571/3/MPRA_paper_61048.pdf
Ozili, Peterson Kitakogelu (2015): Determinants of Bank Profitability and Basel Capital Regulation: Empirical Evidence from Nigeria. Published in: Research Journal of Finance and Accounting , Vol. 6, No. 2 (2015): pp. 124-131.
en
oai:mpra.ub.uni-muenchen.de:76009
2019-09-27T17:40:33Z
7374617475733D707562
7375626A656374733D47:4732:473230
7375626A656374733D47:4732:473233
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E32:4E3235
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/76009/
A Comparison between Ottoman Cash Waqfs (CWs) and Participation Banks and Modern Interest-free Financial Institutions
Bulut, Mehmet
Korkut, Cem
G20 - General
G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors
N20 - General, International, or Comparative
N25 - Asia including Middle East
The Ottoman State is accepted as the civilization of waqf so that the borrowing of people who needed cash was provided by waqfs that had cash as capital. These waqfs operated their capitals within the limits that were drawn by Ottoman ulema under the effects of interest ban in Islamic states. These waqfs can be thought of as the pioneers of modern Islamic financial institutions. The CWs became the factor of stability in the Ottoman financial system with controlling high usury rates and determining the market interest rate.
Today, the participation banks as interest-free financial institutions fulfill this function. The participation banks that bring together the people who want to borrow money without interest and the people who want to operate his capital with halal ways are separated from cash waqfs in some respects. In this study, even though they follow similar financial methods, the difference in their purposes and other characteristics of interest-free financial institutions and their pioneer of CWs will be examined.
2016-12-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/76009/1/MPRA_paper_76009.pdf
Bulut, Mehmet and Korkut, Cem (2016): A Comparison between Ottoman Cash Waqfs (CWs) and Participation Banks and Modern Interest-free Financial Institutions. Published in: Vakıflar Dergisi No. 46 (25 December 2016): pp. 22-44.
en
oai:mpra.ub.uni-muenchen.de:84205
2019-09-27T14:49:33Z
7374617475733D707562
7375626A656374733D47:4732:473231
7375626A656374733D4E:4E32:4E3230
7375626A656374733D50:5034:503435
7375626A656374733D5A:5A31:5A3132
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/84205/
A Look to The Ottoman Cash Waqfs As Altruistic Finance Model
Bulut, Mehmet
Korkut, Cem
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
N20 - General, International, or Comparative
P45 - International Trade, Finance, Investment, and Aid
Z12 - Religion
Although the waqfs have existed with the history of humanity and are useful in all societies, they had different role and place in Islamic societies. The waqfs have made institutionalized cooperation and solidarity among people. Especially in Islamic societies, great importance has been attached to waqfs. The waqfs that helped institutionalize the concept of infaq met many needs of the community. One of the Islamic states where the foundations are very active was the Ottoman Empire. The size of the waqf services in the Ottoman Empire expanded so much that, besides the human services, waqfs for injured birds and sick animals were established. The fact that the waqfs are so widespread in the state has made it possible to refer to the Ottoman Empire as a waqf civilization.
One of the waqf types operating in the Ottoman Empire was the cash waqfs (CWs) which were made up of cash in the capital. The CWs operated the cash that made up its capital with various Islamic finance methods. Revenues from the operating money were used in the direction of waqf purpose. The CWs provided the vital necessities of the society such as education and religion in the period they were active in the Ottoman Empire. Another function of these waqfs was to operate as a micro-credit mechanism. Through these waqfs, the surplus and the accumulated savings in the hands of the asset owners were made available to merchants, farmers, craftsmen, and artisans. Hence, these waqfs have served as resource transfer channels as well as functioning as a charity in the society.
The ultimate goal of CWs, which is the pioneer of modern interest-free financial institutions today, is different from these institutions. The CWs did not transfer the profits they got to the waqf founder or owner. The income obtained has been spent to fulfill the charitable services in the direction of the waqf purposes. Therefore, these institutions created Altruistic Finance Model operating within the borders of Islamic prohibitions and orders. In our study, the financial mentality of the Ottoman society in the context of the CWs and how this mentality shaped the CWs will be discussed.
2017-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/84205/1/MPRA_paper_84205.pdf
Bulut, Mehmet and Korkut, Cem (2017): A Look to The Ottoman Cash Waqfs As Altruistic Finance Model. Published in: E-Proceedings of Conference on Philanthropy for Humanitarian Aid (CONPHA) 2017 (May 2017): pp. 1-14.
en
oai:mpra.ub.uni-muenchen.de:87866
2019-09-26T18:34:27Z
7374617475733D696E7072657373
7375626A656374733D45:4534:453433
7375626A656374733D47:4732:473231
7375626A656374733D47:4732:473233
7375626A656374733D47:4732:473238
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/87866/
The determinants of interest rates in microfinance: age, scale and organisational charter
Nwachukwu, Jacinta
Aziz, Aqsa
Tony-Okeke, Uchenna
Asongu, Simplice
E43 - Interest Rates: Determination, Term Structure, and Effects
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors
G28 - Government Policy and Regulation
N20 - General, International, or Comparative
This study compares the responsiveness of microcredit interest rates to age, scale of lending and organisational charter. It uses an unbalanced panel of 300 MFIs from 107 developing countries from 2005 to 2015. Three key trends emerge from the results of a 2SLS regression. First, the adoption of formal microbanking practices raises interest rates compared with other forms of microlending. Second, large scale lending lowers interest rates only for those MFIs that already hold legal banking status. Third, age of operation in excess of eight years exerts a negative impact on interest rates, regardless of scale and charter type of MFI. Collectively, our results indicate that policies which incentivise mature MFIs to share their knowledge will be more effective in helping the nascent institutions to overcome their cost disadvantages compared with reforms to transform them into licensed banks. For MFIs which already hold permits to operate as banks, initiatives to increase loan sizes are key strategic pricing decisions, irrespective of the institution’s age. This study is original in its differentiation of the impact on interest rates of regulations which promote formal banking principles, credit market extension vis-à-vis knowledge sharing between mature and nascent MFIs.
2018-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/87866/1/MPRA_paper_87866.pdf
Nwachukwu, Jacinta and Aziz, Aqsa and Tony-Okeke, Uchenna and Asongu, Simplice (2018): The determinants of interest rates in microfinance: age, scale and organisational charter. Forthcoming in: Review of Development Economics
en
oai:mpra.ub.uni-muenchen.de:88581
2019-09-29T17:31:23Z
7374617475733D756E707562
7375626A656374733D45:4534:453434
7375626A656374733D47:4731:473130
7375626A656374733D47:4732:473230
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/88581/
The Big Bang: Stock Market Capitalization in the Long Run
Kuvshinov, Dmitry
Zimmermann, Kaspar
E44 - Financial Markets and the Macroeconomy
G10 - General
G20 - General
N10 - General, International, or Comparative
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
This paper presents annual stock market capitalization data for 17 advanced economies from 1870 to today. Extending our knowledge beyond individual benchmark years in the seminal work of Rajan and Zingales (2003) reveals a striking new time series pattern: over the long run, the evolution of stock market size resembles a hockey stick. The stock market cap to GDP ratio was stable for more than a century, then tripled in the 1980s and 1990s and remains high to this day. This trend is common across countries and mirrors increases in other financial and price indicators, but happens at a much faster pace. We term this sudden structural shift “the big bang” and use novel data on equity returns, prices and cashflows to explore its underlying drivers. Our first key finding is that the big bang is driven almost entirely by rising equity prices, rather than quantities. Net equity issuance is sizeable but relatively constant over time, and plays very little role in the short, medium and long run swings in stock market cap. Second, much of this price increase cannot be explained by more favourable fundamentals such as profits and taxes. Rather, it is driven by lower equity risk premia – a factor that is linked to subjective beliefs and can be quite fickle, and easily reversible. Third, consistent with this risk premium view of stock market size, the market cap to GDP ratio is a reliable indicator of booms and busts in the equity market. High stock market capitalization – the “Buffet indicator” – forecasts low subsequent equity returns, and low – rather than high – cashflow growth, outperforming standard predictors such as the dividend-price ratio.
2018-08-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/88581/1/MPRA_paper_88581.pdf
Kuvshinov, Dmitry and Zimmermann, Kaspar (2018): The Big Bang: Stock Market Capitalization in the Long Run.
en
oai:mpra.ub.uni-muenchen.de:88733
2019-10-04T16:36:41Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4E:4E32:4E3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/88733/
Outside Lending in the New York City Call Loan Market
Moen, Jon
Tallman, Ellis
N20 - General, International, or Comparative
N21 - U.S. ; Canada: Pre-1913
Before the Panic of 1907 the large New York City banks were able to maintain the call loan market’s liquidity during panics, but the rise in outside lending by trust companies and interior banks in the decade leading up the panic weakened the influence of the large banks. Creating a reliable source of liquidity and reserves external to the financial market like a central bank became obvious after the panic. In the call loan, like the REPO market in 2008, lack of information on the identity of lenders and volume of the market hindered attempts to stop panic-related depositor withdrawals. The call loan market did not contract after 1907; while the trust companies became less important, the New York national banks and outside lenders more than made up the difference.
2018-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/88733/1/MPRA_paper_88733.pdf
Moen, Jon and Tallman, Ellis (2018): Outside Lending in the New York City Call Loan Market.
en
oai:mpra.ub.uni-muenchen.de:90963
2019-09-27T10:04:05Z
7374617475733D707562
7375626A656374733D42:4231:423131
7375626A656374733D48:4831:483131
7375626A656374733D48:4835:483533
7375626A656374733D4E:4E32:4E3230
7375626A656374733D50:5034:503433
7375626A656374733D50:5035:503531
7375626A656374733D5A:5A31:5A3138
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/90963/
Relasi negara dan pasar bebas dalam mewujudkan keadilan ekonomi: Analisis sejarah keuangan publik Islam
Jaelani, Aan
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
H11 - Structure, Scope, and Performance of Government
H53 - Government Expenditures and Welfare Programs
N20 - General, International, or Comparative
P43 - Public Economics ; Financial Economics
P51 - Comparative Analysis of Economic Systems
Z18 - Public Policy
The state becomes a political entity that is responsible for the collective affairs of the community so that it plays an important role in creating economic justice and prospering the community through instruments of development. However, the role of the government in carrying out development depends on public finance which in fact has problems in terms of management and implementation. In the perspective of Islamic economics, public finance is a top priority managed from the side of the sources of income and expenditure used in implementing pro-poor development so as to create prosperity for the community.
2018-11-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/90963/1/MPRA_paper_90963.pdf
Jaelani, Aan (2018): Relasi negara dan pasar bebas dalam mewujudkan keadilan ekonomi: Analisis sejarah keuangan publik Islam. Published in: Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Islam , Vol. 3, No. 2 (26 December 2018): pp. 169-186.
id
oai:mpra.ub.uni-muenchen.de:91559
2019-09-28T09:05:52Z
7374617475733D707562
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/91559/
Identifying the symptoms of financial crises
Batista, Blessica
N2 - Financial Markets and Institutions
N20 - General, International, or Comparative
This article explores if there are common symptoms and steps to international financial crises by examining the causes and progress of financial crisis in Latin America and South East Asia. The symptoms are a currency crisis, a banking crisis, a sovereign debt crisis and a balance of payments crisis. It will also attempt to the question as to what is the relative responsibility of the center and the periphery of the international financial system in the genesis of crises.
2018
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/91559/1/MPRA_paper_91559.pdf
Batista, Blessica (2018): Identifying the symptoms of financial crises. Published in: Asian Journal of Political Economy No. Summer (2018): pp. 78-85.
en
oai:mpra.ub.uni-muenchen.de:94504
2020-03-30T10:23:34Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F34:4F3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/94504/
Sovereign Ratings, Foreign Direct Investment, and Financial Contagion: The Case of Emerging Markets
Emara, Noha
El Said, Aya
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O43 - Institutions and Growth
Using dynamic panel System GMM for 24 EMs over the period 1990-2014, we analyze how changes in sovereign ratings affect FDI inflows to EMs. The study also estimates the contagion effect of a ratings change among any of the BRICS countries on three regions, Europe, the Middle East, and Africa (EMEA) and Latin America and Asia. Third, we estimate the impact of a ratings change on FDI inflows in the presence of two types of crises, the 2007-2009 global financial crisis as well as country-specific crises. The results suggest that sovereign ratings have a statistically significant impact on the flow of FDI to EMs and that the BRICS countries as a bloc exert a statistically significant contagion impact on the FDI inflows into the three regions examined. We also find that the impact of a sovereign ratings change on FDI inflows increases in crisis times, both country-specific, as well as the global financial crisis.
2019
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/94504/1/MPRA_paper_94504.pdf
Emara, Noha and El Said, Aya (2019): Sovereign Ratings, Foreign Direct Investment, and Financial Contagion: The Case of Emerging Markets.
en
oai:mpra.ub.uni-muenchen.de:94784
2019-09-27T05:45:09Z
7374617475733D707562
7375626A656374733D47:4732:473231
7375626A656374733D4E:4E32:4E3230
7375626A656374733D50:5034:503435
7375626A656374733D5A:5A31:5A3132
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/94784/
A Look to Cash Waqfs as an Indicator of Ottoman Financial Mentality
Bulut, Mehmet
Korkut, Cem
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
N20 - General, International, or Comparative
P45 - International Trade, Finance, Investment, and Aid
Z12 - Religion
In spite of the fact that the waqfs have existed with the history of humankind and are helpful in all social communities, they have a different and important place in Islamic societies. The waqfs have made assistance and solidarity between individuals organized and institutionalized. Especially in Islamic societies, a great importance has been attached to waqfs. The waqfs that helped institutionalize the concept of infaq met many needs of the community. One of the Islamic states where the waqfs are very active was the Ottoman Empire. The size of the waqf services in the Ottomans expanded so much that, besides the human services, waqfs for injured birds and sick animals were established. The fact that the waqfs are so widespread in the state has made it possible to refer the Ottoman Empire as a waqf civilization.
One of the waqf types operating in the Ottoman Empire was the cash waqfs (CWs) which had cash money as capital. The CWs operated its capital with various Islamic finance methods. Revenues from the operating money were used in the direction of waqf purpose. The CWs provided the vital necessities of the society such as education and religion in the period they were active in the Ottoman Empire. Another function of these waqfs was to operate as a micro-credit mechanism. Through these waqfs, the surplus and the accumulated savings in the hands of the asset owners were made available to merchants, farmers, craftsmen, and artisans. Hence, these waqfs have served as resource transfer channels as well as functioning as a charity in the society.
The main goal of CWs, which is the pioneer of modern Islamic financial institutions, is different from the goal of Islamic interest-free financial institutions. The CWs did not transfer the profits they got to the waqf founder or owner. The income obtained was spent to fulfill the charitable services. Therefore, these institutions created an altruistic finance model operating within the borders of Islamic prohibitions and orders. This model has its own principles. In our study, the financial mentality of the Ottoman society in the context of the CWs and how this mentality shaped the CWs will be discussed. The basic principles of this mentality and model will be emphasized.
2019
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/94784/1/MPRA_paper_94784.pdf
Bulut, Mehmet and Korkut, Cem (2019): A Look to Cash Waqfs as an Indicator of Ottoman Financial Mentality. Published in: Vakıflar Dergisi No. Özel Sayı (2019): pp. 115-132.
en
oai:mpra.ub.uni-muenchen.de:97741
2019-12-27T17:55:40Z
7374617475733D756E707562
7375626A656374733D42:4231:423131
7375626A656374733D42:4235:423531
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/97741/
Bankers as Immoral? The Parallels between Aquinas’s Views on Usury and Marxian Views of Banking and Credit
Lambert, Thomas
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
B51 - Socialist ; Marxian ; Sraffian
N20 - General, International, or Comparative
Throughout history, the performance, practices and ethics of bankers and banking in general have received mixed reviews in both popular and scholarly writings. Early writings by philosophers, clerics, and scribes played a crucial role in the perceptions of banking and banking occupations. Thomas Aquinas’s thoughts and writings were greatly influenced by the Romans’ and Aristotle’s opinions on usury and the charging of interest, and Aquinas was in a position to have his opinions implemented in policy and practice. Marx noted how banking and credit were used to expand the production and sales of a capitalistic economy beyond certain limits, although his focus was mostly on credit extended to businesses. At the same time, he wrote about how the credit system could lead to economic crises as well as to the concentration and centralization of capital. While lending is motivated by profit, and while households are not coerced into borrowing money, the justice of a system which exploits workers and at the same time encourages them to borrow money in order to maintain a certain standard of living can be viewed as unfair and immoral. The value of goods, according to Aquinas and Marx, should mostly reflect the value of labor embodied in them, and for that reason, labor should be compensated fully for its work. For these reasons, Aquinas and Marxian economists offer somewhat similar views on both the labor theory of value as well as on the morality of certain banking practices. If credit and the banking system also bring about crisis and the greater concentration and centralization of capital, then the morality of these outcomes also needs to be examined.
2019-12-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/97741/1/MPRA_paper_97741.pdf
Lambert, Thomas (2019): Bankers as Immoral? The Parallels between Aquinas’s Views on Usury and Marxian Views of Banking and Credit.
en
oai:mpra.ub.uni-muenchen.de:98785
2020-02-26T09:13:44Z
7374617475733D756E707562
7375626A656374733D41:4131:413130
7375626A656374733D41:4132:413233
7375626A656374733D43:4335:433535
7375626A656374733D45:4530
7375626A656374733D45:4532:453230
7375626A656374733D45:4533:453330
7375626A656374733D45:4534:453434
7375626A656374733D45:4535:453538
7375626A656374733D45:4536:453630
7375626A656374733D46:4633:463333
7375626A656374733D46:4633:463334
7375626A656374733D46:4634:463430
7375626A656374733D46:4634:463434
7375626A656374733D46:4634:463435
7375626A656374733D46:4636:463632
7375626A656374733D46:4636:463635
7375626A656374733D47:4730:473031
7375626A656374733D47:4731:473132
7375626A656374733D47:4731:473133
7375626A656374733D47:4731:473134
7375626A656374733D47:4731:473135
7375626A656374733D47:4731:473138
7375626A656374733D47:4732:473230
7375626A656374733D47:4732:473231
7375626A656374733D47:4732:473232
7375626A656374733D47:4732:473233
7375626A656374733D47:4732:473234
7375626A656374733D47:4732:473238
7375626A656374733D47:4733:473332
7375626A656374733D47:4733:473338
7375626A656374733D4B:4B32:4B3232
7375626A656374733D4C:4C35:4C3531
7375626A656374733D4D:4D30
7375626A656374733D4E:4E32:4E3230
7375626A656374733D5A:5A31:5A3133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/98785/
Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers
Levy, Daniel
Mayer, Tamir
Raviv, Alon
A10 - General
A23 - Graduate
C55 - Large Data Sets: Modeling and Analysis
E0 - General
E20 - General
E30 - General
E44 - Financial Markets and the Macroeconomy
E58 - Central Banks and Their Policies
E60 - General
F33 - International Monetary Arrangements and Institutions
F34 - International Lending and Debt Problems
F40 - General
F44 - International Business Cycles
F45 - Macroeconomic Issues of Monetary Unions
F62 - Macroeconomic Impacts
F65 - Finance
G01 - Financial Crises
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G13 - Contingent Pricing ; Futures Pricing
G14 - Information and Market Efficiency ; Event Studies ; Insider Trading
G15 - International Financial Markets
G18 - Government Policy and Regulation
G20 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
G22 - Insurance ; Insurance Companies ; Actuarial Studies
G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors
G24 - Investment Banking ; Venture Capital ; Brokerage ; Ratings and Ratings Agencies
G28 - Government Policy and Regulation
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
G38 - Government Policy and Regulation
K22 - Business and Securities Law
L51 - Economics of Regulation
M0 - General
N20 - General, International, or Comparative
Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification
Textual analysis of the NBER Working Papers published during 1999–2016 is done to assess the effects of the 2007–2009 crisis on the academic literature. The volume of crisis-related WPs is counter-cyclical, lagging the financial-instability-index. WPs by the Monetary-Economics, Asset-Pricing, and Corporate-Finance program members, hardly refer to “crisis/crises” in the pre-crisis period. As the crisis develops, however, their study-efforts of crisis-related issues increase rapidly, focusing on the links between ‘Repo-and-Securitization’ and the crisis. In contrast, WPs in macroeconomics-related programs refer extensively to “crisis/crises” in the pre-crisis period. These WPs abandon topics of ‘Sudden-Stop’ and ‘Emerging-Markets’ as the crisis developed.
2020-02-23
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/98785/1/MPRA_paper_98785.pdf
Levy, Daniel and Mayer, Tamir and Raviv, Alon (2020): Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers.
en
oai:mpra.ub.uni-muenchen.de:98814
2020-03-02T14:18:08Z
7374617475733D756E707562
7375626A656374733D41:4131:413130
7375626A656374733D41:4132:413233
7375626A656374733D43:4335:433535
7375626A656374733D45:4530
7375626A656374733D45:4532:453230
7375626A656374733D45:4533:453330
7375626A656374733D45:4534:453434
7375626A656374733D45:4535:453538
7375626A656374733D45:4536:453630
7375626A656374733D46:4633:463333
7375626A656374733D46:4633:463334
7375626A656374733D46:4634:463430
7375626A656374733D46:4634:463434
7375626A656374733D46:4634:463435
7375626A656374733D46:4636:463632
7375626A656374733D46:4636:463635
7375626A656374733D47:4730:473031
7375626A656374733D47:4731:473132
7375626A656374733D47:4731:473133
7375626A656374733D47:4731:473134
7375626A656374733D47:4731:473135
7375626A656374733D47:4731:473138
7375626A656374733D47:4732:473230
7375626A656374733D47:4732:473231
7375626A656374733D47:4732:473232
7375626A656374733D47:4732:473233
7375626A656374733D47:4732:473234
7375626A656374733D47:4732:473238
7375626A656374733D47:4733:473332
7375626A656374733D47:4733:473338
7375626A656374733D4B:4B32:4B3232
7375626A656374733D4C:4C35:4C3531
7375626A656374733D4D:4D30
7375626A656374733D4E:4E32:4E3230
7375626A656374733D5A:5A31:5A3133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/98814/
Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers
Levy, Daniel
Mayer, Tamir
Raviv, Alon
A10 - General
A23 - Graduate
C55 - Large Data Sets: Modeling and Analysis
E0 - General
E20 - General
E30 - General
E44 - Financial Markets and the Macroeconomy
E58 - Central Banks and Their Policies
E60 - General
F33 - International Monetary Arrangements and Institutions
F34 - International Lending and Debt Problems
F40 - General
F44 - International Business Cycles
F45 - Macroeconomic Issues of Monetary Unions
F62 - Macroeconomic Impacts
F65 - Finance
G01 - Financial Crises
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G13 - Contingent Pricing ; Futures Pricing
G14 - Information and Market Efficiency ; Event Studies ; Insider Trading
G15 - International Financial Markets
G18 - Government Policy and Regulation
G20 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
G22 - Insurance ; Insurance Companies ; Actuarial Studies
G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors
G24 - Investment Banking ; Venture Capital ; Brokerage ; Ratings and Ratings Agencies
G28 - Government Policy and Regulation
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
G38 - Government Policy and Regulation
K22 - Business and Securities Law
L51 - Economics of Regulation
M0 - General
N20 - General, International, or Comparative
Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification
Textual analysis of 14,270 NBER Working Papers published during 1999–2016 is done to assess the effects of the 2008 crisis on the economics literature. The volume of crisis-related WPs is counter-cyclical, lagging the financial-instability-index. WPs by the Monetary-Economics, Asset-Pricing, and Corporate-Finance program members, hardly refer to “crisis/crises” in the pre-crisis period. As the crisis develops, however, their study-efforts of crisis-related issues increase rapidly. In contrast, WPs in macroeconomics-related programs refer quite extensively in the pre-crisis period to “crisis/crises” and to crises-related topics. Overall, our findings are consistent with the claim that economists were not engaged sufficiently in crises studies before the 2008 crisis. However, counter to the popular image, as soon as the crisis began to unravel, the NBER affiliated economists responded dramatically by switching their focus and efforts to studying and understanding the crisis, its causes and its consequences.
2020-02-26
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/98814/9/MPRA_paper_98814.pdf
Levy, Daniel and Mayer, Tamir and Raviv, Alon (2020): Academic Scholarship in Light of the 2008 Financial Crisis: Textual Analysis of NBER Working Papers.
en
oai:mpra.ub.uni-muenchen.de:99302
2020-03-30T09:21:30Z
7374617475733D756E707562
7375626A656374733D42:4231:423132
7375626A656374733D42:4231:423133
7375626A656374733D42:4231:423135
7375626A656374733D42:4232:423235
7375626A656374733D42:4235:423539
7375626A656374733D45:4533:453331
7375626A656374733D45:4534:453431
7375626A656374733D45:4534:453432
7375626A656374733D45:4535:453531
7375626A656374733D45:4535:453538
7375626A656374733D4E:4E31:4E3130
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/99302/
Is Bitcoin Money? An Economic-Historical Analysis of Money, Its Functions and Its Prerequisites
Umlauft, Thomas
B12 - Classical (includes Adam Smith)
B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
B15 - Historical ; Institutional ; Evolutionary
B25 - Historical ; Institutional ; Evolutionary ; Austrian
B59 - Other
E31 - Price Level ; Inflation ; Deflation
E41 - Demand for Money
E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems
E51 - Money Supply ; Credit ; Money Multipliers
E58 - Central Banks and Their Policies
N10 - General, International, or Comparative
N20 - General, International, or Comparative
Bitcoin and other cryptocurrencies’ spectacular rise over the past years has attracted considerable public and academic interest. The important question arising in this context is whether cryptocurrencies can legitimately be regarded as money. This paper contributes to the current discourse by evaluating cryptocurrencies’ monetary merits based on (1) the orthodox, or Metallist, school of money and (2) the heterodox, or Chartalist, approach. The theoretical as well as empirical findings advanced in this paper serve to illustrate that cryptocurrencies cannot legitimately be regarded as money owing to their lack of essential characteristics universally shared by other monetary systems. By cryptocurrencies’ lack of intrinsic value as well as government support, virtual currencies fail according to the orthodox as well as the heterodox school of money, respectively. In addition, the inelasticity of the bitcoin stock due to the fixed maximum amount of 21 million units stands in sharp contrast to that of other monetary systems – including gold and other depletable resources –, further reducing bitcoin’s suitability as a medium of exchange, and thus as money. In an attempt to explain the apparent discrepancy between the current value the market attaches to cryptocurrencies and their monetary deficiencies, we advance that market participants are misled by what we term the input fallacy of value (IFV). Similar to the labour theory of value, which posits that value is a function of the labour required to produce a good or service, market participants appear to be misled into believing that the value of cryptocurrencies is the product of the input costs required in the “mining” process. In this context, it is overlooked that value, far from merely being a function of labour and capital deployed, is solely determined by the resultant utility. Since, however – as detailed in this paper –, bitcoin lacks the essential characteristics associated with money, cryptocurrencies’ utility, and hence price, should tend towards zero over time.
2018-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/99302/1/MPRA_paper_99302.pdf
Umlauft, Thomas (2018): Is Bitcoin Money? An Economic-Historical Analysis of Money, Its Functions and Its Prerequisites.
en
oai:mpra.ub.uni-muenchen.de:99311
2020-03-30T11:06:46Z
7374617475733D756E707562
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F34:4F3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/99311/
Sovereign Ratings, Foreign Direct Investment, and Financial Contagion: The Case of Emerging Markets
Emara, Noha
El Said, Aya
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O43 - Institutions and Growth
Using dynamic panel System GMM for 24 EMs over the period 1990-2014, we analyze how changes in sovereign ratings affect FDI inflows to EMs. The study also estimates the contagion effect of a ratings change among any of the BRICS countries on three regions, Europe, the Middle East, and Africa (EMEA) and Latin America and Asia. Third, we estimate the impact of a ratings change on FDI inflows in the presence of two types of crises, the 2007-2009 global financial crisis as well as country-specific crises. The results suggest that sovereign ratings have a statistically significant impact on the flow of FDI to EMs and that the BRICS countries as a bloc exert a statistically significant contagion impact on the FDI inflows into the three regions examined. We also find that the impact of a sovereign ratings change on FDI inflows increases in crisis times, both country-specific, as well as the global financial crisis.
2019
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/99311/1/MPRA_paper_94504.pdf
Emara, Noha and El Said, Aya (2019): Sovereign Ratings, Foreign Direct Investment, and Financial Contagion: The Case of Emerging Markets.
en
oai:mpra.ub.uni-muenchen.de:103590
2020-10-21T15:43:50Z
7374617475733D756E707562
7375626A656374733D4E:4E32
7375626A656374733D4E:4E32:4E3230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F34
7375626A656374733D4F:4F34:4F3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/103590/
Economic Freedom and Economic Performance: Does Good Governance Matter? The Case of APAC and OECD Countries
Emara, Noha
Reyes, Loreto
N2 - Financial Markets and Institutions
N20 - General, International, or Comparative
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O4 - Economic Growth and Aggregate Productivity
O43 - Institutions and Growth
Economic freedom is an important determinant of economic growth and income distribution, which are key factors in facilitating economic development. The paper empirically investigates the relationship between economic freedom and economic performance in the APAC and OECD countries. A panel model with fixed effects technique is employed on yearly data for the period 1980-2017, using a number of measures of economic freedom covering the size of government, property rights, monetary policy, access to international trade, and regulation of credit labor, and businesses. The study also investigates the role of governance in affecting the impact of economic freedom on economic performance. The results of the study indicate that economic freedom positively affects economic performance in the selected countries after controlling for country-and time- fixed-effects. Additionally, the study finds that this positive impact is higher for the APAC than for the OECD countries. For APAC countries, a country’s size of government, expansionary monetary policy, and less regulation has a positive and statistically significant impact on its output per worker. Finally, the study finds that governance is a pre-condition for economic freedom, where the impact of economic freedom on economic performance is amplified by about five folds in the presence of better governance including the freedom of a country’s citizens in selecting governments and expressing their political views, political stability, enhanced quality of public services, and control of corruption.
2020-10-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/103590/1/MPRA_paper_103590.pdf
Emara, Noha and Reyes, Loreto (2020): Economic Freedom and Economic Performance: Does Good Governance Matter? The Case of APAC and OECD Countries.
en
oai:mpra.ub.uni-muenchen.de:104298
2020-12-03T07:25:21Z
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7375626A656374733D5A:5A31:5A3132
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https://mpra.ub.uni-muenchen.de/104298/
Fathoming slavery: feudalism, African bondage, globalisation and beyond
Saccal, Alessandro
N20 - General, International, or Comparative
N21 - U.S. ; Canada: Pre-1913
N22 - U.S. ; Canada: 1913-
N23 - Europe: Pre-1913
N24 - Europe: 1913-
N25 - Asia including Middle East
N26 - Latin America ; Caribbean
N27 - Africa ; Oceania
Z12 - Religion
Wherever dechristianisation could not have possibly materialised, in those polities which abandoned God to start with, since the Fall to the eschaton, slavery was never substantially execrated, having continued to this day, net of abolitionism, in globalisation. Thence the perduring Arab slave trade over one millenium and the improbability of an end to the Atlantic one absent abolitionism, which would have withal flowed indeed into globalisation. No sooner was Western Europe by contrast dechristianised at heart, in the tares of Protestantism, than the internal slave raids ended together with the tutelage of feudalism.
2020-11-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/104298/1/MPRA_paper_104298.pdf
Saccal, Alessandro (2020): Fathoming slavery: feudalism, African bondage, globalisation and beyond.
en
oai:mpra.ub.uni-muenchen.de:107951
2021-05-26T01:31:52Z
7374617475733D756E707562
7375626A656374733D4B:4B34:4B3430
7375626A656374733D4E:4E30
7375626A656374733D4E:4E32:4E3230
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7375626A656374733D5A:5A31:5A3130
7375626A656374733D5A:5A31:5A3133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/107951/
A discussion regarding the economic and legal rights of women in Classical Athens (508-323 BCE)
Economou, Emmanouel/Marios/Lazaros
K40 - General
N0 - General
N20 - General, International, or Comparative
N23 - Europe: Pre-1913
Z10 - General
Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification
This paper sheds some light to the position of women in Classical Greece regarding their economic and legal rights including property rights and standing in marriage. In essence, the paper cautions against sweeping generalizations about the view of women in Ancient Greece as lower-class citizens and offers a more nuanced view of women.
2020-03-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/107951/1/MPRA_paper_107951.pdf
Economou, Emmanouel/Marios/Lazaros (2020): A discussion regarding the economic and legal rights of women in Classical Athens (508-323 BCE).
en
oai:mpra.ub.uni-muenchen.de:108969
2021-07-30T13:22:24Z
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7375626A656374733D44:4432:443234
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7375626A656374733D4A:4A34:4A3431
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74797065733D7061706572
https://mpra.ub.uni-muenchen.de/108969/
Efficiency wage (and slavery) efficiency: in theory and in time
Saccal, Alessandro
D02 - Institutions: Design, Formation, Operations, and Impact
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
D41 - Perfect Competition
D42 - Monopoly
D86 - Economics of Contract: Theory
E11 - Marxian ; Sraffian ; Kaleckian
E12 - Keynes ; Keynesian ; Post-Keynesian
E13 - Neoclassical
E23 - Production
E31 - Price Level ; Inflation ; Deflation
E32 - Business Fluctuations ; Cycles
J41 - Labor Contracts
N20 - General, International, or Comparative
N30 - General, International, or Comparative
O43 - Institutions and Growth
P10 - General
P20 - General
P22 - Prices
P30 - General
P37 - Legal Institutions ; Illegal Behavior
P51 - Comparative Analysis of Economic Systems
P52 - Comparative Studies of Particular Economies
The formal differentiation of (i) pain incentives from ordinary rewards, (ii) of effortful from careful production and (iii) of diligent from slothful workers under labour market imperfect competition ultimately suggests that the optimal menu of contracts associates inducements to production kinds following the preference triggered by slothful workers: effortful production with pain incentives and careful production with ordinary rewards. The efficiency of the efficiency wage as interpreted by the sociological theory is therefore discerned to arise under a particular production kind and so is that of slavery its dual (undoubtedly illicit). More broadly, the confusion of the two production kinds under market and state capitalism respectively contributes to the Phillips curve and price rigidity, in the misapplication of ordinary rewards to effortful production. State capitalism jurisprudentially eliminates the risks of dismissal and redundancy and thereby lastly causes effortful production to enter stagnation.
2021-07-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/108969/1/MPRA_paper_108969.pdf
Saccal, Alessandro (2021): Efficiency wage (and slavery) efficiency: in theory and in time.
en
oai:mpra.ub.uni-muenchen.de:109943
2022-08-23T20:31:14Z
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7375626A656374733D45:4534:453430
7375626A656374733D47:4732:473230
7375626A656374733D4C:4C38:4C3831
7375626A656374733D4E:4E32:4E3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/109943/
La transformación en el uso de efectivo y pagos digitales durante la pandemia de Covid-19
Batiz-Lazo, Bernardo
Bautista-González, Manuel A
González-Correa, Ignacio
E40 - General
G20 - General
L81 - Retail and Wholesale Trade ; e-Commerce
N20 - General, International, or Comparative
Resumen: No hay evidencia sustancial de que la pandemia de Covid-19 represente un cambio estructural hacia una economía sin efectivo (cashless) en el sector de pagos minoristas. En el corto plazo, los consumidores aumentaron su volumen de pagos digitales y sin contacto (contactless) como respuesta a los confinamientos y creencias de que el efectivo podría propagar el virus. Sin embargo, lo anterior no ha resultado en una reducción permanente en el uso o eliminación de billetes y monedas. Además, en muchos países se observó la “paradoja del efectivo”, es decir, una disminución del efectivo como medio de pago y, simultáneamente un alza en su demanda precautoria ante la incertidumbre y el deterioro en las expectativas económicas.
Abstract: Definitive and uncontroversial evidence is yet to emerge that the Covid-19 pandemic brought about a structural shift to a cashless economy in the retail payments sector. In the short term, consumers increased their volume of digital and contactless payments in response to lockdowns and beliefs that cash could spread the virus. However, this has not resulted in a permanent reduction in the usage or elimination of banknotes and coins. Moreover, there was a “cash paradox” in many countries, i.e., a decrease in the demand of banknotes as means of payment and, simultaneously, a rise in its precautionary demand of cash given consumers’ heightened uncertainty and the deterioration of economic expectations.
2021-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/109943/1/MPRA_paper_109943.pdf
Batiz-Lazo, Bernardo and Bautista-González, Manuel A and González-Correa, Ignacio (2021): La transformación en el uso de efectivo y pagos digitales durante la pandemia de Covid-19. Forthcoming in: Papeles de Economía Española No. 176 (2022)
es