Hamlet Without the Prince of Denmark: Relationship Banking and Conditionality Lending in the London Market for Foreign Government Debt, 1815-1913

This paper offers a theory of conditionality lending in 19th century international capital markets. We argue that ownership of reputation signals by prestigious banks rendered them able and willing to monitor government borrowing. Monitoring was a source of rent, and it led bankers to support countries facing liquidity crises in a manner similar to modern descriptions of relationship lending to corporate clients by parent banks. Prestigious bankers' ability to implement conditionality loans and monitor countries' financial policies also enabled them to deal with solvency. We find that, compared with prestigious bankers, bondholders' committees had neither the tools nor the prestige required for effectively dealing with defaulters. Hence such committees were far less important than previous research has claimed

Brain function and macromolecules, vi. Autoradiographic analysis of the effect of a brief training experience on the incorporation of uridine into mouse brain.

In agreement with the data of Beach et al. (these Proceedings, 62, 692 (1969)) on the effects of avoidance training on protein synthesis, we report autoradiographic evidence for the increased incorporation of radioactive uridine into limbic system structures of the brains of trained mice. There is also a decreased incorporation into the outer layers of the neocortex. The observed responses in labeling are restricted to the nuclei of neurons. The significance of these changes in brain function is not known but they may be related to those processes of the memory consolidation phenomenon affected by inhibitors of protein and RNA synthesis