28 resultados para Bank La Chapelle

em Consorci de Serveis Universitaris de Catalunya (CSUC), Spain


Relevância:

30.00% 30.00%

Publicador:

Resumo:

The choice of either the rate of monetary growth or the nominal interest rate as the instrument controlled by monetary authorities has both positive and normative implications for economic performance. We reexamine some of the issues related to the choice of the monetary policy instrument in a dynamic general equilibrium model exhibiting endogenous growth in which a fraction of productive government spending is financed by means of issuing currency. When we evaluate the performance of the two monetary instruments attending to the fluctuations of endogenous variables, we find that the inflation rate is less volatile under nominal interest rate targeting. Concerning the fluctuations of consumption and of the growth rate, both monetary policy instruments lead to statistically equivalent volatilities. Finally, we show that none of these two targeting procedures displays unambiguously higher welfare levels.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

Investigación producida a partir de una estancia en la London South Bank University, Reino Unido, entre los meses de setiembre y diciembre del 2005. Se estudia el trabajo sexual en el Reino Unido desde tres perspectivas diferentes. Por una parte, se trata la historia del feminismo anglosajón respecto a sus visiones sobre la prostitución, desde una aproximación a las fuentes. Por otra parte, se plantea la situación jurídico-política. Finalmente, se presenta brevemente a las principales entidades que dan apoyo al colectivo de trabajadoras del sexo en la ciudad de Londres.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

A l’actualitat trobem nombrosos sistemes aquàtics alterats per diferents efectes d’origen antropogènic. Per tal d’evitar i/o disminuir aquests efectes va sorgir la Directiva Marc de l’Aigua (2000/60/CE) essent aquest un dels seus objectius. Aquest article descriu el funcionament hidrogeològic i l’estat ecològic de la riera de Santa Coloma, afluent de la Tordera (NE Catalunya), des de pràcticament el seu inici a Santa Coloma de Farners (Girona) fins a Riudarenes (Girona). S’intenta establir les possibles influències del funcionament hidrogeològic en l’estat ecològic a partir de dades piezomètriques, de cabal, fisicoquímiques i biològiques. Per aquesta última part s’han utilitzat indicadors biològics com l’índex d’hàbitat fluvial (IHF), avaluant l’hàbitat físic; l’índex de Qualitat del Bosc de Ribera (QBR), per determinar la qualitat ecològica de la zona de ribera; l’índex Biological Monitorig Working Party per a conques internes de Catalunya (BMWPC), per avaluar les diferents famílies de macroinvertebrats que hi viuen i l’índex ECOSTRIMED, una síntesi dels dos índex anteriors.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

Amb aquest projecte s'ha treballat en la direcció de: 1) Implementar un nou recurs en un projecte global de millora de la qualitat docent i d’aplicació de les TIC a l’ensenyament de les diferents assignatures de la matèria d’Història de la Música a la UdL en curs des de fa alguns anys. Concretament, diverses eines per a l’autoavaluació de l’alumnat a través d’un banc de preguntes segons el format de les proves psicomètriques (proves objectives en l’avaluació del rendiment acadèmic dels estudiants o d’elecció múltiple). 2) Arribar a disposar d’un extens banc de preguntes d’elecció múltiple i correcció objectiva en diferents formats, ordenades per blocs, temes, nivells de dificultat, etc., que reuneixin els criteris mínims de fiabilitat, objectivitat i validesa necessaris per a una correcta avaluació del rendiment acadèmic. Entenem que l’avaluació ha de tenir utilitats diferents que van més enllà de la simple puntuació de l’alumnat. Ha de servir també per millorar la docència, per facilitar l’aprenentatge de l’alumne, per assegurar un nivell de competència mínim, per discriminar entre estudiants o per informar la pròpia institució. 3) Aconseguir que l’alumne, a través de l’autoavaluació, entengui que aquest tipus de proves són instruments per continuar aprenent. En aquest sentit les proves d’elecció múltiple permeten tot un seguit d’opcions que ho afavoreixen. 4) Elaborar una eina amb capacitat de generar estadístiques, índex de discriminació i de fer l’anàlisi d’items, tot permetent anar redefinint i millorant els ítems.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

In this paper we propose a new measure of the degree of conservativeness of an inde- pendent central bank and we derive the optimal value from the social welfare perspective. We show that the mere appointment of an independent central bank is not enough to achieve lower inflation, which may explain the mixed results found between central bank independence and inflation in the empirical literature. Further, the optimal central bank should not be too conservative. For instance, we will show that in some circumstances it will be optimal that the central bank is less conservative than society in the Rogoff sense. JEL classification: E58, E63. Keywords: Central bank; Conservativeness; Independence.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

Report for the scientific sojourn at the Instituto de Biociências, of the Universidade de Sao Paulo, Brazil, from 2007 to 2009. African exotic grasses, used as forage crops for cattle, found optimal conditions in Brazilian savannas for their spread. They established as invasive grasses in almost all conservation units, becoming a serius threat to native biote and to most ecological processes. Fire is a cyclical event in Brazilian savannas and can be used as a management tool for enhancing competitivity of native grasses and controlling exotic grasses. Seeking for alternatives for the management of these grasses, this study investigates the effect of recurrent burnings in different periods of the year (fire regimes) on: distribution patterns of exotic grasses and their associations wotih native grasses, the local edaphic characteristics, the nutrient pool of the aerial biomass of both native and exotic grasses, and soil seed banks. This project is held on the IBGE Ecological Reserve, in Brasília (Brazil), in an area destined specifically for research of fire effects on brazilian savannas. The project quantifies: aerial biomass of native and exotic grasses, soil seed bank of exotic grasses, nutrient pool in soil and also in grasses tissues. Spatial relationships for any association between species, as well as for nutrient pools in soil and in plant tissues will be established. A better understanding of these processes will provide useful tools for adopting specific policies on the management of exotic grasses in Brazilian savanna.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

The empirical evidence testing the validity of the rational partisan theory (RPT) has been mixed. In this article, we argue that the inclusion of other macroeconomic policies and the presence of an independent central bank can partly contribute to explain this inconclusiveness. This article expands Alesina s (1987) RPT model to include an extra policy and an independent central bank. With these extensions, the implications of RPT are altered signi ficantly. In particular, when the central bank is more concerned about output than public spending (an assumption made by many papers in this literature), then the direct relationship between in flation and output derived in Alesina (1987) never holds. Keywords: central bank, conservativeness, political uncertainty. JEL Classi fication: E58, E63.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

This paper analyzes how ownership concentration and managerial incentives influences bank risk for a large sample of US banks over the period 1997-2007. Using 2SLS simultaneous equations models, we show that ownership concentration has a positive total effect on bank risk. This is the result of a positive direct effect, which reflects monitoring and opportunistic behavior, and a negative indirect effect, which works through the design of managerial incentive contracts and reflects shareholder preferences toward risk. Large shareholders reduce bank risk by reducing the sensitivity of CEO wealth to stock volatility (Vega) and by increasing the CEO pay-performance sensitivity (Delta). In addition, we show that the direct and indirect effect of ownership concentration on bank risk depends on the type of the largest shareholder (a family, a bank, a corporation or an institutional investor), as well as, on the total shareholding held by each type as a group. Our results suggest that the positive relation between ownership concentration and risk is not the result of preferences towards more risk. Rather, they point at opportunistic behavior of large shareholders.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

Finance is important for development, yet the onset of modern economic growth in Britain lagged the British financial revolution by over a century. We present evidence from a new West-End London private bank to explain this delay. Hoare’s Bank loaned primarily to a highly select and well-born clientele, although it did not discriminate against “unknown” borrowers in the early 18th century. It could not extend credit more generally because of government restrictions (usury limits) and policies (frequent wars). Britain’s financial development could have aided growth substantially, had it not been for the rigidities and turmoil introduced by government interference.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

We analyze the impact of countercyclical capital buffers held by banks on the supplyof credit to firms and their subsequent performance. Spain introduced dynamicprovisioning unrelated to specific bank loan losses in 2000 and modified its formulaparameters in 2005 and 2008. In each case, individual banks were impacteddifferently. The resultant bank-specific shocks to capital buffers, coupled withcomprehensive bank-, firm-, loan-, and loan application-level data, allow us toidentify its impact on the supply of credit and on real activity. Our estimates showthat countercyclical dynamic provisioning smooths cycles in the supply of credit andin bad times upholds firm financing and performance.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

We test whether outside experts have information not available to insiders by usingthe voting record of the Bank of England's Monetary Policy Committee. Memberswith more private information should vote more often against conventional wisdom,which we measure as the average belief of market economists about future interest rates. We find evidence that external members indeed have information notavailable to internals, but also use a quasi-natural experiment to show they mayexaggerate their expertise to obtain reappointment. This implies that an optimalcommittee, even outside monetary policy, should potentially include outsiders, butneeds to manage career concerns.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

Crowding-out during the British Industrial Revolution has long been one of the leadingexplanations for slow growth during the Industrial Revolution, but little empirical evidence exists to support it. We argue that examinations of interest rates are fundamentally misguided, and that the eighteenth- and early nineteenth-century private loan market balanced through quantity rationing. Using a unique set of observations on lending volume at a London goldsmith bank, Hoare s, we document the impact of wartime financing on private credit markets. We conclude that there is considerable evidence that government borrowing, especially during wartime, crowded out private credit.

Relevância:

30.00% 30.00%

Publicador:

Resumo:

This paper studies the effects of financial liberalization and banking crises on growth. It shows that financial liberalization spurs on average economic growth. Banking crises are harmful for growth, but to a lesser extent in countries with open financial systems and good institutions. The positive effect of financial liberalization is robust to different definitions. While the removal of capital account restrictions is effective by increasing financial depth, equity market liberalization affects growth directly. The empirical analysis is performed through GMM dynamic panel data estimations on a panel of 90 countries observed in the period 1975-1999.