AGENT BANK BEHAVIOR IN BANK LOAN SYNDICATIONS

Using Shared National Credit (SNC) Program data from 1995 to 2000, we extend previous empirical work on bank loan syndications. First, we examine recent trends in the volume and examiner‐based credit quality of loans syndicated through the banking system. Second, we estimate a panel regression model to explain changes in an agent bank's retained share of a syndicated loan in terms of information asymmetries, loan credit quality, capital constraints, and loan age and maturity. We find that these variables are significant determinants of the proportion of a SNC loan retained by an agent bank for its portfolio over time.     

Toward sustainable consumption: Researching voluntary simplifiers

This article examines and extends the notion of voluntary simplifiers (VS). VS are individuals who have freely chosen a frugal, anticonsumer lifestyle that features low resource use and environmental impact. The article will begin by reviewing empirical work with VS and their mainstream counterparts, non‐voluntary simplifiers (NVS). It will go on to identify and locate within this literature an intermediate group: beginner voluntary simplifiers (BVS). BVS may support some aspects of sustainability (such as buying fair‐trade coffee or recycling domestic waste) without either embracing a complete lifestyle change like VS, or completely dismissing ethical or environ‐mental features of products and services they consume, like NVS. Insight into the complex decision‐making processes of BVS is crucial for the understanding of the concept of voluntary simplification and is therefore important for the advancement of sustainable consumption. © 2006 Wiley Periodicals, Inc.     

The Green thumb videotex experiment: Evaluation and policy implications

The authors report on an evaluation of Green Thumb, a videotex experiment carried out by the Cooperative Extension Service and the US Department of Agriculture. Green Thumb provided marketing, weather and other information to 200 farm families in Kentucky. The experiment was a successful demonstration of the concept of providing farming information via new communication technologies, but the specific configuration and organizational arrangements will have to be improved in future systems. Policy issues concerning the role of USDA in future agricultural systems are discussed.     

Do Crises Induce Reform? Simple Empirical Tests of Conventional Wisdom

We find evidence for the crisis-induces-reform hypothesis at extreme values of the inflation rate and the black market premium. Episodes of extremely high inflation or black market premiums are followed by periods of better performance than episodes of moderately high inflation or black market premiums. We fail to find similar evidence of the crisis hypothesis when crisis is measured as a high current account deficit, a high budget deficit, or a negative per capita growth rate. The pattern of foreign aid disbursements may help explain the results. Foreign aid is reduced at extreme values of inflation or the black market premium, while it is actually increased for more extreme values of the current account deficit and the budget deficit.