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Paper Money but a Gold Debt. Italy in the Gold Standard
Tattara, Giuseppe; or consequences) - EconWPA - 2002
During the 52 years between the Unification of the Kingdom of Italy and World War 1, the lira was legally convertible into metal for a limited period of time. Although not formally committed to gold, the lira exchange towards the gold standard countries proved remarkably stable,...
Persistent link: https://www.econbiz.de/10005408387
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The effectiveness and usefulness for commodity-dependent countries of new tools in commodity markets: risk management and collateralized finance
Rutten, Lamon - EconWPA - 2003
risk management and various forms of structured finance. It explores the constraints that these entities face in using … modern financial markets, including counterparty and sovereign risk obstacles, and problems in their legal and regulatory …
Persistent link: https://www.econbiz.de/10005413090
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Does Competition Kill Ties?
Lai, Richard Kum-yew - EconWPA - 2005
Venture capital firms (VCs) form syndicates that compete to invest in deals. Does more competition makes it less likely …
Persistent link: https://www.econbiz.de/10005118861
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Measuring Loss Potential of Hedge Fund Strategies
Prado, Marcos Mailoc López de; Peijan, Achim - EconWPA - 2005
We measure the loss potential of Hedge Funds by combining three market risk measures: VaR, Draw-Down and Time Under … results clearly state that market risk may be substantially underestimated by those models which assume Normality or, even … considering Non-Normality, neglect to model time- dependence. Moreover, VaR is an incomplete measure of market risk whenever the …
Persistent link: https://www.econbiz.de/10005134729
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Complementarity, Competition and Institutional Development: The Irish Loan Funds through Three Centuries
Hollis, Aidan; Sweetman, Arthur - EconWPA - 1997
Ireland's loan funds were a long lived, self-sustaining, large-scale microcredit organization that made millions of loans, without collateral, to the poor. We examine the life-cycle of this institution and show how the loan funds responded to their economic environment in ways that benefitted...
Persistent link: https://www.econbiz.de/10005076565
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Microcredit in Pre-Famine Ireland
Hollis, Aidan; Sweetman, Arthur - EconWPA - 1997
Hundreds of independent, local, quasi-charitable microcredit societies, or "loan funds," were lending to as many as 20% of Irish households in the mid-nineteenth century. Monitored by a central regulatory authority, funds in the system were successful in mitigating informational, moral hazard...
Persistent link: https://www.econbiz.de/10005408388
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"Excess Volatility" and the German Stock Market, 1870-1990
Long, J. Bradford De; Becht, Marco - EconWPA - 1995
This paper uses long-run real price and dividends series to investigate for the German stock market the questions asked of the U.S. market by Shiller (1989). It tries to determine in what periods and to what degree the Germanstock market has also possessed "excess volatility" over the past...
Persistent link: https://www.econbiz.de/10005408396
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How the gold standard functioned in Portugal: an analysis of some macroeconomic aspects
Duarte, António Portugal; Andrade, João Sousa - EconWPA - 2005
This paper studies the Gold Standard in Portugal. It was the first country in Europe to join Great Britain in 1854. The principle of free gold convertibility was abandoned in 1891. For the purposes of a macroeconomic study, we also extended the analysis up to 1913. Our study points out the...
Persistent link: https://www.econbiz.de/10005412543
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A Corporate Governance Reform as a Natural Experiment for Incentive Contracts
Bayer, Christian; Burhop, Carsten - EconWPA - 2004
The present paper proposes to employ a major shift in the legal and institutional environment to identify contractual incentives from the correlation of executive pay and firm performance. We use the reform of the German stock companies act in 1884 as such a major shift and estimate the...
Persistent link: https://www.econbiz.de/10005413146
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Exchange-Rate Regimes and International Trade: Evidence from the=20 Classical Gold Standard Era
J. Ernesto L=F3pez-C=F3rdova; = =20 Chris Meissner - EconWPA - 2001
In this paper we show that the spread of the classical gold=20 standard in the late nineteenth century increased international trade=20 flows. This positive effect was compounded whenever a group of countries=20 formed a monetary union. Applying the gravity model of trade to more than=20 1,100...
Persistent link: https://www.econbiz.de/10005556788