1,721,254 research outputs found
Generalised latent variable modelling: multilevel, longitudinal and structural equation models / A. Skrondal and S. Rabe-Hesketh [Review]
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Beyond the sovereign debt crisis: Alternative forms of market-based debt restructuring schemes
No full textThe resolution of the international debt crises has stimulated extensive research on how to design solutions for countries facing external debt overhang problems. This paper analyses the benefits for creditors and debtors of the following 'market-based' debt restructuring schemes: (i) issue of collateralised new assets in exchange for the old debt; (ii) automatic roll-over of the debt repayment with a state-contingent penalty rate. The first proposal combines the basic debt conversion scheme proposed by Krugman (1989) with Cline's proposal (1995) of self-enhancements on the new claims as a form of risk-compensation for creditors (see also Williamson, 1988). Under this scheme the debtor country modifies the stream of the debt service payments by voluntarily exchanging the outstanding debt for new assets with different debt service characteristics where the principal and/or the interest rate payment can be fully or partially collateralised. The roll-over scheme entitles illiquid countries to extend the outstanding debt for a specified period at a penalty rate which is contingent on a measure of the country's creditworthiness. This solution has the desirable effect of reducing the future contractual obligations by lowering the penalty rate on the excess of debt rolled over, thus helping the debtor country to use additional resources to invest' in the economy
Anatomy of credit-less recoveries
No full textThe recovery from the global crisis that erupted in 2007 shows that the decoupling between real and financial variables during the business cycle can lead to negative and long-lasting consequences for the economy. A key feature of the past global crisis in many countries is that the recovery in aggregate output has not been accompanied by a contemporary pick-up in lending flows to the private sector, rendering the recovery credit-less. This paper uses data on output and credit to study the relative roles of demand and supply drivers of credit growth during economic recoveries on a sample of advanced and emerging countries between 1980 and 2014. Using a simple endowment economy model, the paper shows that credit-less recoveries are correlated with liquidity shocks in real and financial markets and with the pace of private sector deleveraging. The empirical analysis shows that during these episodes demand-side frictions played a relatively larger role in predicting the occurrence of the episodes, reflecting weak demand for liquidity by the private sector in the aftermath of the crisis
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Assessing the effects of fiscal policy news under imperfect information
No full textWe study the transmission of fiscal policy under imperfect information where government spending is composed of permanent and transitory components. Agents learn about the previous processes by only observing overall public spending and a noisy signal. Under this theoretical setting, we construct a novel measure of fiscal policy news and show that the estimated variable agrees with the historical narrative evidence for the US economy. Our measure captures sluggish information shocks rather than revisions with the benefit of being generated by a theoretical model. We then document the effects of this proxy on economic activity by using local projection methods. The results indicate that real activity indicators exhibit delayed positive effects. We also notice that public debt shrinks and tax revenues increase after 2 years due to the delayed output expansion in the aftermath of the fiscal news shock
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