Liquidity preference, costly state verification, and optimal financial intermediation

Includes bibliographical references (p. 26-27)

A gynandromorph of Xylocopa augusti and an unusual record of X. iris from Brazil (Hymenoptera: Apidae: Xylocopini)

We describe and illustrate for the first time a mixed gynandromorph of Xylocopa(Neoxylocopa) augusti Lepeletier de Saint Fargeau from Buenos Aires, Argentina. Also, we document and discuss a historical specimen of the Old World carpenter bee X. (Copoxyla) iris (Christ) possibly collected in Brazil.Fil: Lucia, Mariano. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; Argentina. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo. División Entomología; ArgentinaFil: Villamil, Soledad Camila. Universidad Nacional del Sur. Departamento de Agronomía. Laboratorio de Estudios Apícolas; ArgentinaFil: Gonzalez, Victor H.. University of Kansas; Estados Unido

Deployable Arches Based on Regular Polygon Geometry

This paper discusses a deployable-arch-structure design that is built using articulated bars, commonly called a scissor-system, and is based on the regular polygon geometry. The deployed-arch shape can be determined by inscribing regular polygon geometry in a circle. It is defined by the: a. number of bars required, b. position of the pivots, c. pivot-point distances, d. bar length, and e. open-geometry angle of the arches. The goal is a deployable half dome made up of semi-arches. Traditional arch construction depends on external structures to provide stability until the keystone is set, which then allows the supports to removed. Deployable structures avoid the need for these external supports greatly simplifying the assembly process and deployment time.Postprint (published version

The Effect of Financial Repression & Enforcement on Entrepreneurship and Economic Development

This paper studies the effect of financial repression and contract enforcement on entrepreneurship and economic development. We construct and solve a general equilibrium model with heterogeneous agents, occupational choice and two Financial frictions: intermediation costs and financial contract enforcement. Occupational choice and firm size are determined endogenously, and depend on agent type (wealth and ability) and the credit market frictions. The model shows that differences across countries in intermediation costs and enforcement generate differences in occupational choice, firm size, credit, output and inequality. Counterfactual experiments are performed for Latin American, European, transition and high growth Asian countries. We use empirical estimates of each country's financial frictions, and United States values for all other parameters. The results allow us to isolate the quantitative effect of these financial frictions in explaining the performance gap between each country and the United States. The results depend critically on whether a general equilibrium factor price effect is operative, which in turn depends on whether financial markets are open or closed. This yields a positive policy prescription: If the goal is to maximize steady-state efficiency, financial reforms should be accompanied by measures to increase financial capital mobility.Financial frictions; Financial reform; Occupational choice; Development

Credit rationing by loan size in commercial loan markets

The authors present a theoretical model in which a profit-maximizing lender may ration credit to businesses by restricting loan size. Such credit rationing occurs despite the absence of differences across borrowers in default risk or loan administration costs. Moreover, the model predicts an interest rate-loan size pattern that matches that observed in U.S. commercial loan markets.Credit ; Bank loans

Computing General Equilibrium Models with Occupational Choice and Financial Frictions

This paper establishes the existence of a stationary equilibrium and a procedure to compute solutions to a class of dynamic general equilibrium models with two important features. First, occupational choice is determined endogenously as a function of heterogeneous agent type, which is defined by an agent's managerial ability and capital bequest. Heterogeneous ability is exogenous and independent across generations. In contrast, bequests link generations and the distribution of bequests evolves endogenously. Second, there is a financial market for capital loans with a deadweight intermediation cost and a repayment incentive constraint. The incentive constraint induces a non-convexity. The paper proves that the competitive equilibrium can be characterized by the bequest distribution and factor prices, and uses the monotone mixing condition to ensure that the stationary bequest distribution that arises from the agent's optimal behavior across generations exists and is unique. The paper next constructs a direct, non-parametric approach to compute the stationary solution. The method reduces the domain of the policy function, thus reducing the computational complexity of the problem.Existence; Computation; Dynamic general equilibrium; Non-convexity

Underlying dimensions of social cohesion in a rural community affected by wartime violence in Colombia

War deteriorates the quality of life of the population and profoundly alters social dynamics. We discuss a rural community in northern Colombia whose population was the victim of a massacre and examine the main components that model social cohesion: (a) positive attitudes towards the community, (b) prosocial behaviours and (c) interpersonal relationships. This investigation is a cross-sectional empirical study that includes an analysis of social support networks. The research involved 106 residents, (81.1%, women), with an average age of 42.5 years (standard deviation (SD) = 16.4), who have lived in the community an average 28.8 years (SD = 18.75). Cluster analysis shows that there are two types of personal networks based on homophily and the duration of the ego-alter relationship. The networks that provide the most types of social support shows a moderate level of homophily according to the type of relationship and place of origin and in which the duration of the ego-alter relationship is shorter, compared to networks characterized by high homophily and in which the duration of the ego-alter relationship is longer (χ2 = 5.609, p < 0.018). Homophily based on place of residence actively affects the sense of community and social cohesion. Moreover, the sense of community is the variable that most affects social cohesion (β = 0.650; p < 0.001) and is, in turn, determined by prosocial behaviour (β = 0.267; p < 0.006). However, prosocial behaviours do not significantly affect interpersonal relationships or community cohesion. The results are discussed to promote social development strategies aimed at building individual, organizational and community capacity to foster psychosocial well-being in post-war contexts.e Centro para la Investigación, el Desarrollo y la Innovación, Universidad Pontificia Bolivariana 202-01/17/G-00

The King of Rockingham County and the Original Bridge to Nowhere

This chapter, reveals the story -- the clash of personalities, the economic tensions, and the political significance -- behind Rockingham County v. Luten Bridge Co. Since its publication in 1929, the opinion has proceeded to leave an impression on generations of law students. Luten Bridge, a staple in most contracts casebooks, is known today as the paradigmatic case that demonstrates the duty to mitigate damages in contract law, whereby a nonbreaching party is not compensated for performance that occurs after the other party announces an intention to breach. This chapter takes on three objectives: it identifies the case\u27s original importance, uncovers the opinion\u27s political and jurisprudential significance, and tells a remarkable story, one that arose within a heated tax revolt pitting the county\u27s farmers against its most celebrated industrialist. Much more than a crisp illustration of the duty to mitigate, Rockingham County v. The Luten Bridge Co. offers a window into a southern community\u27s struggles with a divided social order, the introduction of wealth into local politics, and a changing economy