International debt with unenforceable claims

Debts, External ; Loans, Foreign ; Banks and banking, International ; Developing countries ; Bank loans

Economic Growth with Two Endogenous Factors

Introduction, 349. — I. The two class model, 351. — II. The one class model: diminishing returns, 358. — III. The one class model: infinite growth with constant returns, 365. — Concluding remarks, 37

Jevons e o princípio da utilidade marginal: pesquisa empírica e teoria econômica

Por medio de un análisis crítico e comparativo de los tratados sobre lógica (The Principles of Science) y economía (Theory of Political Ecoonomy), este trabajo tiene como objetivo realizar una lectura del pensamiento de W.S Jevons a partir de su definición de lógica inductiva y de su aplicación en economía tomando como base el principio de la utilidad. El objetivo de Jevons es llevar la economía a la condición de ciencia a través de una aplicación de la lógica inductiva que se encuentra en su trabajo sobre el método científico (The Principles of Science). Dentro de esta propuesta, el principio de la utilidad puede ser concebido como una hipótesis sobre el comportamiento individual apto para verificación empírica.This paper in based on a critical and comparative analysis done over the logic treaty (Principles of Science) and economic treaty (Theory of political Economy), which objective is to analyze W.S Jevons thoughts on his definition on inductive logic and its application in economics, taking as base the profit principle. Jevons objective is to analyze economics as a science under the proposed inductive logic methodology included in his scientific method treaty (Principles of Science). Within this proposal, the profit principal can be conceived as a hypothesis for individual behavior appealable by empiric behavior.Por meio de uma análise crítica e comparativa dos tratados sobre lógica (The Principles of Science) e de economia (Theory of Political Economy), este trabalho tem por escopo produzir uma leitura do pensamento de W.S. Jevons a partir de sua definição de lógica indutiva e de sua aplicação em economia, tomando por base o principio da utilidade. O objetivo de Jevons é trazer a economia para a condição de ciência pela aplicação de uma proposta metodológica de lógica indutiva contida em seu tratado sobre o método científico (The Principles of Science). Dentro desta proposição, o princípio da utilidade pode ser concebido como uma hipótese sobre o comportamento individual, passível de verificação empírica

Economic Growth with Two Endogenous Factors

Introduction, 349. — I. The two class model, 351. — II. The one class model: diminishing returns, 358. — III. The one class model: infinite growth with constant returns, 365. — Concluding remarks, 37

Meeting user needs for sea level rise information: a decision analysis perspective

Despite widespread efforts to implement climate services, there is almost no literature that systematically analyses users' needs. This paper addresses this gap by applying a decision analysis perspective to identify what kind of mean sea‐level rise (SLR) information is needed for local coastal adaptation decisions. We first characterize these decisions, then identify suitable decision analysis approaches and the sea‐level information required, and finally discuss if and how these information needs can be met given the state‐of‐the‐art of sea‐level science. We find that four types of information are needed: i) probabilistic predictions for short term decisions when users are uncertainty tolerant; ii) high‐end and low‐end SLR scenarios chosen for different levels of uncertainty tolerance; iii) upper bounds of SLR for users with a low uncertainty tolerance; and iv) learning scenarios derived from estimating what knowledge will plausibly emerge about SLR over time. Probabilistic predictions can only be attained for the near term (i.e., 2030‐2050) before SLR significantly diverges between low and high emission scenarios, for locations for which modes of climate variability are well understood and the vertical land movement contribution to local sea‐levels is small. Meaningful SLR upper bounds cannot be defined unambiguously from a physical perspective. Low to high‐end scenarios for different levels of uncertainty tolerance, and learning scenarios can be produced, but this involves both expert and user judgments. The decision analysis procedure elaborated here can be applied to other types of climate information that are required for mitigation and adaptation purposes

Credibility and adjustment: gold standards versus currency boards

It is often maintained that currency boards (CBs) and gold standards (GSs) are alike in that they are stringent monetary rules, the two basic features of which are high credibility of monetary authorities and the existence of automatic adjustment (non discretionary) mechanism. This article includes a comparative analysis of these two types of regimes both from the perspective of the sources and mechanisms of generating confidence and credibility, and the elements of operation of the automatic adjustment mechanism. Confidence under the GS is endogenously driven, whereas it is exogenously determined under the CB. CB is a much more asymmetric regime than GS (the adjustment is much to the detriment of peripheral countries) although asymmetry is a typical feature of any monetary regime. The lack of credibility is typical for peripheral countries and cannot be overcome completely even by “hard” monetary regimes.http://deepblue.lib.umich.edu/bitstream/2027.42/40078/3/wp692.pd

International money markets: eurocurrencies

Eurocurrencies are international markets for short-term wholesale bank deposits and loans. They emerged in Western Europe in the late 1950s and rapidly reached a global scale. A Eurocurrency is a form of bank money: an unsecured short-term bank debt denominated in a currency (for instance, US dollars) but issued by banks operating offshore, in a geographical location or a legal space situated outside of the jurisdiction of the national authorities presiding over that currency (for instance, the Federal Reserve). In Eurocurrency markets, banks intermediate mainly between foreign residents. They borrow funds by "accepting" foreign currency deposits and lend foreign currency-denominated funds by "placing" deposits with other banks, by granting short-term loans or investing in other liquid assets. Historically, Eurodollars accounted for the largest share of Eurocurrencies, although other international currencies (Deutsche Marks, Japanese yens, and especially Euros since 1999) played an important role. Eurocurrency markets were a manifestation of financial integration and interdependence in a globalizing economy and performed critical functions in the distribution and creation of international liquidity. At the same time, their fast growth was a recurrent source of concerns for central bankers and policymakers due to their implications for macroeconomic policies and financial stability. This chapter analyzes different aspects of the historical development of Eurocurrency markets and their role in the international monetary and financial system. The first part discusses theoretical interpretations, presents estimates of markets' size, describes their structure, and explains the determinants of their growth. The second part analyzes the spread between Eurodollar rates and other US money market rates, the role of arbitrage, the evolution of risk factors, and the causes of historical episodes of stress and contagion in the interbank market. The last part discusses political economy issues, such as the role of governments and market forces in the emergence of Eurodollars in the 1950s and the failed attempts to impose multilateral controls on Eurocurrency markets in the 1970s