8,250 research outputs found
Financial Instability under Floating Exchange Rates
Get PDFAt the end of the nineties, many developing countries featured an open capital market and relied heavily on dollar-debt financing of their economy. This paper analyses whether, in this context, clean floating can be a sustainable policy choice. The model is cast as a game between successive generations of investors who decide whether they buy or not the debt of a representative firm. The exchange rate is subject to random shocks, which makes uncertain the private sector’s solvency. We show that a small risk of insolvency would bring about a much larger risk of illiquidity. A rational expectation equilibrium without default can be put forward only in the highly improbable case when the currency is extremely overvalued. The case against flexible exchange rates may be stronger than usually thought.Floating; Rational Expectations; Financial Crises; Developing Countries
The Information Limit to Honest Managerial Behavior
Get PDFIn the last years of the Internet bubble, many managers provided fraudulent financial statements with the aim at inflating the market value of their firms. Is this shortage of honesty an accident or a buit-in feature of shareholder capitalism? This paper argues that in an economy hosting publicly traded companies where investors have only imperfect information about a firm’s type and where a honest financial report may be wrong, at least some bad firms managers will provide false statements. Furthermore, in equilibrium some good firm managers may also resort to corrupt auditors which will issue a favorable report without carrying out any investigation. The frequency of dishonest managers is analysed in keeping with the precision of the report and the total number of firms.Corporate fraud; Accounting information; Manager behavior; Honesty; Perfect Bayesian Equilibrium
Manager Unethical Behavior During The New Economy Bubble
Get PDFThis paper investigates factors that brought about the surge in manager unethical behavior within the US economy. Key structural causes are the weak internal control, perverse incentives related to managers’ compensation, conflicts of interest in the banking and auditing sectors. Unethical behavior was further enhanced by the large economic noise specific to the IT bubble, which emerged in the late nineties against the background of increased deregulation in the goods and financial markets. The US administration opposed to the proliferation of CEO unethical behavior the Sarbanes-Oxley Act of 2002; we argue why some of its provisions might be taken one step furtherUnethical behavior; CEOs; Financial deregulation; Activism; Sarbanes-Oxely Act
Excessive Liability Dollarization in a Simple Signaling Model
Get PDFIf a dollar denominated external debt comes with so many risks, why do emerging economies allow for such an imbalance to accumulate ? The explanation provided in this paper builds on a simple signaling model. By assumption, lenders have no direct possibility to infer a firm’s financial stance. Therefore sound firms might want to borrow dollars and bear a high clearance cost, just in order to signal their type. The success of this policy depends on the behavior of bad firms. When dollar borrowing clearance costs are relatively small with respect to the clearance cost of borrowing in the local currency, the whole private sector would opt for liability dollarization. In this case the signaling effect vanishes, while all firms bear high clearance costs.Original sin; Signaling; Developing countries; Liability dollarization; Perfect Bayesian Equilibrium
Méthodes formelles pour l'étude des programmes (Paul Gochet et Pascal Gribomont)
No full textLazar Radu. Méthodes formelles pour l'étude des programmes (Paul Gochet et Pascal Gribomont). In: Réseaux, volume 12, n°67, 1994. Les jeux vidéo. pp. 208-209
Subduing High Inflation in Romania: How to Better Monetary and Exchange Rate Mechanisms?
Get PDFRomania’s overall economic performance during the first ten years of transition can be termed so far as disappointing: the country has not been able to deliver steady growth, low unemployment and low inflation. This paper focuses on the effectiveness of monetary mechanisms and policies during this period. Special emphasis is set on the exchange rate mechanism. The first part of the text develops a short introduction to relevant monetary theory in the transition context. In the second part, we analyse the stylised facts pertaining to Romanian economy and put forward some weaknesses of its banking system and monetary policies. The conclusion presents a set of recommendations for a reform of the going monetary policy.
E. S. Monseniorele Paul I. Palma : arhiepiscop latin de Bucureşti : oraţiune funebră
No full textDemetriu Radu, Episcop greco-catolic de Oradea Mare
E. S. Monseniorele Paul I. Palma : arhiepiscop latin de Bucureşti : oraţiune funebră / de Demetriu Radu. - Bucureşti : Tipografia "Gutenberg" Joseph Göbl, 1892. - 15 p. ; 20 c
Francesco Arnaldi, Nicolae Lascu, Giuseppe Lugli, Angelo Monteverdi, Ettore Paratore e Radu Vulpe, Studi Ovidiani
No full textvan de Woestijne Paul. Francesco Arnaldi, Nicolae Lascu, Giuseppe Lugli, Angelo Monteverdi, Ettore Paratore e Radu Vulpe, Studi Ovidiani. In: L'antiquité classique, Tome 31, fasc. 1-2, 1962. pp. 360-361
Paul Neagu: hyphen as consequence and catalyst
No full textThe Hyphen at its most basic is a three legged, impractical table, with an isosceles triangle formed by its three legs. It occupies an integral position within Paul Neagu’s practice. His drawings, paintings and sculptures all explore forms, materials and, crucially, concepts which are linked (or ‘hyphenated’) to his oeuvre in its entirety. The Hyphen is the critical fulcrum. Within this practice there is a logical progression of concepts and creations, although key concerns also move back and forth in prominence, eventuating into a philosophically and historically dense practice and narrative — one deliberately interwoven. This dissertation seeks to explain the Hyphen and its context as far as possible, specifically its role as a crucial pivot within a practice overall more concerned with circularity than stand-alone sculpture.
The Hyphen was formally a result of both Neagu’s Romanian heritage and his strong sense of the semiotic capabilities inherent in simple shapes (the triangle, the rectangle, the circle). Conceptually the Hyphen is clearly linked with his Generative Art Code, this being a philosophical approach to life which merits careful explanation in order to clarify this relationship. The Generative Art Code was for Neagu as important a textual guidebook by which to grasp the world as the Hyphen was a visual tool. Also integral to the development of the Hyphen are the works which came before – primarily the anthropocosmic work, his palpable art and the invention of the Generative Art Group. The Hyphen melds form and concept in a highly eccentric, highly intellectual sculpture, derived from philosophical and visual influences and eccentric and intellectual sources.
The dissertation is split into three sections, outlining in turn Neagu’s practice pre-Hyphen, the context in which the Hyphen emerged and the new sculptural oeuvre which emerged from its invention
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