Did Impending War in Europe Help Destroy the Gold Bloc in 1936? An Internal Inconsistency Hypothesis

This paper investigates the gold bloc operated between France, the Netherlands, Switzerland and Belgium, especially over the period after the USA left the gold standard in March 1933 to its end in September 1936. It enquires into the effect of military-political developments in Germany and Italy on the sustainability of the gold bloc between its members. Juxtaposed is the view of leading political scientists, such as Henry Kissinger, who see impending war in Europe as deeply and adversely affecting psychology in Europe, and what may be called the standard "economists' view" that sees the demise of the gold bloc as being caused almost exclusively by economic factors. Developing concepts of external and internal inconsistency of the gold bloc, this investigation concludes that both economic and military-political developments played important roles in destroying the last vestiges of the gold standard.

Motivation and Learning in Mathematics Pre-service Teachers

Based on a review of literature of conceptual and procedural knowledge in relation to intrinsic and extrinsic motivation, the purpose of this study was to test the relationship between conceptual and procedural knowledge and intrinsic and extrinsic motivation. Thirty-eight education students with a mathematics focus (elementary or secondary) in their junior, senior, or fifth year completed a survey with a Likert scale measuring their preference to learning (conceptual or procedural) and their motivation type (intrinsic or extrinsic). Findings showed that secondary mathematics focused students were more likely to prefer learning mathematics conceptually than elementary mathematics focused students. However, secondary and elementary mathematics focused students showed an equal preference for learning mathematics procedurally and sequentially. Elementary and secondary students reported similar intrinsic and extrinsic motivation. Extrinsically motivated students preferred procedural learning more than conceptual learning. While there was no statistically significant preference with intrinsically motivated students, there was a trend favoring preference of conceptual learning over procedural learning. These results tend to support the hypothesis that mathematics focused students who prefer conceptual learning are more intrinsically motivated, and mathematics focused students who prefer procedural learning are more extrinsically motivated.

US Corporate Default Swap Valuation: The Market Liquidity Hypothesis and Autonomous Credit Risk

This paper develops a reduced form three-factor model which includes a liquidity proxy of market conditions which is then used to provide implicit prices. The model prices are then compared with observed market prices of credit default swaps to determine if swap rates adequately reflect market risks. The findings of the analysis illustrate the importance of liquidity in the valuation process. Moreover, market liquidity, a measure of investors. willingness to commit resources in the credit default swap (CDS) market, was also found to improve the valuation of investors. autonomous credit risk. Thus a failure to include a liquidity proxy could underestimate the implied autonomous credit risk. Autonomous credit risk is defined as the fractional credit risk which does not vary with changes in market risk and liquidity conditions.