Monetary policy in the Franc zone: Country-level credit policy

This extract is taken from the author's original manuscript and has not been reviewed or edited. The definitive version of this extract may be found in the work Macroeconomic Policy in the Franc Zone edited by D Fielding which can be purchased from www.palgrave.co

A Multi-Band Far-Infrared Survey with a Balloon-Borne Telescope

Nine additional radiation sources, above a 3-sigma confidence level of 1300 Jy, were identified at 100 microns by far infrared photometry of the galactic plane using a 0.4 meter aperture, liquid helium cooled, multichannel far infrared balloon-borne telescope. The instrument is described, including its electronics, pointing and suspension systems, and ground support equipment. Testing procedures and flight staging are discussed along with the reduction and analysis of the data acquired. The history of infrared astronomy is reviewed. General infrared techniques and the concerns of balloon astronomers are explored

High resolution 10 mu spectrometry at different planetary latitudes. A practical Hadamard transform spectrometer for astronomical application

Infrared observations at different latitudes were studied in order to obtain spectra in the 10 micrometers region to understand differences in chemical composition or physical structure of the optical features. In order to receive such spectra of a rotating planet, simultaneous observations at different latitudes were made. A Hadamard transform spectrometer with 15 entrance slits was used to obtain 15 simultaneous spectra, at a resolution of 0.01 micrometers. The spectral band covered contained 255 spectral elements

Political Regimes and Sovereign Credit Risk in Europe, 1750-1913

This article uses a new panel data set to perform a statistical analysis of political regimes and sovereign credit risk in Europe from 1750 to 1913. Old Regime polities typically suffered from fiscal fragmentation and absolutist rule. By the start of World War I, however, many such countries had centralized institutions and limited government. Panel regressions indicate that centralized and?or limited regimes were associated with significant improvements in credit risk relative to fragmented and absolutist ones. Structural break tests also reveal close relationships between major turning points in yield series and political transformations

International Coercion, Emulation and Policy Diffusion: Market-Oriented Infrastructure Reforms, 1977-1999

Why do some countries adopt market-oriented reforms such as deregulation, privatization and liberalization of competition in their infrastructure industries while others do not? Why did the pace of adoption accelerate in the 1990s? Building on neo-institutional theory in sociology, we argue that the domestic adoption of market-oriented reforms is strongly influenced by international pressures of coercion and emulation. We find robust support for these arguments with an event-history analysis of the determinants of reform in the telecommunications and electricity sectors of as many as 205 countries and territories between 1977 and 1999. Our results also suggest that the coercive effect of multilateral lending from the IMF, the World Bank or Regional Development Banks is increasing over time, a finding that is consistent with anecdotal evidence that multilateral organizations have broadened the scope of the “conditionality” terms specifying market-oriented reforms imposed on borrowing countries. We discuss the possibility that, by pressuring countries into policy reform, cross-national coercion and emulation may not produce ideal outcomes.http://deepblue.lib.umich.edu/bitstream/2027.42/40099/3/wp713.pd

Different paths to the modern state in Europe: the interaction between domestic political economy and interstate competition

Theoretical work on state formation and capacity has focused mostly on early modern Europe and on the experience of western European states during this period. While a number of European states monopolized domestic tax collection and achieved gains in state capacity during the early modern era, for others revenues stagnated or even declined, and these variations motivated alternative hypotheses for determinants of fiscal and state capacity. In this study we test the basic hypotheses in the existing literature making use of the large date set we have compiled for all of the leading states across the continent. We find strong empirical support for two prevailing threads in the literature, arguing respectively that interstate wars and changes in economic structure towards an urbanized economy had positive fiscal impact. Regarding the main point of contention in the theoretical literature, whether it was representative or authoritarian political regimes that facilitated the gains in fiscal capacity, we do not find conclusive evidence that one performed better than the other. Instead, the empirical evidence we have gathered lends supports to the hypothesis that when under pressure of war, the fiscal performance of representative regimes was better in the more urbanized-commercial economies and the fiscal performance of authoritarian regimes was better in rural-agrarian economie

Empirical Research on Sovereign Debt and Default

The long history of sovereign debt and the associated enforcement problem have attracted researchers in many fields. In this paper, we survey empirical work by economists, historians, and political scientists. As we review the empirical literature, we emphasize parallel developments in the theory of sovereign debt. One major theme emerges. Although recent research has sought to balance theoretical and empirical considerations, there remains a gap between theories of sovereign debt and the data used to test them. We recommend a number of steps that researchers can take to improve the correspondence between theory and data