Investor protection, risk sharing and inequality

This paper studies the relationship between investor protection, financial risk sharing and income inequality. In the presence of market frictions, better protection makes investors more willing to take on entrepreneurial risk while lending to firms. This implies lower cost of external finance and better risk sharing between financiers and entrepreneurs. Investor protection, by boosting the market for risk sharing plays the twofold role of encouraging agents to undertake risky enterprises and providing them with insurance. By increasing the number of risky projects, it raises income inequality. By extending insurance to more agents, it reduces it. As a result, the relationship between the size of the market for risk sharing and income inequality is hump-shaped. Empirical evidence from a cross-section of sixty-eight countries, and a panel of fifty countries over the period 1976-2000, supports the predictions of the model.

Investor protection and income inequality: risk sharing vs risk taking

This paper studies the relationship between investor protection, entrepreneurial risk taking and income inequality. In the presence of market frictions, better protection makes investors more willing to take on entrepreneurial risk when lending to firms, thereby improving the degree of risk sharing between financiers and entrepreneurs. On the other hand, by increasing risk sharing, investor protection also induces more firms to undertake risky projects. By increasing entrepreneurial risk taking, it raises income dispersion. By reducing the risk faced by entrepreneurs, it reduces income volatility. As a result, investor protection raises income inequality to the extent that it fosters risk taking, while it reduces it for a given level of risk taking. Empirical evidence from a panel of forty-five countries spanning the period 1976-2000 supports the predictions of the model.

Insurrection de Naples en 1647. T. 1 / étude historique de Don Angel de Saavedra, duc de Rivas,... ; ouvrage trad. de l'espagnol et précédé d'une introd. par le baron Léon d'Hervey de Saint-Denys

Comprend : Diverses réflexions touchant les révolutions de Naples,...

Insurrection de Naples en 1647. T. 2 / étude historique de Don Angel de Saavedra, duc de Rivas,... ; ouvrage trad. de l'espagnol et précédé d'une introd. par le baron Léon d'Hervey de Saint-Denys

Comprend : Diverses réflexions touchant les révolutions de Naples,...

Cau Oliveros, Miguel Angel: Cerámica tardorromana de cocina de las Islas Baleares, estudio arqueométrico, BAR International Series 1182, 2003.

La sensació que un té quan acaba de llegir el llibre Cerámica tardorromana de cocina de las Islas Baleares. Estudio arqueométrico, de Miguel Angel Cau Ontiveros, és la d'haver llegit diversos libres en un de sol. No sé si hi ha intencionalitat en aquest fet o simplement és fruit d'una preocupa ció més amplia que l'estrictament proposada pel títol de l'obra. Per una part, el propi estudi arqueometric, on les referencies arqueologiques es prenen d'estudis previs fets per altres autors, a excepció deljaciment de Sa Mesquida (Calvia, Mallorca), amb una finalitat clarament historica, la caracterització d'una serie de ceramiques, totes atribuIble s a l'ambit de la cuina en una epoca concreta, per tal de poder determinar basicament el grau d'autosuficiencia d'uns espais insulars.