walrasian equilibria as limits of noncooperative equilibria part i mixed strategies abstract we examine the connection between walrasian equilibria of a limit economy with infinitesimal firms and the noncooperative cournot equilibria of approximating finite economies with significant firms following earlier work of novshek and sonnenschein we allow for set up cost and permit a minimal form of mixed strategies we depart from them by requiring that the aggregate production set exhibits some degree however small of decreasing returns contrasting with their results it is shown that a regular walrasian equilibrium of a limit economy can always be approximated by a sequence of noncooperative equilibria for the tail of the approximating finite economies thus there is a surprising qualitative discontinuity when one passes from the novshek sonnenschein case of aggregate constant returns to scale of the decreasing returns case of this paper

working for regional development the case of canadian labour sponsored investment funds lincoln a 2000 working for regional development the case of canadian labour sponsored investment funds reg studies 34 727 737 in today s global economy a number of challenges have been posed for workers and community members however despite being weakened by multinational capital and neo liberal policy agendas workers and trade unions remain capable of shaping the geography of capitalism while uk and us labour organizations have considered a range of strategies to protect their members an innovative and impressive attempt at tackling the politics of finance and capital has come from within the canadian labour movement in attempting to resist globalization certain canadian unions have actively engaged with the investment of their members pension fund money through the creation of labour sponsored investment funds in this paper i draw on empirical material collected in canada to explore the development of these labour sponsored funds through investing in these provincial funds

the federal funds rate and the channels of monetary transmission the authors show that the interest rate on federal funds is extremely informative about future movements of real macroeconomic variables then they argue that the reason for this forecasting success is that the funds rate sensitively records shocks to the supply of bank reserves that is the funds rate is a good indicator of monetary policy actions finally using innovations to the funds rate as a measure of changes in policy the authors present evidence consistent with the view that monetary policy works at least in part through credit i e bank loans as well as through money i e bank deposits copyright 1992 by american economic association

reply to white foreign aid taxes and public investment a further comment our paper presented and estimated a rather straightforward model of policymaker behavior in examining how developing countries allocate the foreign aid they receive in part our contribution was methodological refocussing the issue of aid impacts on intermediate short run variables and shifting the study of aid impacts from cross country to the analysis of behavior in a single country the paper has many obvious shortcomings the over restrictive formulation of the policy maker preference function and the constraints placed on their behavior the difficulty in empirically measuring the theoretical variables including the formulation of the targets by policy makers the assumed exogeneity of aid and interpreting time series estimates in light of the short run nature of the theoretical model our compromises we felt were reasonable and we explicitly laid out all the steps we followed in hopes that others if they found this approach interesting would improve on our methodology the comment by white illustrates some of these short comings but does little to improve on our analysis here we highlight some of the major issues he raises white repeats the valid theoretical criticism by binh and mcgillivray 1993 of the loss function we employed though as we point our in our reply gang and khan 1993 their alternative loss function empirically works out to not including a constant term in our estimating equations we also point out that the way forward is not through the problematic quadratic loss function but through the use of an asymmetric loss function or more flexible functional forms

development of financial intermediation and the dynamics of urban rural disparity in china 1978 1998 chen y p liu m and zhang q development of financial intermediation and the dynamics of urban rural disparity in china 1978 1998 regional studies this paper focuses on the impacts of financial intermediation development on the urban rural income disparity urid in china using a twenty year province level panel data set from 1978 to 1998 it is found that the change of urid may be explained by fiscal policy during the early reform period 1978 1989 and financial intermediates during the later reform period 1990 1998 in addition it is shown that the direction the kuznets effect an inverted u shaped relationship between per capita gross domestic product and urid is sensitive to changes in government development policies this study adds to the spatial economic inequality literature by clarifying the effects of urban biased financial intermediation policy on the underlying dynamics of convergent and divergent effects on urban rural inequality chen y p liu m et zhang q le developpement

aid and the public sector in pakistan evidence with endogenous aid summary aid has been the principal source of development finance for the majority of developing countries over the past few decades this has spawned a large literature on the effectiveness of aid which remains essentially inconclusive the empirical literature has tended to evaluate the impact of aid by including it as a variable in a regression for the determinants of some economic performance indicator this paper follows a different strand of the literature and examines the impact of aid on public sector fiscal behavior aid is in general given to the public sector thus any effect of aid is mediated by that sector we specifically address this behavioral feature by analyzing how aid revenue affects government fiscal behavior with respect to tax borrowing and expenditure decisions unlike previous contributions aid is endogenous in our model which has a number of important implications we estimate an econometric model that differs from previous studies not only in this respect but also by allowing domestic borrowing in addition to aid and tax revenue to finance both capital and recurrent expenditure structural and reduced form equations are derived and estimated using 1956 95 time series data for pakistan results indicate contrary to much of the literature that only half of aid has gone to government consumption that it has had a slightly positive impact on public investment and negative impact on tax effort

the regional financial sector a scottish case study dow s c 1992 the regional financial sector a scottish case study reg studies 26 619 631 the regional finance literature suggests that financial market segmentation may affect regional economic activity but that the uk financial sector is sufficiently integrated to rule out this effect this paper attempts to broaden the scope of the debate by considering the credit creating behaviour of the banking sector together with the interdependent financial behaviour of all other sectors in a region it is concluded that financial behaviour in this broad sense affects regional activity even in an integrated national financial market in particular financial integration may adversely affect the allocation of new credit to a peripheral region the argument is assessed by considering the scottish case dow s c 1992 le secteur financier regional cas d etude de l ecosse reg studies 26 619 631 la documentation relative au secteur financier regional laisse supposer que la segmentation du marche finan

foreign aid and fiscal governance in melanesia summary recent research suggests that foreign aid is effective at spurring economic growth in recipient countries but its effectiveness is likely to depend upon a number of factors arguably the most important factor determining aid effectiveness is how recipient governments mediate foreign aid inflows this paper investigates this issue for the melanesian countries of fiji papua new guinea the solomon islands and vanuatu for the period 1989 2002 results suggest that foreign aid has led to increases in developmental expenditures and to falls in tax revenues and borrowing results also suggest a very different response to aid grants versus loans

foreign aid taxes and public investment abstract using time series data for india we test the foreign aid public investment hypothesis behavioral equations derived from a maximizing framework are estimated after correcting for econometric and data inadequacies of earlier models the results confirm earlier findings regarding the negative relationship between taxes and government investment in the presence of aid however in contrast to the earlier work we find that grants and loans generally go into development projects with no leakages into consumption moreover bilateral aid actually pulls resources out of consumption and puts them into development projects

the objective demand curve in general equilibrium with price makers objective demand curves in general equilibrium with explicitly modeled price makers have been defined so far in a number of specific cases this paper gives a general definition of such an objective demand curve the associated general equilibrium concept is defined and sufficient existence conditions are given copyright 1987 by royal economic society

structural shifts in aid dependency and fiscal policy in developing countries abstractforeign aid is a sizable source of government financing for several developing countries and its allocation matters for the conduct of fiscal policy this article revisits the fiscal effects of shifts in aid dependency in 59 developing countries from 1960 to 2010 it identifies structural shifts in aid dependency and uses treatment effect methods to assess the fiscal effects of aid it finds that shifts in aid dependency are frequent and have significant fiscal effects in developing countries in addition to the traditional evidences of tax and investment displacement and aid illusion we show that upward shifts and downward shifts in aid dependency have asymmetric effects on fiscal accounts in developing countries large aid inflows undermine tax capacity and public investment while large reductions in aid inflows tend to keep recipients fiscal behaviour intact moreover the tax displacement effect tends to be temporary while the impacts on expenditure items tend to last finally we find tha

banking activities and local output growth does distance from centre matter ozyildirim s and onder z banking activities and local output growth does distance from centre matter regional studies in this paper the relation between local banking activities and local output growth is empirically studied in turkey during the period 1991 2000 although there is no legal restriction against regional banking the banking sector is spatially concentrated in turkey in this institutional structure the distance between headquarters and the local branches is argued to affect the role of financial intermediation in the development of provincial prosperity empirical findings suggest that banking activities have a significant positive impact on the per capita local output growth of regions especially on those that are distant from the financial centre however when bank loans are adjusted to the size of the local economy provincial gross domestic product gdp the relation between banking activities and the output per capita is found to be negative suggesting that these loans are us

an equilibrium model with involuntary unemployment at flexible competitive prices and wages this paper presents a general equilibrium model in which all prices and quantities transacted are the direct choices of econom ic agents there is no walrasian auctioneer multiple subgame perfect equilibria exist with prices and wages at their walrasian levels among the equilibrium allocations are the walrasian ones but there a re also outcomes in which price and wage taking workers are rationed in the labor market and are unable to sell all the labor they want a t the prevailing wage this involuntary unemployment results from sel f fulfilling expectations of inadequate excess demand as in some inte rpretations of keynes s ideas copyright 1987 by american economic association

fiscal reforms and the fiscal effects of aid in uganda uganda implemented public expenditure and revenue management reforms from the early 1990s with specific aims of improving budget planning and aligning aid with fiscal priorities the dynamic relationship between aid and domestic fiscal aggregates is analysed using a cointegrated vector autoregressive model with annual data for 1972 2008 and quarterly data for 1997 2014 aid has been a significant element of long run fiscal equilibrium associated with increased tax effort and public spending and reduced domestic borrowing fiscal reforms have improved aid and expenditure management contributing to improved fiscal performance in uganda with lessons for other african countries

rich regions poor regions and bank branch deregulation in spain abstractrich regions poor regions and bank branch deregulation in spain regional studies the links between financial deregulation and economic performance are evaluated in a european context specifically the study analyses the relaxation of bank branching restrictions in spain which triggered a remarkable interregional expansion of savings banks that coincided with an unprecedented period of sustained economic expansion although related questions have been widely investigated for the united states experiences in europe have received far less research attention an additional contribution of the paper lies in its use of quantile regression which enables the investigation of the possibility of economic effects taking into account the degree of regional development the potential endogeneity of some of the regressors is also explicitly considered results do not support the case for a positive effect of bank branch deregulation in spain out of region entry in particular does not seem to have had

aid and domestic resource mobilization with a focus on sub saharan africa increasing tax revenues in low income countries is essential to address future development finance requirements this is particularly important for aid recipients the focus of this paper theory shows that although there are many ways in which aid can have indirect effects on tax revenue the direct effects arise because aid and tax are alternative sources of revenue and political economy factors influence the choices made by government aid may discourage tax effort if viewed as a politically less costly source of revenue under different conditions the policies and reforms associated with aid may increase revenue through promoting growth encouraging more efficient tax structures or supporting reforms to tax administration while cross country evidence reveals no systematic pattern country studies show that aid can be associated with administrative and efficiency reforms to increase tax revenue the conclusion discusses how aid and donors can promote increasing domestic tax revenue

the impact of foreign aid on the fiscal behavior of asian ldc governments a comment on khan and hoshino 1992 abstract khan and hoshino 1992 analyze public sector fiscal behavior in the presence of foreign aid using data for five south and southeast asian countries this paper first questions a critical hypothesis test on which khan and hoshino s conclusions depend it then extends khan and hoshino s analysis making explicit both the direct and indirect effects of aid contained within their fiscal response model it argues that a number of khan and hoshino s conclusions do not hold in the context of this representation

sistema financeiro e desenvolvimento regional um estudo sobre o financiamento bancario da atividade industrial no brasil this paper aims in analyzing the interaction between the productive and financial economic spheres it discusses the characteristics of the brazilian financial system and examines the evolution of bank financing of the industrial activity by brazilian region stressing the importance of banking to development a principal component analysis confirms the existence of spatial correlation between financial and industrial variables and a panel data test for the brazilian states demonstrated the existence of different regional impacts of financial variables over the level of industrial employment by different sectors

cournot walras and locally consistent equilibria abstract a kth order locally consistent equilibrium k lce is an imperfectly competitive general equilibrium allocation at which firms perceive only a kth order taylor expansion of their true demand curves it is shown that under simple regularity conditions the set of kth order locally consistent equilibrium strategies coincides with the set of cournot walras equilibria as soon as k 1 in addition a characterization of the set of negishi equilibria or 0 lces and an existence result for 1 lces in private ownership economies are provided

foreign aid taxes and public investment a further comment abstract the paper in this journal by gang and khan 1991 employed heller s 1975 fiscal response model to demonstrate that aid to india has all been used to finance government investment this conclusion is shown to be a misinterpretation of the model s results which actually suggest that aid has had no impact on government investment at all however the reported parameters are determined by the estimation procedure adopted by gang and khan and not by the indian government s fiscal behaviour

banking conditions and regional economic performance evidence of a regional credit channel abstract this paper examines the empirical relationship between banking conditions and economic performance at the state level we develop a regional credit view to explain how due to information costs regional banking conditions can affect local economic activity by impacting on a region s ability to fund local investments localized information costs suggest that banking sector problems may constrain economic activity in financially distressed regions whereas no such link need be evident in financially sound regions we test for the empirical relevance of this asymmetry for the 1983 1990 period using state level data and find evidence that local banking sector conditions explain more of real personal income growth in states where bank loan quality has been poor than in those where banking conditions are relatively healthy

convergence and difference in regional office development cycles in this paper data and analytical techniques not hitherto employed for the purpose have been used to explore the particularities of the role played by finance capital in influencing the spatio tem

impact of foreign aid on the fiscal behavior of ldc governments abstract the purpose of this paper is to examine the impact of foreign aid on the behavior of the recipient governments specifically we look at a sample of less developed countries in south and southeast asia and study their response to foreign aid received their response is measured in terms of their public investment and consumption as well as taxation our paper attempts to make two new contributions to the literature first we try to estimate the impact of foreign aid on a sample of five south and southeast asian countries secondly we improve on the earlier method of a combination of single equation and two step least squares by estimating the whole system with a nonlinear three step least squares method the results confirm the hypothesis that aid does affect consumption investment and taxation of these governments but they also show that the relationship is a complex one in particular grants and loans have different effects on investment and taxation

does foreign aid promote the expansion of government building on the literature on public finance i seek to advance our understanding of variations in government size by exploring the impact of official development assistance on fiscal policy i hypothesize that foreign aid operates in accordance with the flypaper effect systematically generating incentives and opportunities for the expansion of government spending results from a time series cross sectional regression analysis of growth in government spending over the 1970 99 time period are consistent with the hypothesis for middle and lower income nations aid represents an important determinant of government expansion looking at the tax and revenue side of the equation however reveals a more perverse pattern of response aid promotes not only increased spending but also reduced revenue generation the results have important implications from both a theoretical and policy perspective inter alia they point to the potentially self defeating nature of efforts to promote market oriented programs of state retrenchment via development assistance as well as to the importance of incorporating international transfers into future research on government spending

banks and regional development an empirical analysis on the determinants of credit availability in brazilian regions crocco m faria silva f paulo rezende l and rodriguez fuentes c j banks and regional development an empirical analysis on the determinants of credit availability in brazilian regions regional studies this paper studies the influence that liquidity preference and bank lending strategies might have played in the determination of bank credit availability in brazilian regions during the period 1999 2008 it puts forward the argument that in remoter and less developed regions the liquidity preference of agents is higher and fluctuates along business cycles reducing regional credit availability in downturns due to both a contraction in supply and the demand for credit in remoter regions and producing a more unstable pattern for credit availability alongside business cycles empirical evidence for the brazilian regions during the period 1999 2008 is provided to support this view

the regional effects of monetary policy a survey of the empirical literature this survey provides an updated review of the empirical literature on the regional effects of monetary policy in economic activity by means of undertaking a threefold perspective first the main methodological dimensions of this literature are examined while pinpointing those modelling or methodological traits that constitute a source of diverging estimates and thereby produce inconclusive evidence secondly the estimates yielded by the literature are summarized by carrying out a cross study analysis of the results for each monetary union by drawing on empirical regularities that are robust across studies the conclusiveness of the results is assessed while those monetary unions for which conclusive evidence is still lacking are also identified lastly the sources of regional heterogeneity identified by these studies are reviewed in order to shed some light on the linkage between monetary policy and territorial heterogeneity as a result of this threefold perspective this survey delivers overall structured conclusions and updated policy relevant lessons moreover various research gaps and emerging topics in the literature are also identified

mechanisms of the aid curse lessons from south korea and pakistan abstractrecently scholars have argued that far from contributing to development foreign aid hinders development but in the 1960s the east asian countries developed rapidly despite receiving large amounts of aid to examine why aid seems to undermine development in some cases but not in others we conduct a detailed comparison of the mechanisms of the aid curse in south korea and pakistan we show that south korea saw astonishing levels of corruption but this did not hinder its development and pakistan had a strong bureaucracy which did not help it to grow the key difference between the two countries was in the strength of their tax systems foreign aid in the context of underdeveloped tax administration leads to increasing cycles of debt that undermine development when foreign aid arrives in the context of commitment to strong taxation a country can avoid the aid curse

banks regional development disparity and growth evidence from turkey in this paper we analyse the impact of credits provided by banks on provincial growth in turkey where state owned banks have an implicit role of reducing disparity by allocating loans in underdeveloped regions that are ignored by private banks we find a paradoxical effect of state owned banks on regional development their credits contribute significantly to the growth of more developed provinces whereas they fail to encourage the well being of less developed provinces on the other hand credits provided by private banks in general positively impact the per capita real gross domestic product gdp in both developed and less developed provinces contrary to their purpose of existence our results suggest that state owned banks did not reduce economic disparity among turkish provinces in the trade off between growth and income disparity our results suggest that state owned banks should improve their lending behaviour especially in the less developed regions in order to broaden their development role to the whole economy copyright the author 2009 published by oxford university press on behalf of the cambridge political economy society all rights reserved oxford university press

the growth and geographical anatomy of venture capitalism in the united kingdom martin r l 1989 the growth and geographical anatomy of venture capitalism in the united kingdom reg studies 23 389 403 the 1980s have seen the emergence and rapid growth of venture capitalism in the uk this paper examines this growth both in terms of the spatial organization of the venture capital industry and the regional distribution of venture capital investment the picture that emerges is of an industry which is over centralized in the london area and which in the course of its recent development has tended to concentrate investment in the already more prosperous southeastern and adjacent parts of the country while local venture capital markets are beginning to become established in northern britain it will be some time before the existing regional imbalance is likely to be redressed martin r l 1989 la croissance et la distribution geographique du capital risque au royaume uni reg studies 23 389 403 les annees 1980 ont temoigne de la naissance et de l essor du capital risque au

interest rates and convergence across italian regions dow s montagnoli a and napolitano o interest rates and convergence across italian regions regional studies the purpose of this paper is to investigate the evidence for economic convergence across italian regions using trends in interest rate spreads and premia as indicators of regional credit conditions the results indicate the presence of persistent interest rate differentials and thus an absence of convergence across the twenty political regions but a high degree of convergence is observed within the four macroeconomic areas dow s montagnoli a and napolitano o 20 dow s montagnoli a et napolitano o les taux d interet et la convergence a travers les regions italiennes regional studies a partir des tendances des marges d interet sur les credits et des primes sur les taux d interet comme indicateurs des conditions de credit regionales cet article cherch

the la nder are the building blocks of the german capital market data on major voting blocks in the german officially listed companies for the end of 1997 and may 2001 are used in order to explore the spatial dimensions of the system of corporate control listed companies are very unevenly distributed and their institutional and geographical concentration has not decreased holdings of voting blocks in companies are in turn getting more and more dispersed but the majority of corporate control is still intraregional with the holders of voting rights coming from the same lander as the controlled corporations gravity equations show that distance is a very strong determinant of corporate control links and its role applies to all types of companies and holders though to a varying degree from the perspective of corporate control the german capital market is very regionalized considering that the study spans a short period of time however the pace of integration is pronounced a partir des donnees sur les principaux regroupements de votes dans les societes allema

undermining the financial basis of regions the spatial structure and implications of the uk pension fund system martin r and minns r 1995 undermining the financial basis of regions the spatial structure and implications of the uk pension fund system reg studies 29 125 144 regional growth theory and regional policy traditionally focus on the process of industrial development relatively little is known about the flows of money and financial capital that shape that development this paper examines the spatial organization and implications of the uk pension fund system one of the principal circuits of financial capital in the national economy it is shown how the great bulk of pension fund contributions that originate right across the various regions of the uk are channelled into and controlled by financial institutions in the south east of the country moreover those funds are then invested primarily back into companies and organizations located or headquartered in the south east this spatially centralized system pursues liquidity rather than productive investment and little of the money trickles down to

the macroeconomic impact of development aid a critical survey the early literature explained aid s macroeconomic impact in the context of the dual gap model showing a clear link between aid and growth many now believe that the empirical evidence shows there to be no such relationship this paper critically reviews the different theoretical perspectives the dual gap model the savings debate recipient fiscal response and aid as dutch disease and the empirical debates on aid savings and growth the basis for denying a relationship between aid and growth is shown to be weak though more recent areas of research offer promising directions for future work

regional finance a survey the role of money and nancial markets in the regional matters 1 economy has been attracting increasing attention in we start with a review of the treatment of money recent years it has been a topic of interest for longer in regional economics and then turn to the much

is foreign aid fungible evidence from the education and health sectors this paper adopts a new approach to the issue of foreign aid fungibility in contrast to most existing empirical studies panel data are employed that contain information on the specific purposes for which aid is given this allows linking aid that is provided for education and health purposes to recipient public spending in these sectors in addition aid flows that are recorded on a recipient s budget are distinguished from those that are not recorded on budget and the previous failure to differentiate between on and off budget aid is shown to produce biased estimates of fungibility sector program aid is the measure of on budget aid whereas technical cooperation serves as a proxy for off budget aid the appropriate treatment of off budget aid leads to lower fungibility estimates than those reported in many previous studies specifically in both sectors and across a range of specifications technical cooperation which is the largest component of total education and health aid leads to at most a small displacement of recipient public expenditures

the impact of the banking system on regional analyses moore c l karaska g j and hill j m 1985 the impact of the banking system on regional analyses reg studies 19 29 35 this paper examines the role of the banking system and financial markets on the expansion and contraction of the regional economy it is particularly focused on the multiplier process and how the fractional reserve process used by banks to control the supply of loanable funds affects the final disposition of regional income under various circumstances both the reserve and monetary base multipliers are presented within a regional contest and a regional income multiplier is derived which includes the banking sector

optimal deficit and debt in the presence of foreign aid summary external revenue in the form of foreign aid constitutes an important component of the government s budget constraint in many developing countries we derive optimal public spending and the resulting optimal deficit and debt in an optimal control framework when the government seeks to maximize the utility of constituents in the presence of external revenue that cannot be influenced by the government directly but is contingent on public revenue and debt we find that in this context a policy of running budget deficits and accumulating debt becomes optimal in simulations we characterize the size and the path dependency of the optimal deficit and debt

investment and the banking system a kaleckian approach for regions in brazil this paper analyzes the effects of the regional distribution of the banking system on investment rates in brazil the investigation relies on a perspective whereby the role of external funds in ind

financial innovations in banking impact on regional growth carbo valverde s lopez del paso r and rodriguez fernandez f 2007 financial innovations in banking impact on regional growth regional studies 41 311 326 this paper contributes to the literature on the relationship between finance and growth by analysing the relationships between financial intermediation and economic growth within the regions of one country rather than with different countries the focus on regions is relevant since regional information is more homogeneous the legal and institutional factors are similar and the relevant financial market is more accurately defined the study also incorporates the effects of a set of banking innovations the analysis is undertaken for the spanish regions the results show that product and service delivery innovations contribute positively to regional gross domestic product investment and gross savings growth carbo valverde s lopez del paso r et rodriguez fernandez f 2007 les innovations financieres dans le secteur bancaire l impact sur l

finance business property and urban and regional development halbert l henneberry j and mouzakis f finance business property and urban and regional development regional studies compared with other factors of production the supply of business property and its role in urban and regional development has received comparatively little attention traditional analyses assume that the supply of such property responds to demand in a relatively unproblematic way however there is evidence that institutional structures and processes in the property and capital markets have produced regional imbalances in the quantity quality and price of business accommodation benefiting some places and handicapping others such imbalances are present to different degrees internationally and their characteristics and causes are similarly varied the special issue addresses this gap in knowledge

financial structure and aggregate economic activity an overview this paper surveys literature that explores the possible links between the financial system and aggregate economic behavior the survey is in two parts the first reviews the traditional work and the second discusses new research copyright 1988 by ohio state university press

foreign aid taxes and public investment a comment abstract in a paper recently published in this journal gang and khan 1991 analysed the relationship between foreign aid and the fiscal behavior of the indian government a number of behavioural equations were estimated each derived from a utility maximizing theoretical framework this paper identifies and seeks to correct some inconsistencies in this framework

market definition of the uk deposit savings account market this study examines the definition of the uk deposit savings account market a testing procedure is used to ascertain if the law of one price and the assumption of a unified national market may or may not be rejected the existing uk and european literature on the definition of financial services markets is developed by using both product specific interest rate data and by incorporating non price characteristics of financial services products in the testing procedure this study indicates that a unified uk market may be rejected for deposit saving accounts

regional financial sector models an application to the northern ireland financial sector hutchinson r w and mckillop d g 1990 regional financial sector models an application to the northern ireland financial sector reg studies 24 421 431 this paper presents an analysis of recent theoretical developments in the treatment of regional financial markets it starts from a position where regional financial markets are fully integrated in a national system with regional financial institutions having a neutral effect on their regional economy it then indicates how interregional differences in information costs can result in a degree of inter regional financial market segmentation creating conditions under which regional interest rates can diverge from national rates the theoretical analysis also demonstrates how market segmentation resulting from financial institutions with elements of regional autonomy can impact upon a region s ability to undertake profitable investment the applicability of these models is then tested employing the northern ireland financial sector as the control

regulatory change corporate restructuring and the spatial development of the british financial sector marshall j n gentle c j s raybould s and coombes m 1992 regulatory change corporate restructuring and the spatial development of the british financial sector reg studies 26 453 467 the paper explores the dynamics of employment growth and change in the financial sector in the regions of britain during the 1980s complementing other work which has focused on international and corporate finance it focuses on personal financial markets the paper demonstrates the way in which regulatory change has initiated corporate diversification into new markets this reorganization has also included a round of innovation in new financial services and intensified competition in established personal sector markets restructuring has both intensified the concentration of the industry in the south and east of the country and promoted decentralization from london professional and managerial staff associated with the development of new services have been concentrated in the greater south east the rationaliza

emu and the regional impact of monetary policy rodriguez fuentes c j and dow s c 2003 emu and the regional impact of monetary policy reg studies 37 969 980 in this paper we focus on a topic which has been attracting renewed interest because of monetary unification in europe the regional dimension of national monetary policies most of the debate over the regional implications of the euro has been developed within the optimum currency area framework according to this theory european monetary policy would have regional effects when the countries of the euro zone had such structural differences as to produce asymmetric shocks these asymmetrical effects could only be offset by labour mobility and wage price flexibility however we argue here that in addition european monetary policy may have more general regional effects including in particular by producing a higher instability in the pattern of credit availability for some peripheral regions this latter possibility and the forces underlying it are explored here both at the theoreti

the fiscal effects of aid in ethiopia evidence from cvar applications abstractthis article explores the fiscal effects of aid in ethiopia using the cointegrated vector auto regressive cvar methodology to model complex long run and short run dynamics we use national data for 1961 2010 including a measure of aid capturing flows through the budget as measured by the recipient the data suggests three main conclusions on the long run equilibrium first government long term spending plans are based on domestic sources treating aid as an additional source of revenue second both grants and loans are positively related to tax revenue third aid is positively associated with spending with a particularly strong relation between capital expenditure and grants overall our results show that aid in ethiopia had beneficial fiscal effects

1992 and its impact on local and regional banking markets molyneux p 1989 1992 and its impact on local and regional banking markets reg studies 23 523 533 the aim of this paper is to examine how the structure performance and ownership characteristics of ec banking markets will influence the expansion strategies of large ec banks up to 1992 we will also examine the implied effect this will have on local and regional banking markets within the ec the emphasis focuses on large bank acquisition opportunities available up to 1992 we find that the majority of potential big banks acquisition targets are based in the uk germany france spain italy and luxembourg the limited big bank takeover opportunities available to banks will probably encourage them to establish niche business branch networks overseas it will also accelerate the current move of large banks to acquire small and medium sized regional banks across borders as well as to form joint ventures with institutions in other ec countries molyneux p 1989 1992 et son impact sur les marches banc

regional financial development and bank competition effects on firms growth fernandez de guevara j and maudos j regional financial development and bank competition effects on firms growth regional studies this paper analyses the effect of regional financial development and bank competition on firms growth using the spanish provinces as a testing ground the results show that firms in industries with a greater dependence on external finance grow faster in more financially developed provinces the results also show that bank monopoly power has an inverted u effect on firms growth suggesting that market power has its highest effect at intermediate values the effect is heterogeneous among firms according to the financial dependence of the industry to which they belong this result is consistent with the literature on relationship banking which argues that bank competition can have a negative effect on the availability of finance for more informationally opaque firms fernandez de guevara j et maudos j le developpement financier regional et la concurrence bancaire l imp

politics and the effectiveness of foreign aid abstract critics of foreign aid programs have long argued that poverty reflects government failure in this paper i test predictions for aid effectiveness based on an analytical framework that relates aid effectiveness to political regimes i find that aid does not significantly increase investment nor benefit the poor as measured by improvements in human development indicators but it does increase the size of government the impact of aid does not vary according to whether recipient governments are liberal democratic or highly repressive but liberal political regimes and democracies ceteris paribus have on average 30 lower infant mortality than the least free regimes this may be due to greater empowerment of the poor under liberal regimes even though the political elite continues to receive the benefits of aid programs an implication is that short term aid targeted to support new liberal regimes may be a more successful means of reducing poverty than current programs

walrasian equilibria as limits of noncooperative equilibria part ii pure strategies abstract we examine the connection between walrasian equilibria of a limit economy with infinitesimal firms and noncooperative cournot equilibria of approximating finite economies with significant firms nonconvex production sets decreasing returns in the aggregate and endogenous determination of the number of active firms are allowed a walrasian equilibrium is a limit of pure strategy noncooperative equilibria only if a condition loosely analogous to downward sloping demand in the partial equilibrium constant returns to scale case holds the condition is also sufficient to guarantee the existence of a robust sequence of pure strategy noncooperative equilibria which converges to the walrasian equilibrium

aid instability as a measure of uncertainty and the positive impact of aid on growth this article contributes to the literature on aid and economic growth we posit that uncertainty measured as the instability of aid receipts will influence the relationship between aid and investment how recipient governments respond to aid and will capture the fact that some countries are especially vulnerable to shocks when we account for uncertainty which is negative and significant we find that aid has a significant positive effect on growth largely due to its effect on the volume of investment the finding that uncertainty of aid receipts reduces the effectiveness of aid is robust when the regression is estimated for the sub sample of african countries these findings hold although the effectiveness of aid appears weaker than for the full sample

do agricultural outputs of partly autarkic peasants affect their health and nutrition evidence from rwanda abstract in rural areas of less developed countries because of market imperfections the health and nutritional status of peasants may directly depend on the production levels of specific agricultural goods rather than solely on income levels this channel of health and nutrition determination has never been studied in order to assess and test the empirical possibility of this channel we estimate the responses of health and nutritional status of autarkic agricultural households in rwanda with respect to differences in socio demographic characteristics and the main agricultural outputs and inputs while controlling for local environment and sampling scheme several food outputs are found to have a positive influence on health and nutrition whereas the production of traditional beers has a negative impact moreover greater land negatively affects health and nutrition conditionally on agricultural production perhaps because of a larger relative workload for households who have a large farm an alternative interpretation of the estimates is that they inform on the validity of the common hypothesis of perfect agricultural input output markets with no effect of agricultural inputs outputs on health and nutrition status this hypothesis is rejected