Essential Properties and Coinciding Objects

How can a parcel of matter, or collection of particles, simultaneously compose three different objects, characterized by different modal properties? If the statue is gouged it still exists, but not exactly that piece of gold which originally occupied the statue's borders, and the (mass of) gold within that piece can survive dispersal, while the piece cannot. The solution to this "problem of coinciding objects", this paper argues, is that there is, in that space, only the statue. The properties which the piece and the mass supposedly must have, to go on being, are not properties which anything can have necessarily or essentially. Not even having that origin can be essential. There is no object of which the statue is composed, though there are objects (viz., gold atoms) and a kind of stuff (viz., gold) of which it is composed.

Determinants and Effects of Maturity Mismatches in Emerging Markets: Evidence from Bank Level Data

Despite the extensive work on currency mismatches, research on the determinants and effects of maturity mismatches is scarce. In this paper I show that emerging market maturity mismatches are negatively affected by capital inflows and price volatilities. Furthermore, I find that banks with low maturity mismatches are more profitable during crisis periods but less profitable otherwise. The later result implies that banks face a tradeoff between higher returns and risk, hence channeling short term capital into long term loans is caused by cronyism and implicit guarantees rather than the depth of the financial market. The positive relationship between maturity mismatches and price volatility, on the other hand, shows that the banks of countries with high exchange rate and interest rate volatilities can not, or choose not to hedge themselves. These results follow from a panel regression on a data set I constructed by merging bank level data with aggregate data. This is advantageous over traditional studies which focus only on aggregate data.