Entrepreneurial moral hazard and bank monitoring: a model of the credit channel

This paper develops a model of the choice between bank and market finance by entrepreneurial firms that differ in the value of their net worth. The monitoring associated with bank finance ameliorates a moral hazard problem between the entrepreneurs and their lenders. The model is used to analyze the different strands of the credit view of the transmission of monetary policy. In particular, we derive the empirical implications of a broad credit channel, and compare them to those obtained when the model is extended to incorporate some elements of the bank lending channel.Credit ; Bank supervision

The Impact of Relative Prices on Welfare and Inequality in Brazil, 1995-2005

Our objective in this working paper is to analyze the impact of relative prices on the evolution of welfare and inequality in Brazil from 1995 to 2005. This period was characterized by monetary stability but also by large changes in relative prices. This implies that a homogeneous inflation index will yield questionable results. In order to take relative prices into account in our welfare analysis, we build specific inflation indices for each hundredth of the population ranked by per capita household income. To accomplish this task, we use data from the latest round of the Brazilian income and expenditure survey and price indices obtained from the national consumer price system. We use our distribution-specific inflation indices to deflate the nominal income distributions yielded by the Brazilian annual household survey from 1995 to 2005. Thus, we generate new income distributions that better represent the real purchasing power of the households. Based on these new income distributions, we calculate average incomes and Gini coefficients, investigate the relationships of stochastic dominance as well as Lorenz dominance, and calculate Atkinson?s social welfare function for inequality aversion parameters varying from 0.1 to 0.9. Our results can be summarized into three stylized facts: i) inflation during the 1995-2005 period was distributionally progressive up to the 93rd hundredth of the per capita household income distribution; ii) taking relative prices into account, the Gini coefficient falls 0.61 points (or 19 per cent) more than when a general price index is used; iii) surprisingly, average income deflated by the distribution-specific indices differs significantly from average income deflated by the general price index, i.e., it falls instead of rising slightly from 1995 to 2005.Relative Prices, Welfare, Inequality, Brazil

prueba de la discretitud del espectro de la membrana bosónica abierta

Using a spectral theorem for Schrodinger like equations, we present a proof of the discreteness of the spectrum for open bosonic membrane, considering L2 immersion maps from the 2 dimensional interval, at constant time, to at minkowski space. The residual area preserving symmetry and the BRST action were studied in a residual gauge xing choice that allows a simpplification of the efective membrane action. Some differences between discretised membrane and the SU(N ! 1) Yang Mills model explains apparently contradictory results reported on the spectrum.Usando un teorema espectral para ecuaciones tipo Schrodinger, se presenta una prueba de la discretitud del espectro de autovalores de la membrana bosónica abierta, considerando inmersiones L2 del intervalo 2 dimensional, a tiempo constante, al espacio minkowskiano plano. Se estudian la simetría residual que preserva áreas y su acción BRST en una elección de calibre residual que permite simplificar la accóon efectiva de la membrana. Algunas diferencias entre la membrana discretizada y el modelo Yang Mills con SU(N ! 1) explican resultados aparentemente contradictorios sobre el espectro

Targeting and Coverage of the Bolsa Família Programme: Why Knowing What You Measure Is Important In Choosing the Numbers

The trade-off between targeting and coverage has always been something of a quandary for progressive cash transfers, particularly those that are not entitlements. Undue inclusion errors mean that families or individuals whose need is not so great are being paid at the expense of either taxpayers or other budgetary priorities. Undue exclusion errors mean that those who are in need, sometimes in desperate need, are not being helped by the state. This trade-off is somewhat less extreme for entitlements. If the law says that families whose income is less than a quarter of a minimum wage are entitled to a given cash allowance, then all those whose income falls under that line should receive the allowance. There is still a trade-off because measurement error still occurs, but the discussion centres only on the inclusion criteria. Most conditional cash transfers (CCTs), however, are not entitlements. (...)Targeting and Coverage of the Bolsa Família Programme: Why Knowing What You Measure Is Important In Choosing the Numbers

Redescripción del género Cryphidium (Cryphaeaceae, Bryophyta), con notas sobre su taxonomía

Cryphidium leucocoleum (Mitt.) A. Jaeger is a member of Cryphaeaceae, a mainly pleurocarpic moss family. The finding of this controversial species in the Pampa Region allowed us to carry out a comprehensive study about its taxonomy and morphology. As a result, the first complete description and illustration of the species are here presented. Additionally, the nomenclatural identity of other species is clarified.Cryphidium leucocoleum (Mitt.) A. Jaeger es un miembro de Cryphaeaceae, una familia de musgos predominantemente pleurocárpicos. El hallazgo de esta especie, con posición taxonómica muy discutida, en la Región Pampeana nos permitió llevar a cabo un estudio meticuloso acerca de su taxonomía y morfología. Como resultado, se presenta la primera descripción e ilustración completa de la especie. Adicionalmente, la identidad nomenclatural de otras especies es definida.Fil: Flores, Jorge Rafael. Universidad Nacional de Tucumán. Facultad de Ciencias Naturales e Instituto Miguel Lillo; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Suarez, Guillermo Martin. Universidad Nacional de Tucumán. Facultad de Ciencias Naturales e Instituto Miguel Lillo; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin

The Asian Pohlia trematodontea, is a new synonym of Pohlia elongata (Bryophyta, Bryales)

Pohlia trematodontea was first described by C. Müller (1853) as Bryum trematodonteum based on material collected in India, and moved to Webera by A. Jaeger (1875). Crosby et al. (1999), considered the species as insufficiently know. During a visit to the Natural History Museum of London in England (BM), we were able to locate the type material, which consists of contorted leaves when dry and a long capsule (about 5 mm), with a distinct neck (2,6 mm long). The plants of P. trematodontea exhibit thick-walled leaf cells, paroicous sexual condition and endostome teeth yellow, none or narrowly perforate. Our observations confirm that P. trematodontea is indistinguishable from P. elongata, a species widely distributed in temperate, tropical and subtropical regions of the world (Suárez & Schiavone, 2011). Thus, we here propose it as new synonym.Fil: Suarez, Guillermo Martin. Universidad Nacional de Tucumán. Facultad de Ciencias Naturales e Instituto Miguel Lillo; Argentina. Fundación Miguel Lillo; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Flores, Jorge Rafael. Universidad Nacional de Tucumán. Facultad de Ciencias Naturales e Instituto Miguel Lillo; Argentina. Fundación Miguel Lillo; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin

Environmental preferences of adolescents within a low ecological footprint country

As Cuba achieves one of the lowest per capita ecological footprints in the world, the country’s overshoot day was on 1 December 2019, while some European countries already reach this limit in February (e.g., Luxembourg), monitoring the environmental preferences of the Cuban younger generation may offer valuable behavioral or pedagogical insights into such a society. As accepted standardized measures exist in the scales of 2-Major Environmental Values (2-MEV) and the General Ecological Behavior (GEB), both measures are following the necessary psychometric requirement, as they have the unique advantage of repeated independent confirmation (and thus provide an external validity). These captured 40 items of reported behavior originating in six subscales that total in a single main cover score. The first one (2-MEV) monitors individual biocentric and anthropocentric preferences with a 20 item-set by relying upon these two higher-order factors of “Preservation” (PRE) and “Utilization” (UTL). Although many language versions already exist (33 in the case of the 2-MEV) for verifying validities and reliabilities of both scales, a country such as Cuba may affirm that this is due to expected cultural differences as well as their exceptionally low global footprint. Additionally, neither the individual connectedness with nature nor the diurnal preferences within the linear structural model showed a substantial relationship to PRE or UTL. Nevertheless, all the regression scores follow the expected positive or negative directions, albeit not all the fit scores turned out as satisfactorily. Apparently, the applied measures secure a good basis for measuring the attitudinal and behavioral framework, but will need further fine tuning to completely monitor the environmental preferences of Cuban adolescents

Material fructificado de Chenia lorentzii (Bryophyta, Pottiaceae) hallado en Argentina y una evaluación del valor taxonómico del esporofito en el género Chenia

En la presente contribución, el esporofito de Chenia lorentzii es descrito en detalle y se proveen fotomicrografías. Además, el rol de los caracteres esporofíticos es discutido en un contexto filogenético. Para ello, primero, se lleva a cabo un análisis filogenético de un dataset reducido de géneros de Pottiaceae empleando marcadores moleculares (nad5, rps4, 26S) y datos combinados (morfología y marcadores moleculares). Luego, los caracteres esporofíticos y gametofíticos son mapeados en el árbol de moléculas y su ajuste a la filogenia es medida en base a su número de pasos extras y el número de nodos diagnosticados. Los resultados sugieren que los caracteres esporofíticos deben ser evaluados con precaución al momento de proponer cambios nomenclaturales a nivel genérico.In the present contribution, the sporophyte of Chenia lorentzii is described in detail and microphotographs are provided. In addition, the role of sporophytic characters is discussed in a phylogenetic context. To accomplish this task, first, a phylogenetic analysis of a reduced dataset of Pottiaceae genera was carried out by using molecular data (nad5, rps4, 26S) and combined data (morphology and molecular markers). Then, gametophytic and sporophytic characters were mapped onto the molecular tree and their fit to the phylogeny was assessed on the basis of their extra steps and the number of diagnosed nodes. Results suggest that sporophytic characters should be treated with caution when nomenclatural generic changes are proposed.Fil: Flores, Jorge Rafael. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico - Tucumán. Unidad Ejecutora Lillo; ArgentinaFil: Suarez, Guillermo Martin. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico - Tucumán. Unidad Ejecutora Lillo; Argentin