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When Good Bankers Go Bad: Is Moral Hazard Evolutionarily Stable?, Atin Basuchoudhary, Troy Siemers, Sam Allen Dec 2013

When Good Bankers Go Bad: Is Moral Hazard Evolutionarily Stable?, Atin Basuchoudhary, Troy Siemers, Sam Allen

Atin Basu Choudhary

We apply existing theory as a preliminary analysis of whether efficient contracts can evolve naturally. Any banker could belong to one of two cultures – patient and impatient. We suggest that the interaction of patient bankers with other patient bankers is a critical element in the success of efficient contracts while the interaction of impatient bankers with other impatient bankers leads to the spread of moral hazard in the banking system. We show that the success (or failure) of efficient contracts depends on the initial proportion of bankers who are part of the patient culture. We further show that regulatory uncertainty ...


A Multivariate Analysis Of The Causal Flow Between Renewable Energy Consumption And Gdp In Tunisia, Ousama Ben Salha, Maamar Sebri Dec 2013

A Multivariate Analysis Of The Causal Flow Between Renewable Energy Consumption And Gdp In Tunisia, Ousama Ben Salha, Maamar Sebri

Ousama Ben Salha

This paper examines the causality linkages between economic growth, renewable energy consumption, CO2 emissions and domestic investment in Tunisia between 1971 and 2010. Using the ARDL bounds testing approach to cointegration, long-run relationships between the variables are identified. The Granger causality analysis, on the other hand, indicates that there is bi-directional causality between renewable energy consumption and economic growth, which supports the feedback hypothesis in Tunisia. In addition, the quantity of CO2 emissions collapses as a reaction to an increase in renewable energy consumption. These findings remain robust even when controlling for the presence of structural break. We conclude that ...


On The Causal Dynamics Between Economic Growth, Renewable Energy Consumption, Co2 Emissions And Trade Openness: Fresh Evidence From Brics Countries, Maamar Sebri, Ousama Ben Salha Dec 2013

On The Causal Dynamics Between Economic Growth, Renewable Energy Consumption, Co2 Emissions And Trade Openness: Fresh Evidence From Brics Countries, Maamar Sebri, Ousama Ben Salha

Ousama Ben Salha

The current study investigates the causal relationship between economic growth and renewable energy consumption in the BRICS countries over the period 1971-2010 within a multivariate framework. The ARDL bounds testing approach to cointegration and vector error correction model (VECM) are used to examine the long-run and causal relationships between economic growth, renewable energy consumption, trade openness and carbon dioxide emissions. Empirical evidence shows that, based on the ARDL estimates, there exist long-run equilibrium relationships among the competing variables. Regarding the VECM results, bi-directional Granger causality exists between economic growth and renewable energy consumption, suggesting the feedback hypothesis, which can explain ...


Does Supporting Passenger Railways Reduce Road Traffic Externalities?, Armin Schmutzler Feb 2013

Does Supporting Passenger Railways Reduce Road Traffic Externalities?, Armin Schmutzler

Armin Schmutzler

Many governments subsidize regional rail service as an alternative to road traffic. This paper assesses whether increases in service frequency reduce road traffic externalities. We exploit differences in service frequency growth by procurement mode following a railway reform in Germany to address endogeneity of service growth. Increases in service frequency reduce the number of severe road traffic accidents, carbon monoxide, nitrogen monoxide, nitrogen dioxide pollution and infant mortality. Placebo regressions with sulfur dioxide and ozone yield no effect. Service frequency growth between 1994 and 2004 improves environmental quality by an amount that is worth approximately 28-40 % of total subsidies. An ...


¿Quo Vadis Paraguay? ¿A Westfalia O Al Mercosur?, Francisco Carlos Ruiz Diaz Feb 2013

¿Quo Vadis Paraguay? ¿A Westfalia O Al Mercosur?, Francisco Carlos Ruiz Diaz

Francisco Carlos Ruiz Diaz

Las relaciones políticas y económicas entre países están estrechamente vinculadas entre sí. Para entender los cambios en la economía mundial, es necesario ahondar en los aspectos centrales de la política internacional, o en otras palabras, de las relaciones internacionales. El sistema actual de las relaciones internacionales se sustenta sobre pilares de los Tratados de Paz de Westfalia de 1648. Estos acuerdos se firmaron con el propósito de poner fin a la guerra de los treinta años, librada entre las potencias hegemónicas de la Europa del Siglo XVII. Los dos aportes más importantes de estos Tratados fueron la imposición del concepto ...


Site Assessment For Environmental Restoration, David A. Bainbridge Jan 2013

Site Assessment For Environmental Restoration, David A. Bainbridge

David A Bainbridge

Restoring degraded desert ecosystems is challenging but it can be done. The first key step is understanding the site history and understanding the disturbance and current site conditions. With this information the appropriate steps can be taken to improve the site ecosystem function and structure.


Wat Is Coöperatief Ondernemen?, Lieve Jacobs, Wim Van Opstal Jan 2013

Wat Is Coöperatief Ondernemen?, Lieve Jacobs, Wim Van Opstal

Wim Van Opstal

De discussie van wat een echte coöperatie is en hoort te zijn, is haast zo oud als de coöperatieve beweging zelf en lijkt soms wel op de zoektocht naar de heilige graal. Toch beschikt de internationale coöperatieve beweging, vertegenwoordigd door de Internationale Coöperatieve Alliantie (ICA), over een referentiekader met een gemeenschappelijke definitie, principes en waarden. Dit referentiekader is zelf het compromis tussen vele verschillende visies en stromingen binnen het coöperatieve denken. Net daarom is het verstandig om dit eerder als een kompas in plaats van als een keurslijf te beschouwen. In deze bijdrage illustreren we de praktische grondslagen en gevolgen ...


Coöperaties In België. Top 100 Van De Grootste Belgische Coöperatieve Vennootschappen In 2011, Wim Van Opstal Jan 2013

Coöperaties In België. Top 100 Van De Grootste Belgische Coöperatieve Vennootschappen In 2011, Wim Van Opstal

Wim Van Opstal

In deze publicatie presenteren we de top 100 van de grootste Belgische coöperatieve vennootschappen in 2011. We bespreken de grootste coöperaties volgens hun economische activiteit en geven zo een venster op de rijke diversiteit aan coöperatieve initiatieven in ons land.


Environmental Innovations, Internationalisation And Local Factors, Massimiliano Mazzanti, Giulio Cainelli, Sandro Montresor Jan 2013

Environmental Innovations, Internationalisation And Local Factors, Massimiliano Mazzanti, Giulio Cainelli, Sandro Montresor

Massimiliano Mazzanti

No abstract provided.


Are Environmental Innovations Embedded Within Organizational Change?, Massimiliano Mazzanti, Davide Antonioli, Susanna Mancinelli Jan 2013

Are Environmental Innovations Embedded Within Organizational Change?, Massimiliano Mazzanti, Davide Antonioli, Susanna Mancinelli

Massimiliano Mazzanti

No abstract provided.