Banking, Credit Market Imperfection and Growth

We develop a new model that links capital market imperfection to banking emergence and economic growth. It is shown that the banking system emerges endogenously after a first stage of slow economic growth. Interestingly, economic growth increases after the emergence of banking but remains under its potential level. This is due to a credit rationing brake which decreases progressively as the economy develops. Another finding is that a reduction of credit market imperfection reduces the credit rationing stage.endogenous growth, banking emergence, credit rationing, credit market imperfection

Perfectionism and competitive anxiety in athletes: Differentiating striving for perfection and negative reactions to imperfection

Whereas some researchers have argued that perfectionism in sports is maladaptive because it is related to dysfunctional characteristics Such as higher competitive anxiety, the present article argues that striving for perfection is not maladaptive and is unrelated to competitive anxiety. Four samples of athletes (high school athletes, female soccer players, and two samples of university student athletes) completed measures of perfectionism during competitions and competitive anxiety. Across samples, results show that overall perfectionism was associated with higher cognitive and somatic competitive anxiety. However, when striving for perfection and negative reactions to imperfection were differentiated, only the latter were associated with higher anxiety, whereas striving for perfection was unrelated to anxiety. Moreover, once the influence of negative reactions to imperfection was partialled out, striving for perfection was associated with lower anxiety and higher self-confidence. The present findings suggest that striving for perfection in sports is not maladaptive. On the contrary, athletes who strive for perfection and successfully control their negative reactions to imperfection may even experience less anxiety and more self-confidence during competitions

Perfectionism in young musicians: Relations with motivation, effort, achievement, and distress

Many musicians experience anxiety and distress when performing, which has been related to perfectionism. Recent findings, however, show that only some facets of perfectionism are associated with anxiety and distress, whereas other facets are associated with positive characteristics and outcomes such as motivation and achievement. To investigate how different facets of perfectionism are related to motivation, effort, achievement, and distress in musicians, 146 young musicians completed measures of perfectionism (striving for perfection, negative reactions to imperfection, and perceived pressure to be perfect), intrinsic and extrinsic motivation, effort, achievement, and distress. Results showed that striving for perfection was associated with intrinsic motivation (intrinsic/identified reasons), higher effort, and higher achievement. Whereas perceived pressure from music teachers was also associated with intrinsic motivation (identified reasons only), negative reactions to imperfection were associated with extrinsic motivation and higher distress. The findings demonstrate that perfectionism in musicians has both positive and negative sides. While negative reactions to imperfection are clearly unhealthy, striving for perfection may be regarded as a healthy pursuit of excellence

Perfectionism and performance in a new basketball training task: Does striving for perfection enhance or undermine performance?

Objectives: In the psychology of sport and exercise, the question of how perfectionism affects performance is highly debated. While some researchers have identified perfectionism as a hallmark quality of elite athletes, others see perfectionism as a maladaptive characteristic that undermines, rather than helps, athletic performance. Against this background, the purpose of the present study was to investigate how different aspects of perfectionism predict performance and performance increments. Method: A study was conducted with 122 undergraduate athletes to investigate how perfectionism during training affects performance and performance increments in a series of trials with a new basketball training task. Two aspects of perfectionism were examined: striving for perfection and negative reactions to imperfection. Design: The design was a correlational prospective design. Results: Results showed that striving for perfection during training predicted higher performance in the new task. In contrast, negative reactions to imperfection predicted lower performance when athletes attempted the task for the first time, once the positive influence of striving for perfection on task performance was partialled out. However, negative reactions to imperfection did not undermine performance in the consecutive trials. On the contrary, athletes with both high levels of striving for perfection and high levels of negative reactions to imperfection showed the greatest performance increments over the series of trials. Conclusion: The findings suggest that perfectionism is not necessarily a maladaptive characteristic that generally undermines sport performance. Instead, when learning a new training task, perfectionism may enhance performance and lead to performance increments over repeated trials

Growth and business cycles with imperfect credit markets

We study the process of growth and business cycles in an open economy which has access to international ¯nancial markets. The ¯nancial market imperfection originates from costly state veri¯cation and a positive probability of default on loans. The degree of credit market imperfection is endogenously derived. The results show that developed economies are able to borrow on easier terms than emerging countries. The credit market imperfection may cause some economies to fall into a development trap if the initial endowment of capital is too low. The ¯nancial market frictions also generate interesting business cycle dynamics. Financial market imperfections help in replicating the empirical fact that output growth shows positive autocorrelation at short horizons. The model also predicts that a poorer economy will experience a more severe and persistent e®ect on investment and output due to an exogenous shock. --Costly state verification,Credit markets,Growth,Business Cycles

Endogenous labour market imperfection and the HOS model: some counterintuitive trade-theoretic results

This paper introduces endogenous labour market imperfection in an otherwise Heckscher-Ohlin-Samuelson (HOS) model. It demonstrates that this framework satisfies the Stolper-Samuelson theorem and the magnification effect and that it is capable of producing certain trade-theoretic results which are contrary to the standard HOS and the Corden and Findlay (1975) results.Labour market imperfection, Heckscher-Ohlin-Samuelson model, Corden and Findlay model, foreign capital, trade liberalization, general equilibrium