Moral hazard in a voluntary deposit insurance system: Revisited

This paper extends Wheelock and Kumbhakar’s (1995) test for moral hazard in the Kansas deposit insurance system (1910-1920). This paper tests and finds evidence of omitted bank-specific effects. Estimates in Wheelock and Kumbhakar (1995), as a result, are biased. This paper introduces unobserved individual heterogeneity to the test for moral hazard, corrects their estimates, and finds more evidence of moral hazard in the Kansas deposit insurance system

América y utopía en el siglo XVI

Represented as the New World for antonomasia, the appearence of America have arisen important questions about the world and its physical and mental representations. So lost of new interpretations sprang in the european social imaginary. America not only meant the discovery of new lands, but also the discovery of a new humanit. The New World imposed itself also in prornoting the conscience of a new chronological dimension. As Thomas More demonstrated in 1516 in his famous De optimo Reipubliccae statu, deque nova insula Utopia, important questions about european civilization values and laws were advanced: at the same at time that Europe was deeply crossed by many troubles and reform aspiration, America became the physical place where the Utopia could be realised. if we examine the different points of view, from Vasco de Quiroga‘s project to reform socially and institutionally, the native communities (disrupted by the Conquista), to the Bartolomé de Las Casas aspiraton of a «universal reforrn of lndias” and to the mexican Franciscans political and social utopia, we obtain the texture of an alternative project. In this project the reminiscence of the primitive Christian communities, was still present, with some erasmian and millenaristic influence, giving an utopic representation of a radically different society. A particular meaning has the «utopia andina», an indigenous project of a «space— time» of redemption from Spanish domination. the Utopia in America was characterised by its aspiration to be set in the reality. In this way, underling the difference of the New World, the Utopian projects contributed to the affirmation of the right of an equality that was not an assimilation and of a difference that was not un inferiority

Dynamic performance of detuned ridge waveguide AlInGaAs distributed feedback laser diodes

The dynamic behavior of AlInGaAs ridge waveguide distributed feedback lasers is reported in this work covering five detuned wavelengths between 1291 nm and 1326 nm for a laser active layer optical peak gain design centered at 1310 nm at room temperature. The detuning is achieved by modifying the laser grating pitch that performs the mode selection within the laser cavity simultaneously across a single processed wafer. The dynamic behavior is evaluated using the resonance frequencies of the detuned lasers measured at a range of injection currents for heatsink temperatures of 25°C and 85°C. The results confirm that a speed improvement can be achieved at 25°C by detuning the laser to shorter wavelengths. However, the results also show that a lower direct modulation bandwidth at 85°C makes the shorter wavelength design less attractive. For communications applications such as 10 Gbps uncooled operation, this trade-off between detuning and modulation bandwidth imply an optimum around −2 nm to +8 nm detuning (measured at 25°C)