1,720,963 research outputs found
Procyclicality and Strategic Complementarities in Bank Regulation
No full textQuesta tesi racchiude tre lavori tra loro distinti ma legati da due argomenti in comune ovvero come la regolamentazione influenzi il comportamento degli intermediari bancari e il cruciale ruolo delle banche nel garantire il corretto flusso di credito all'economia reale. Questi due temi, sebbene legati, sono spesso affrontati separatamente trascurando che la regolamentazione, influenzando il comportamento degli intermediari bancari, influisca a sua volta anche sul flusso di credito all'economia reale. I primi due capitoli analizzano come il sistema bancario Americano si sia evoluto dagli anni 50 ad oggi. L'analisi sfrutta le proprietà delle Wavelet che permettono di studiare le serie storiche sia nel dominio del tempo sia in quello delle frequenze. Il primo capitolo analizza la relazione tra le sorgenti esterne di finanziamento per le imprese, mentre il secondo verifica se i dati confermano la teoria dell'acceleratore finanziario. Le conclusioni dei primi due capitoli confermano che la regolamentazione bancaria, l'evoluzione finanziaria e lo sviluppo tecnologico hanno modificato il processo decisionale degli intermediari bancari; ciò può spiegare perché negli ultimi decenni abbiamo osservato cicli economici più marcati. Nel terzo capitolo è presentato un modello nel quale gli intermediari bancari sono soggetti a complementarietà strategica nel loro processo decisionale. Nel modello la complementarità è dovuta alla contemporanea presenza di un vincolo sulle risorse disponibili per la vigilanza bancaria e all'ipotesi che la supervisione sia costosa per le banche. Si evidenzia come la presenza della complementarietà strategica possa spingere il sistema bancario a disequilibri, ad esempio un'eccessiva quantità di credito o una sua riduzione spropositata. Il modello evidenzia che le politiche macroprudenziali, come il countercyclical buffer e il loans support program, possono ridurre il rischio di eventi estremi modificando gli incentivi delle banche.This thesis is a collection of three distinct works around two background common topics: how banking regulation effects the banks' behavior, and the role of the banking system in funding the real economy. These two topics are often studied separately, overlooking that banking regulation affects banks' behavior and their choices of lending to corporations, households, and economic and social fabric. To aide our systemic understanding of the implications of banking regulations onto the real economy, we dedicate the first two chapters of this thesis to shed some light on how the banking system evolved over the years. In particular, we analyze the US banking system from the 50s to present, using wavelet analysis. The first chapter studies the relationship between external sources of funds of corporations. The second chapter investigates whether data underpin the financial accelerator mechanism. Our analysis suggests that bank regulation, financial innovation, and technological development profusely affected bank' behavior, and explains why business cycles have become more severe in the past thirty years. In the third chapter we present a model in which banks suffer from strategic complementary. We derive the conditions for strategic complementarities in the behavior of banks in a banking system in which the supervisory authority has a budget constraint on the resources that it can allocate to monitor, and supervision is costly for banks. The strategic complementarity, in turn, can lead to homogeneous private decisions on risk-taking, setting the scene for corners solution as an excessive amount of credit or a credit crunch. In such a framework, the goal of macro-prudential policies consists in simultaneously restraining the incentive of banks in extending an excessive or a too low amount of loans. We show that the countercyclical buffer is a proper tool to reduce the probability of a credit boom, while a loans support program can decrease the probability of a credit crunch
Requiem for the unit root in per capita real GDP? Additional evidence from historical data
No full text
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
Complex agent-based macroeconomics: a manifesto for a new paradigm
No full textWe propose a research agenda in order to develop macroeconomic model building from the perspective of the science of complexit
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
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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