We build on our earlier model of money in which bank liabilities circulate as a medium of exchange. We investigate optimal bank behavior and the resulting provision of liquidity under a range of central bank regulations. In our model, banks issue inside money under fractional reserves, facing the possibility of excess redemptions. Banks consider the float resulting from money creation and make reserve‐management decisions that affect aggregate liquidity conditions. Numerical examples demonstrate positive bank failure rates when returns to banking are low. Central bank interventions may improve banks' returns and welfare through a reduction in bank failure. 相似文献
This study explores the influence that entrepreneurial cognition, in terms of the dichotomy in human information processing, has on the earliness of internationalization and post-entry speed. Entrepreneurial cognition is investigated through the lens of the dual-process theory, which posits that human information processing is formed of two systems, the experiential cognitive system (System 1) and the rational and analytical cognitive system (System 2). The speed of the entire internationalization process is analyzed in terms of earliness (how soon after inception a company enters its first international market) and post-entry speed (how fast it enters new markets after the first internationalization). Drawing on ten cases, we find that companies that internationalized earlier and faster were managed by entrepreneurs with higher levels of the experiential cognitive system. In contrast, companies that internationalized later and more gradually were managed by entrepreneurs with higher levels of the rational cognitive system. Thus, our study reveals that the speed of the entire process of internationalization is governed, at least partially, by the entrepreneur’s cognition. On the basis of our findings, we introduce three propositions on the moderation that the entrepreneur’s cognition exerts on the well-established relations between environmental signals and both earliness of internationalization and post-internationalization speed.
I analyze how sickness‐absence behavior in Norwegian municipalities was affected by exposure to the terrorist attack in Norway in 2011. The main finding is that in municipalities from which a resident was killed in the attack, sickness absence declined by 4 percent compared with municipalities without victims. The effect is precise, stable, and persistent. The results do not seem to be driven by changing labor market composition. The effect is found also in neighboring municipalities and is larger for people close to the age of the victims. 相似文献
ϕ-divergence statistics quantify the divergence between a joint probability measure and the product of its marginal probabilities
on the basis of contingency tables. Asymptotic properties of these statistics are investigated either considering random sampling
or stratified random sampling with proportional allocation and independence among strata. To finish same tests of hypotheses
of independence are presented.
The research in this paper was supported in part by DGICYT Grants No. PS91-0387 and No. PB91-0155. Their financial support
is gratefully acknowledged. 相似文献
We examine the incentives for upstream firms to consolidate horizontally and the impact of this process on industry performance, when there are downstream entry barriers and firms negotiate bilaterally. In the short run, consumers are not worse off with upstream mergers, since consolidation only results in a redistribution of industry rents. In the long run, consumers are better off after upstream mergers, since they induce more entry into that segment. When social welfare is evaluated, a limit on upstream consolidation may prevent excessive entry; but upstream entry can be sometimes insufficient, if the retailers' intrinsic bargaining power is excessive. 相似文献
This study presents theoretical arguments and evidence that attempt to show the contribution of economic mechanisms typical
of a business for resolving problems of environmental protection. Firstly, a brief synopsis is given of the classic solutions
that environmental economics proposes for correcting environmental externalities. Next, the benefit of expanding these two
mechanisms is discussed so that they include those intermediate mechanisms for which it is not possible to clearly establish
if they are developed within the domain of the market or the business. The study's focus resides in the fact that the explicit
expansion of the range of solutions proposed from a macroeconomic point of view establishes a connecting point between environmental
economics and business economics, an area in which academic attention to environmental matters has been significantly less.
The present work forms part of research project SEC2002-00835, financed by MCYT-FEDER. 相似文献
In this paper, we test for the stationarity of European Union budget deficits over the period 1971–2006, using a panel of
thirteen member countries. Our testing strategy addresses two key concerns with regard to unit root panel data testing, namely
(1) the presence of cross-sectional dependence among the countries in the panel and (2) the identification of potential structural
breaks that might have occurred at different points in time. To address these concerns, we employ an AR-based bootstrap approach
that allows us to test the null hypothesis of joint stationarity with endogenously determined structural breaks. In contrast
to the existing literature, we find that the EU countries considered are characterised by fiscal stationarity over the full
sample period irrespective of us allowing for structural breaks. This conclusion also holds when analysing sub-periods based
on before and after the Maastricht treaty. 相似文献
Quality & Quantity - Oppositional culture theory posits that students who belong to oppressed ethnic minority groups define their ethnic identity in opposition to the majority of students.... 相似文献