Towards a Theory of Trade Finance

Cross border transactions are conducted using diffierent payment contracts, the usage of which varies across countries and over time. In this paper I build a model that can explain this observation and study implications from this for international trade. In the model exporters optimally choose payment contracts, trading off differences in enforcement and efficiency between financial markets in different countries. I find that the ability of firms to switch contracts is central to the reaction of trade to variations in financial conditions. Numerical experiments with a two-country version of the model suggest that limiting the choice between payment contracts reduces traded quantities by up to 60 percent.trade finance, payment contracts, trade patterns, financial crisis

Towards a Theory of Trade Finance

Shipping goods internationally is risky and takes time. To allocate risk and to finance the time gap between production and sale, a range of payment contracts is utilized. I study the optimal choice between these payment contracts considering one shot transactions, repeated transactions and implications for trade. The equilibrium contract is determined by financial market characteristics and contracting environments in both the source and the destination country. Trade increases in enforcement probabilities and decreases in financing costs proportional to the time needed for trade. Empirical results from gravity regressions are in line with the model, highly significant and economically relevant.trade finance, payment contracts, trade patterns, distance interaction

CD8+ T-cell responses in vaccination: Reconsidering targets and function in the context of chronic antigen stimulation

Cytotoxic CD8 T cells play important roles in eliminating infected and transformed cells. Owing to their potential for therapeutic applications, significant efforts are dedicated toward developing CD8 T cell-based vaccines. Thus far, CD8 T-cell vaccination strategies have had limited success therapeutically in contrast to those targeting antibody-based immunity. However, if the current challenges and gaps in the understanding of T-cell biology are overcome, the full potential of rational CD8 T-cell vaccine design might be realized. Here, we review recent progress in this direction, focusing on target selection and maintenance of function in the settings of chronic infections and cancers

Bank Bail-Outs, International Linkages and Cooperation

Financial institutions are increasingly linked internationally and engaged in cross-border operations. As a result, financial crises and potential bail-outs by governments have important international implications. Extending Allen and Gale (2000) we provide a model of international contagion allowing for bank bail-outs financed by distortionary taxes. In the sequential game between governments, there are inefficiencies due to spillovers, free-riding and limited burden-sharing. When countries are of equal size, an increase in cross-border deposit holdings improves, in general, the non-cooperative outcome. For efficient crisis managment, ex-ante fiscal burden sharing is essential as ex-post contracts between governments do not achieve the same global welfare.bail-out, contagion, financial crisis, international institutional arrangements

Heterogeneous firms, "Profit Shifting" FDI and international tax competition

Larger firms are more likely to use tax haven operations to exploit international tax differences. We study a tax game between a large country and a tax haven modeling heterogenous monopolistic firms, which can shift profits abroad. We shows that a higher degree of firm heterogeneity (a mean-preserving spread of the cost distribution) increases the degree of tax competition, i.e. it decreases the equilibrium tax rate of the large country, leads to higher outflows of its tax base and thus decreases its equilibrium tax revenue. Similar effects hold for a higher substitutability across varieties. We find that models with homogeneous firms understate the strenght of tax competition.Heterogeneous firms, tax competition, profit shifting, tax havens.

Bank Bailouts, International Linkages and Cooperation

Financial institutions are increasingly linked internationally. As a result, financial crisis and government intervention have stronger effects beyond borders. We provide a model of international contagion allowing for bank bailouts. While a social planner trades off tax distortions, liquidation losses and intra- and intercountry income inequality, in the noncooperative game between governments there are inefficiencies due to externalities, no burden sharing and free-riding. We show that, in absence of cooperation, stronger interbank linkages make government interests diverge, whereas cross-border asset holdings tend to align them. We analyze different forms of cooperation and their effects on global and national welfare.Portfolio choice, international transmission of shocks, monetary policy

Bank Bailouts, International Linkages and Cooperation

Financial institutions are increasingly linked internationally. As a result, financial crisis and government intervention have stronger effects beyond borders. We provide a model of international contagion allowing for bank bailouts. While a social planner trades off tax distortions, liquidation losses and intra- and inter-country income inequality, in the non-cooperative game between governments there are inefficiencies due to externalities, no burden sharing and free-riding. We show that, in absence of cooperation, stronger interbank linkages make government interests diverge, whereas cross-border asset holdings tend to align them. We analyze different forms of cooperation and their effects on global and national welfare.bailout, contagion, financial crisis, international institutional arrangements

Media and religous diversity

This review addresses recent work on media practices in situations of religious diversity. I hereby distinguish three approaches in this literature: the media politics of diversity, religious diversity and the public sphere, and the diversity of religious mediations. Whereas the first focuses on the control of representations of religious diversity and difference, the second strand of research looks at the interaction of religious difference and the public circulation of discourse and images. The third approach takes built-in links between media and religious practices as a starting point to investigate the diversity of modes of interaction between religious practitioners and religious otherworlds and the consequences these modes have for sociocultural life. This article argues that a perspective mindful of the intrinsic relationships of religion and media is best positioned to do justice to the questions provoked by the intersection of media practices and religious difference

Reconsidering mediatization of religion: Islamic televangelism in India

This article proposes a rethinking of religion and mediatization by differentiating between two intersections of religion and media, public religion and religious mediation. I argue that whenever religious change that can be usefully described as mediatization occurs it can best be captured as an effect resulting from the interaction of these two dimensions. Extending the debate on religion and mediatization beyond Christian North Atlantic contexts, I compare two instances of Islamic televangelism in India in order to illustrate the diversity of configurations of public religion and religious mediation even within the same regional setting and religious tradition. My analysis greatly complicates an assessment of mediatization as the subsumption of religion under an extraneous media apparatus, pointing at the highly uneven nature of media-related religious transformation and the ongoing domestication of contemporary media practices into established religious paradigms

Mediating disjunctures of time: Ancestral chronotopes in ritual and media practices

In this article, I approach regimes of time as a medial question, examining the interplay of different temporalities in ritual and media practices among Hindus in Mauritius and Twelver Shi’ite Muslims in Mumbai. These interactions consist of fluctuations between modernist linear modes of time and suspensions of the distinctions of past, present, and future as the performative outcome of certain ritual practices. Drawing on a broad notion of media and mediality, I trace the links between shifting states in the func- tioning of media and the oscillation between the different notions of temporality examined. Analyzing their interconnectedness in ancestral politics and religious mobilizations, I show how media practices provide ways to navigate the heterochronies that characterize such politics and activism. [Keywords: Media, time, temporality, Shi’ism, Hindu pilgrimage, Hindi