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| Registros recuperados: 167 | |
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| Madestam, Andreas. |
| I study the coexistence of formal and informal finance in underdeveloped credit markets. While weak institutions constrain formal banks, shallow pockets hamper informal lenders. In such economies, informal finance has two effects. By increasing the investment return it decreases borrowers’ relative payoff following default, inducing banks to lend more liberally (disciplinary effect). By channeling bank capital it reduces banks’ agency costs from lending directly to borrowers, limiting banks’ extension of borrower credit (rent-extraction effect). Among other things, the model shows that informal interest rates are higher, borrower welfare lower, and informal finance more prevalent when the rent-extraction effect prevails, consistent with stylized facts in... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Credit Markets; Financial Development; Institutions; Market Structure; Financial Economics; O12; O16; O17; D40. |
| Ano: 2009 |
URL: http://purl.umn.edu/54288 |
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| Ferto, Imre; Fogarasi, Jozsef. |
| This paper explores the effect of exchange rate volatility and of the institutional quality on international trade flows of transition economies in Central European Countries by applying a gravity model of balance panel between 1999 and 2008. The results show that nominal exchange rate volatility has had a significant negative effect on trade by applying Psuedo- Maximum-Likelihood (PML) estimator method over this period. The institutional quality need to be improved in case of size of government and the quality of regulation. The negative effect of exchange rate volatility on agricultural exports suggests that joining Central European Countries to the euro zone can reduce the negative effects of exchange rate volatility on trade. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: International trade; Gravity model; Exchange rate volatility; Institutions; International Relations/Trade. |
| Ano: 2011 |
URL: http://purl.umn.edu/114351 |
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| Dorward, Andrew; Kydd, Jonathan; Poulton, Colin. |
| This paper argues that the disappointing outcomes of adjustment policies in poor rural economies, principally in sub-Saharan Africa, can be partly attributed to weaknesses in the neo-classical theory which underlies these polices and from associated failures to recognise structural changes (or transitions) in growing agricultural economies. After a brief description of agricultural policy changes in sub Saharan Africa, the mixed achievements of market liberalisation policies are explained using new institutional economic arguments regarding inherent difficulties in economic coordination in poor economies, difficulties which markets themselves cannot overcome. A novel framework is put forward for understanding coordination failure and integrating it with... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Development; Coordination; Markets; Institutions; Marketing; O12; O17; Q12. |
| Ano: 2004 |
URL: http://purl.umn.edu/9535 |
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| Gatzweiler, Franz W.; Volkmann, Jorg. |
| This paper aims at explaining the importance of the democracy stance as compared to the efficiency stance in order to deal with complexity in biodiversity conservation. While the efficiency stance refers to the realm of relatively simple systems, individual rationality, and instrumental values, the complexity stance transcends these boundaries into the realm of complex systems, social rationality and intrinsic values. We argue that the task of biodiversity conservation is impossible to achieve in economically efficient ways, because (a) it is impossible to come to a (fully informed) complete account of all values, not only because it is costly but also because (b) moral values are involved which (by their nature) exclude themselves from being accounted... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Biodiversity conservation; Efficiency; Complexity; Values; Institutions; Resource /Energy Economics and Policy; B52; Q51; Q57. |
| Ano: 2007 |
URL: http://purl.umn.edu/7704 |
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| Registros recuperados: 167 | |
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