Evidence from credit files is provided to examine bank lending determinants of Thaicommercial banks. Their lending practice follows reasonable patterns as a standardset of variables, including indirect risk variables, explains much of the variance in interestrate spread. Reflecting institutional...

The paper considers the development of the Finance, Tourism and Agricultural industries, as the main sectors of business activity, in Jersey in the twentieth century. The development of the Finance industry (from the arrival of the first merchant bank in the 1960s to its present day standing...

This paper proposes a model that links households and firms, as usual, by markets forfactors and goods and, additionally, by a banking sector that channels households’funds to firms and eliminates idiosyncratic risk. In equilibrium, agency costs and taxbenefits of corporate debt are equalizing...

Der Artikel behandelt den Zusammenhang zwischen politökonomischenEntwicklungen, Staatsfinanzen und öffentlichen Leistungen. In Bezug auf öffentlicheDienstleistungen werden insbesondere Veränderungen der lokalen governancediskutiert. Dabei wird der generelle Zusammenhang zwischen...

This study provides a unied growth theory to correctly predictthe initially negative and subsequently positive relationship between child mortalityand net reproduction observed in industrialized countries over the courseof their demographic transitions. The model captures the intricate...

Recent theories of economic growth have stressed the role of externalities in generating growth. Using data from the Census Bureau that tracks all employers in the whole U.S. private sector economy, we examine the impact of these externalities, as measured by entrepreneurial activity, on...

Alternative Anlagestrategien werden in den USA schon seit etwa 50 Jahren verfolgt. Unter der Bezeichnung Absolute Rendite haben sich solche Strategien in den letzten 10 Jahren als eine eigenständige Anlageform, insbesondere für wohlhabende amerikanische Privatinvestoren, etabliert.(...)

Die vorliegende Arbeit stellt eine praktikable Umsetzung des Shortfall-Ansatzes für die Asset Allocation -Entscheidung von Lebensversicherungsunternehmen dar. In der unterstellten Konstellation hatten die Änderungen durch die Transformation der dritten Lebensrichtlinie (Erhöhung des maximalen...

This paper suggests that changing risk conveys information useful to improve performance.