bluuebunny/crossref_metadata_2025 huggingface dataset:
The End of Ottoman Power in Crete, 1894–1898
Authors: Holland Robert , Markides Diana
Published: October 2023

Nikos Kazantzakis’ great novel was set against the backdrop of renewed insurrection by Cretan Christians against Ottoman domination at the end of the 1880s. The worsening troubles his fictional Pasha foresaw came to a climax on 5 November 1898, when British troops of the 2nd Battalion of the Rifle Brigade in the port of Candia (today’s Heraklion) forcibly disembarked the remaining Ottoman soldiers onto military transports. So ended effective Turkish rule in Crete stretching back to 1669. A few days later the Orthodox Archbishop of Crete ordered Te Deums to be chanted throughout the island in honour of the up to 800 Christians (overwhelmingly Greek, although including some Armenians) who had been massacred in the city on 6 September. But during those services special mention was made of the British soldiers and sailors who were victims of the outbreak, and whose deaths were described as ‘the real cause of the ending of the Turkish rule in the island’. Our task is to explain why a relatively small number of British deaths triggered a change of regime which had been the cause of fluctuating struggle for over thirty years; and to explore what that meant—and did not mean—for the aspirations of the island’s majority to join Greece. In doing so our treatment must be related to the larger Eastern Question as processes of ethnic confrontation, regional conflict, and international rivalry collided at the end of the nineteenth century.
What Causes Nominal Inertia? Insights from Experimental Economics
Authors: Fehr Ernst , Tyran Jean-Robert
Published: October 2023

In this chapter we examine, among other things, the conditions under which individual-level money illusion causes nominal prices to be sticky at the aggregate level. The relation between micro-motives and macro-behavior is at the heart of the differences in opinions between economists and psychologists. Many disagreements between economists and psychologists can be interpreted as disputes about how important individual-level deviations from the assumptions of the rational choice paradigm are for aggregate-level phenomena (Hogarth and Reder, 1987, p. 9). It seems that psychologists tend to extrapolate evidence from individual-level ‘anomalies’ to the aggregate level, whereas economists often believe that the feedback and the arbitrage opportunities provided by market interactions somehow mitigate these anomalies.
Response and Prevention in the British Welfare State
Authors: Agulnik Phil , Burchardt Tania , Evans Martin
Published: October 2023

Social policies are designed to tackle social exclusion in a number of ways. They can intervene through preventive approaches to make exclusionary events (for example, unemployment) less likely, or respond to events that occur to lessen the exclusionary impact. John Hills develops a typology of policy approaches in Chapter 13, and shows that the distinction between prevention and response is more complicated both in principle and in practice than is commonly assumed. Once a dynamic framework is introduced, ‘responsive’ policies may seek not only to ameliorate current circumstances, but also to promote escape from an undesirable state, while ‘prevention’ may involve reinforcing the benefits of exit to make a return less likely.
Famines and Epidemics: An Indian Historical Perspective
Authors: Maharatna Arup
Published: October 2023

While episodes of catastrophic famines and epidemics abound in human history, the issue of the precise nature of the relationship between these two phenomena does not seem to be fully resolved. In fact, this age-old question has received renewed attention in the recent past-especially in the light of new discoveries and developments in scientific medical theory and historical demography. Although famines and epidemics are indeed things of the past for the Western world, the issue continues to have contemporary relevance because of recent crises in parts of the Third World (e.g. parts of sub-Saharan Africa and Asia) and because of the persistence of similar threats.
Conversion
Authors: Harris Frances
Published: October 2023

When Evelyn first encountered Margaret at Deptford she belonged to his wife’s circle rather than his own. More than two years passed before their distant acquaintance became friendship and in the course of this time, unknown to him. all the apparent securities of her position, the family, the court post, the promising engagement to marry, one by one came under threat or were lost.
The Marriage Masque
Authors: Harris Frances
Published: October 2023

At Windsor during the summer of 1674 there was a full residence of the court for the first time since the Restoration. With Arlington preparing to take charge of the household above stairs, the passion for Continental magnificence which had transformed his own great houses was turned to an ambitious cultural programme of enhancement of the glory of the English monarchy.1 Circumstances were more favourable to this than at any time since the beginning of the reign. England had withdrawn from the expensive Continental war and Parliament was not due to meet again until the following year. With the Treasury under Danby’s rigorous management, income for the first time began to succeed expenditure.2
Changes in Unemployment and Wage Inequality:
Authors: Acemoglu Daron
Published: October 2023

Between 1979 and 1987, the average weekly wages of college graduates with 1-5 years of experience increased by 30 per cent relative to the average weekly earnings of comparable high-school graduates (John Bound and George Johnson, 1992; Lawrence F. Katz and Kevin M. Murphy, 1992). Within-group (residual) wage inequality may have started increasing earlier: after controlling for education and experience, the differential between the 90th and the 10th percentile wages stood at 118 per cent in 1988 compared to 92 per cent in 1970 (Chinhui Juhn et al., 1993). The rise in inequality over this period was not only due to wage increases for high-paid workers. Real wages of high-school graduates with 1-5 years of experience, for example, fell by 20 per cent from 1979 to 1987 (Katz and Murphy, 1992, Table I). Meanwhile, the unemployment rates of all education groups have also increased. In 1970, the unemployment rate for civilian males between the ages of 25 and 64 with less than 4 years of high school stood at 4 per cent. For those with high-school and college degrees, the same numbers were 2.4 and 1.1 per cent.
Consumption Inequality and Income Uncertainty
Authors: Blundell Richard , Preston Ian
Published: October 2023

The use of current income in studies of inequality is open to the obvious criticism that current income may not reflect the longer run level of resources available to a household or an individual. Temporarily high or low incomes may exaggerate the true position of the household when borrowing or saving is allowed to smooth the stream of consumption. Moreover, aggregate measures of inequality (or poverty) based on snapshots of income may fail to pick up changes over time associated with the duration rather than the depth of low-income spells. The importance of distinguishing long-run income inequality from inequality associated with transitory movements in income has been emphasized in a number of recent studies that have moved away from simply documenting the change in the cross-section distribution of income. For example, Gottschalk and Moffitt (1994), Moffitt and Gottschalk (1995), Buchinsky and Hunt (1996), and Gittleman and Joyce (1996) all use the time series of individual incomes to focus on this important distinction.
Introduction
Authors: Rahnasto Ilkka
Published: October 2023

This is a book about the external effects of patents and copyrights in the communications industry. External effects or externalities are impacts caused by patents and copyrights on others than the rights holder.
How the Tension Between Intellectual Property Protection and Anti-trust Laws is Balanced
Authors: Rahnasto Ilkka
Published: October 2023

The rationality of the rules and principles applicable to the interface between intellectual property laws and anti-trust laws may be difficult to identify. This is simply because such rules reflect different underlying theories. The rules have been created as a response to particular effects of intellectual property rights in different times. The prevailing theory at the time the rule was initially created may simply have been different from the one prevailing at another time. The understanding of proper control methods, priorities in society or even the effects caused by particular practices may have been different.
External Effects And Balancing Theories
Authors: Rahnasto Ilkka
Published: October 2023

This chapter further explores the theories introduced previously in terms of the external effects they address. This discussion has an increased focus on practical business practices and strategies. It also highlights, in a slightly different way, some elements used in the analysis of the theories. Finally, the chapter proposes a structural balancing theory and policy for the network economy. The outcome of the balancing factors analysed in the previous chapters has been used to provide the general analysing framework. The analysing framework has the following elements as rules of thumb:
Fragmentation Problem
Authors: Rahnasto Ilkka
Published: October 2023

The problem of external effects and the concept of rebuttable entitlements can further be illustrated by introducing the fragmentation problem. Why do the biggest manufacturers in the industry never adopt some perfectly brilliant ideas? Why is it so difficult for any independent inventor or small company to find its way to the technology manager of major companies? Why do innovative concepts, such as the software operating system Linux, suddenly gain popularity? Some high-tech marketing theories rely on product life cycle theories to explain the challenge. The majority of purchasers are presumed to be sceptical, relying on proof that the new product will truly increase their profits or provide other benefits. In order to be successful it is necessary to be first successful in the early markets consisting of ‘early adopters’, those who adopt new technologies quickly. Some economists also explain this success to be the consequence of positive feedback in industries that have network effects. In order to win a significant share among the sceptical majority of purchasers, a complete product and the support of the industry is required.
Different Types Of Auctions And The Legal Definition Of Auction
Authors: Ramberg Christina
Published: October 2023

As has been described earlier, many Internet marketplaces conduct transactions by using methods of auctions or exchanges in order to make potential buyers and se1Iers meet and conclude a deal. This study mainly aims at describing how the parties by agreement can regulate the details of a contract concluded in an auction or exchange. When drafting such agreements, it is necessary to understand how the agreement relates to national 1egis1ation on auctions and exchanges. This and the following chapter explain the difficulties in ascertaining to what extent national law on auctions and exchanges is applicable to transactions made in Internet marketplaces.
Mistake In Expression
Authors: Ramberg Christina
Published: October 2023

Many users of electronic means of communication are aware of the speed with which Internet transactions are made. It is likely that many are also aware how easily something can go wrong. The ‘send’ button is clicked on too early, the ‘Yes, I accept’ box is clicked on by mistake and a kilogram of peppers is ordered instead of one single pepper. Worse things may happen. One of my students working in a bank office once ordered l0,(X)(} Ericsson shares (at an approximate total cost of 3,000,000 Swedish crowns) on the Stock Exchange instead of ordering Ericsson shares to the value of 10,000 Swedish crowns (approximately J ,000 euros).
Price Manipulation
Authors: Ramberg Christina
Published: October 2023

It is of fundamental importance that the participants do not int1uence the price- 15.01 setting mechanism by fake invitations and bids or by establishing auction rings or other types of collusion. Furthermore, it is important that false information that may influence price setting is not distributed to the marketplace. Manipulation of the price-setting mechanism is sometimes facilitated when the marketplace provides information about the flow and variations in the supply and demand in the marketplace. In the following paragraphs, some types of price-manipulation activities will be presented together with suggestions as how to avoid or regulate them in electronic auctions and exchanges.
The Legal Profession
Authors: Dyson Henry
Published: October 2023

There are approximately 7,700 notaires in France, of whom some 70 per cent practise in partnerships. Virtually every document connected with dealings in land must be authentique, that is executed in the presence of a notaire and authenticated by him. In addition, his involvement is obligatory in the administration of all estates of deceased persons which include immeubles among their assets. He is charged with the preparation and modification of contrats de mariage, most documents involving gifts inter vivos, mortgages, releases, certain types of wills and generally documents the solemnity of which requires authenticité. He also undertakes certain company work and often advises on tax problems in connection with the ownership of land and the administration of estates.
Immovable Property In French Law
Authors: Dyson Henry
Published: October 2023

The laconic wording of article 516 of the Code civil announces that all property (the French all-embracing word used is biens) is either immeuble or meuble. It is not wholly safe to apply the English distinction between realty and personalty to what at first sight seem to be their French counterparts. At the time when the French Code civil was promulgated in the early nineteenth century, some 90 per cent of all property in France consisted of land or interests in land and only 10 per cent was accounted for by other kinds of property. Since that time, the situation has much changed so that many types of property of widely varying kinds, then unknown, have come to play an increasingly important part in the national economy of any country.
Sales of land ‘on plan’
Authors: Dyson Henry
Published: October 2023

As will be readily appreciated, sales en l’etatfutur are nearly always of a part of a building, such as a flat. Such a sale is defined by C.civ.art.1601-3 as one which results in the immediate transfer on completion of the sale by the seller to the buyer of his ownership of the land and of all existing constructions upon it. Additions to the building, which at the time of completion of the sale may have been mere spaces in the air, become the property of the buyer as building progresses. It must be remembered that flats in a building must be owned en copropriete (Chapter 15) so that in addition to the flat itself, a buyer acquires a proportion of the common parts of the building in which the flat is situate and of the land itself on which the building stands.
The Beneficiary’s Election
Authors: Dyson Henry
Published: October 2023

It may be asked why it has been thought necessary to provide a potential bene­ficiary with the right to make such a choice which seems unnecessary to those used to English inheritance law. The answer lies in the French rules of the admin­istration of estates. Unlike the English system, the estate of a deceased person does not maintain any individuality but on the death of the deceased is added to the assets of the beneficiary or beneficiaries in whose personal estates it becomes submerged. From this it follows that the liabilities of the deceased towards his creditors are taken over by the beneficiaries.
Inheritance And Gifts Tax
Authors: Dyson Henry
Published: October 2023

French inheritance tax (droits de succession) is payable on the death of every person domicilié fiscalement or resident for income tax purposes in France on all his assets wherever situate in the world. In the case of a person who died not resident for tax purposes in France, droits de succession are payable in the case of a beneficiary who is not resident in France only in respect of assets situate in France. If the beneficiary was resident in France at the date of the death of the deceased and had been so resident for at least six out of the preceding ten years, the tax is payable in respect of all assets inherited by that beneficiary whether they are situate in or out of France.
Welfare State Provision
Authors: Boeri Tito , Hanson Gordon , McCormick Barry
Published: October 2023

In the previous chapter we explored EU immigration policy and how the structure of this policy influences the types of immigrants the EU receives. In this chapter we examine the comparative use by migrants of various branches of the we]fare state in different EU countries and the influence of the we1fare system on the selection of a destination economy. In particular, we ask: Do migrants take into account the generosity of the welfare system when choosing a host country? Does this put a strain on the financing of the welfare state? Does it adversely affect the distribution of skills in the host country’s economy? These are po1itically sensitive issues. In this chapter we explore the sort of insights that can be obtained from economic analysis. We then use data for the EC countries to examine the empirical evidence regarding welfare dependence amongst immigrant workers.
European Attitudes Towards Immigrants
Authors: Boeri Tito , Hanson Gordon , McCormick Barry
Published: October 2023

This chapter is concerned to examine the attitude of the EU native population towards immigration together with their self-reported racist feelings, and the relationship of these attitudes to unemployment, the scale of immigration and welfare take-up. We shall discuss later attitudes and sentiments towards migrants and foreigners which vary quite widely across countries. They may arise from racial antipathy or may be associated with economic fears about conditions in the labour market, the costs of generosity to migrants of the welfare state, and in particular an individual’s own economic perspective. They may also be related to the success and degree of assimilation of foreigners in society and the labour market. Since success in the destination is affected by personal characteristics, it is also important how migrants are selected into the host country.
Contracted emporary Migration
Authors: Boeri Tito , Hanson Gordon , McCormick Barry
Published: October 2023

Our analysis of EU migration policy in Chapter 2 gives little attention to the comparative implications of temporary vs permanent immigration to the EU and the policy institutions which might accompany temporary migration. In view of the population density of the host regions and cities of western Europe, their current foreign born proportions, and the various social tensions which, as we have noted in Chapter 2, are associated with present institutional arrangements towards immigration, we consider in this chapter the possibility of host countries in the EC adopting policies to facilitate contracted temporary immigration.
Managing European Immigration
Authors: Boeri Tito , Hanson Gordon , McCormick Barry
Published: October 2023

The political backdrop in Europe provides a clear message that a ‘window’ has opened to promote changes in European migration policies. The European Council, meeting at Tampere in October 1999, determined that a common EU policy on ‘asylum and migration’ was called for. The complex and wide ranging impact of immigration policy over social, economic, legal, and cultural areas were considered to undermine reliance on a piecemeal individual country approach to legislation as anticipated in Article 63 of the EC Treaty.
Introduction
Authors: Boeri Tito , Hanson Gordon , McCormick Barry
Published: October 2023

Since the 1960s, the United States has undergone a surge in immigration. The share of the US population that is foreign born reached 10 per cent in 2000, up from a 150-year low of 5 per cent in 1970 but still below the 1910 high of 15 per cent (see Fig. 8.1). Few other advanced countries have higher foreign born populations.1 During the 1990s, an average of one million legal immigrants and 300 000 illegal immigrants entered the United States each year, accounting for 40 per cent of the decade’s population growth.2
How do Economies Adjust to Immigration Inflows?
Authors: Boeri Tito , Hanson Gordon , McCormick Barry
Published: October 2023

One important consideration for US immigration policy is the economic impact of arriving immigrants. How does an economy like the United States absorb immigrant inflows? The commonly assumed answer is via wage pressures. This perception has helped make the labor-market impact of immigration a politically charged issue.
Fiscal Impacts of Immigration
Authors: Boeri Tito , Hanson Gordon , McCormick Barry
Published: October 2023

The fiscal impact of immigration figures prominently in recent debates over US immigration policy. The issue has attracted attention only recently, as the 1980s and 1990s were the first decades in which there were both large immigrant inflows and a relatively generous welfare state. During the massive immigration of the early twentieth century, the social state was largely non-existent, with the noticeable exception of public education. And in the 1960s, when the modern US welfare state was created, the US foreign-born population was at a historically low level and falling as a share of the total population (see Fig. 9.l). The current immigration wave has occurred during a period in which the role of the welfare state per se is heavily debated. This combination of rising immigration and political conflict over welfare policy has moved the fiscal impact of immigration to the centre of academic and political discussions.
Group Behaviour and Development
Authors: Heyer Judith , rao j. Mohan , Stewart frances , Thorp rosemary
Published: October 2023

Most economic decisions are taken by people acting within, and very often on behalf of, groups. As consumers, individuals are members of families; as producers, they operate within firms. Moreover, there are a variety of less formal groups, such as neighbourhood or community associations and networks of producers, which play an important role in influencing behaviour and outcomes. Yet much of economics puts individuals at the centre of analysis. In the basic neoclassical framework individual consumers are assumed to maximize their own utility, while firms—which are treated as cohesive units, that is, as quasi-individuals—are assumed to maximize profits. Interaction between the two is deemed to underlie resource allocation, and, in certain rather restrictive conditions, result in a welfare optimum. Even governments are mostly treated as if each were an individual with unitary objectives. Important departures from the utilitarian approach led by Sen, arguing that development consists of the expansion of capabilities or freedoms, continue to take an individualistic stance—the objective in question being expansion ofindividual capabilities or freedoms (Sen 1999).
Dynamic Interactions Between The Macro-Environment, Development Thinking And Group Behaviour
Authors: Stewart Frances
Published: October 2023

The social morality that has served as an understructure for economic individualism has been a legacy of the precapitalist and preindustrial past. This legacy has diminished with time and with the corrosive contact of the active capitalist values… As individual behaviour has been increasingly directed to individual advantage, habits and instincts based on communal attitudes and objectives have lost out. The weakening of traditional social values has made predominantly capitalist economies more difficult to manage.
A Subordinated Stochastic Process Model with Finite Variance for Speculative Prices
Authors: Clark Peter K
Published: October 2023

S. Bochner’s concept of a subordinate stochastic process is proposed as a model for speculative price series. A general class of finite-variance distributions for price changes is described, and a member of this class, the lognormal–normal, is tested against previously proposed distributions for speculative price differences. It is shown with both discrete Bayes’ tests and Kolmogorov–Smirnov tests that finitevariance distributions subordinate to the normal fit cotton futures price data better than members of the stable family. The past seventeen years have seen a large amount of research by academic economists on prices in speculative markets, an area which was formerly studied almost exclusively by financial speculators and their advisors. Considering the time series of prices at short intervals on a speculative market such as that for futures in commodities, or corporation shares, one primary characteristic is evident.
Financial Returns Modelled by the Product of Two Stochastic Processes—A Study of Daily Sugar Prices, 1961–79
Authors: Taylor Stephen J
Published: October 2023

Daily returns from financial assets (stocks, bonds, commodities, currencies) have fluctuating variances and small autocorrelations.
The Dynamics of Exchange Rate Volatility: A Multivariate Latent Factor Arch Model
Authors: Diebold Francis X , Nerlove Marc
Published: October 2023

We study temporal volatility patterns in seven nominal dollar spot exchange rates, all of which display strong evidence of autoregressive conditional heteroskedasticity (ARCH). We first formulate and estimate univariate models, the results of which are subsequently used to guide specification of a multivariate model. The key element of our multivariate approach is exploitation of factor structure, which facilitates tractable estimation via a substantial reduction in the number of parameters to be estimated. Such a latent-variable model is shown to provide a good description of multivariate exchange rate movements: the ARCH effects capture volatility clustering, and the factor structure captures commonality in volatility movements across exchange rates. In this paper we specify and estimate a multivariate time-series model with an underlying latent variable whose innovations display autoregressive conditional heteroskedasticity (ARCH). Various aspects of this factor-analytic approach are sketched in Diebold (1986) and Diebold and Nerlove (1987); here we provide a more complete exposition, propose a new estimation procedure, and present a detailed substantive application to movements in seven major dollar spot exchange rates. To guide multivariate specification, we begin with a univariate analysis and relate the results to apparent random walk behaviour, leptokurtic unconditional distributions and convergence to normality under temporal aggregation.
Multivariate Stochastic Variance Models
Authors: Harvey Andrew , Ruiz Esther , Shephard Neil
Published: October 2023

Changes in variance, or volatility, over time can be modelled using the approach based on autoregressive conditional heteroscedasticity (ARCH). However, the generalizations to multivariate series can be difficult to estimate and interpret. Another approach is to model variance as an unobserved stochastic process. Although it is not easy to obtain the exact likelihood function for such stochastic variance models, they tie in closely with developments in finance theory and have certain statistical attractions. This article sets up a multivariate model, discusses its statistical treatment and shows how it can be modified to capture common movements in volatility in a very natural way. The model is then fitted to daily observations on exchange rates.
Stochastic Volatility: Likelihood Inference and Comparison with ARCH Models
Authors: Kim Sangjoon , Shephard Neil , Chib Siddhartha
Published: October 2023

In this paper, Markov chain Monte Carlo sampling methods are exploited to provide a unified, practical likelihood-based framework for the analysis of stochastic volatility models. A highly effective method is developed that samples all the unobserved volatilities at once using an approximating offset mixture model, followed by an importance reweighting procedure. This approach is compared with several alternative methods using real data. The paper also develops simulation-based methods for filtering, likelihood evaluation and model failure diagnostics. The issue of model choice using non-nested likelihood ratios and Bayes factors is also investigated. These methods are used to compare the fit of stochastic volatility and GARCH models. All the procedures are illustrated in detail.
A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options
Authors: Heston Steven L
Published: October 2023

I use a new technique to derive a closed-form solution for the price of a European call option on an asset with stochastic volatility. The model allows arbitrary correlation between volatility and spot-asset returns. I introduce stochastic interest rates and show how to apply the model to bond options and foreign currency options. Simulations show that correlation between volatility and the spot asset’s price is important for explaining return skewness and strike-price biases in the Black– Scholes (1973) model. The solution technique is based on characteristic functions and can be applied to other problems. Many plaudits have been aptly used to describe Black and Scholes’s (1973) contribution to option pricing theory. Despite subsequent development of option theory, the original Black–Scholes formula for a European call option remains the most successful and widely used application. This formula is particularly useful because it relates the distribution of spot returns to the cross-sectional properties of option prices. In this article, I generalize the model while retaining this feature.
Consistent Intertemporal Decision-making through Memory and Anticipation
Authors: Palacios-Huerta Ignacio
Published: October 2023

People and animals appear to evaluate choices inconsistently in certain situations and areas of their lives. Research in experimental psychology and behavioral economics during the last few decades has led some economists and psychologists to conclude “that the problem [of dynamic inconsistency] may not come from some extraordinary condition that impairs the normal operation of intentionality, but rather from the process by which all people, perhaps all organisms, evaluate future goals” (Ainslie and Haslam 1992: 58).
Arbitrarily Coherent Preferences
Authors: Ariely Dan , Loewenstein George , Prelec Drazen
Published: October 2023

Economic theories of valuation generally assume that prices of commodities and assets are derived from underlying “fundamental”values. For example, in finance theory, asset prices are believed to reflect the market estimate of the discounted present value of the asset”s payoff stream. In labor theory, the supply of labor is established by the tradeoff between the desire for consumption and the displeasure of work. Finally, and most importantly for this work, the economic account of consumer behavior assumes that the demand curves for consumer products-chocolates, CDs, movies, vacations, drugs, etc.-can be ultimately traced to the valuation of pleasures that consumers anticipate receiving from these products.
An Introduction to Long-memory Time Series Models and Fractional Differencing
Authors: Granger C W J , Joyeux Roselyne
Published: October 2023

It has become standard practice for time series analysts to consider differencing their series ‘to achieve stationarity’. By this they mean that one differences to achieve a form of the series that can be identified as an ARMA model. If a series does need differencing to achieve this, it means that strictly the original, undifferenced series has infinite variance. There clearly can be problems when a variable with infinite variance is regressed on another such variable, using least squares techniques, as illustrated by Granger and Newbold (1974).
The Postal Savings System and the Fiscal Investment and Loan Program in the Japanese Financial System
Authors: Cargill Thomas F , Yoshino Naoyuki
Published: October 2023

In this chapter, we consider the role of the PSS and FILP in Japan’s financial system from three perspectives. The chapter first quantifies the role of the PSS and the FILP in Japanese finance by reviewing selected flow-of-funds statistics for each institution and identifying trends with an emphasis on the post war period. This review will reveal the longstanding importance of the PSS and the FILP in Japan’s financial system and the continued growth of government intermediation after 1975, despite an official policy of financial liberalization.
Empirical Issues and Results
Authors: Cargill Thomas F , Yoshino Naoyuki
Published: October 2023

During the period from 1950 to 1975, when the Japanese financial regime reached maturity, the PSS and the FILP played important roles in transferring funds from surplus to deficit units, judged by their importance in Japan’s flow of funds and the various roles assigned to the PSS and the FILP in the financial system and economy. Comparative static results derived from a flow-of-funds model, however, suggest that whether the PSS and the FILP system contributed positively to economic growth is not clear, and only in those cases where some degree of market failure existed can a case be made that the PSS and the FILP raised productivity and economic growth.
‘More easie to the readers memory’: Using The History of the World
Authors: Engel William E
Published: October 2023

Such a jest at Ross’s expense was more likely the rule than exception when Hudibras first appeared in the decade after Ross’s death. But during his own lifetime, and well into the Enlightenment, his writings were remarkably popular. This was due, in part, to the fact that, as the jest implies, Ross tended to reduce things, through allegory, into their simplest components, thereby making even the most complex topics easily comprehensible. Further, Ross recognized the affective power of the Memory Arts, especially when the soul of history was at stake. He hit upon a method of using memory pictures that complemented his narrative style, and it seems to have been a winning combination, for he grew rich off his writing.
Seeing the Past
Authors: Woolf Daniel
Published: October 2023

In The Last chapter I offered a number of explanations for the emergence of antiquarianism in the mid-sixteenth century and its impressive growth in the seventeenth, emphasizing the growth of networks of information that underlay the works of the major antiquaries, and the types of collecting activity that they, and many others, undertook. In Chapter 7 the collection of and trade in are facts will be examined more closely, with special attention to interchange between learned and popular culture. In the present chapter, I wish to explore a variety of ways in which the physical remains of the past (manuscripts, old books, and non literary are facts) and modern commemorative replicas of that past (statuary, painting, landscape design) created, for the first time in England, a visual culture of ‘pastness’.
Introduction
Authors: Crawford Robert
Published: October 2023

At the start of the 1920s Einstein ‘s visit to England excited not only writers but also the general, newspaper-reading public.’ Einstein the Great ‘,T. S. Eliot called him, with an ironic smirk, surveying the press coverage for a’ London Letter ‘contributed to the American magazine The Dial in July 1921. Rose Macaulay, writing’ probably the first significant novel in the English language to make direct use of Einstein’s theories’, presents in her media story Potterism (1920) the newspaper headline ‘Light Caught Bending’. In Scotland, later in the same decade, Hugh MacDiarmid ended one of his greatest lyric poems, ‘Empty Vessel’, by writing of a woman’s grief for her dead child, ‘The licht that bends ower a ‘ thing | Is less ta ‘en up wi’t. ‘ So it was that Einstein caught the imagination of American, English, and Scottish writers. A scientist who considered imagination more important than knowledge, Einstein was likely to appeal to poets.
Grimoire
Authors: Donaghy Michael
Published: October 2023

From Puccini to Geri Halliwell, from Monet to David Hockney, from Delibes’ music to jewellery that changes colour, my brush with art was sorted. Poetry was never high on the agenda, after I waved goodbye, at school, to the Assyrian’s coming down and a fair measure of half a league, half a league. So the chance of meeting with a modern-day poet was a delightful injection of diversity. Lunch with Michael Donaghy surprised me, with discussion ranging from my own Cyborg research, linking implants to my nervous system, through the everyday trials and tribulations of a contemporary poet’s life to the ups and downs of our favourite soccer teams. We were, to all intents and purposes, merely a couple of guys chatting over a pint in the local hostelry. So what poetry could possibly erupt from such mundane beginnings? I awaited Michael’s outpourings, like a nervous teenager waiting for A level results, excitement and anticipation ringed with nervousness and a smattering of foreboding. What would Michael make of the research that I was doing? Would he say what a great guy I was, or conversely paint me as an ogre and a tyrant? Most importantly, would I understand it at all?
Public and Private Pension Spending: Principles, Practice and the Need for Reform
Authors: Banks James , Emmerson Carl
Published: October 2023

Pensions are one of the most important single items of spending in almost all developed countries. In most countries, spending is set to rise substantially as populations age and the number of retired members of the population increases. Pensions, or more broadly social security, reform is therefore at the top of almost every government’s policy agenda. Indeed, a number of countries are already embarking on substantial reform processes which have meant that there are now a variety of different approaches to the problem of how to deliver retirement income to the elderly.
Unemployment and Workers’ Compensation Programmes: Rationale, Design, Labour Supply and Income Support
Authors: Meyer Bruce D
Published: October 2023

Social insurance programmes are costly, making up the largest single component of government expenditures in many countries. These programmes are also not without controversy. Different sets of commentators view them as encouraging sloth, on the one hand, or necessary to prevent severe deprivation, on the other hand. Both sets of commentators are partly right. In this paper, I will focus on unemployment insurance (UI) programmes which provide compensation for the unemployed and workers’ compensation (WC) insurance for those injured or made ill by their employment.
Public and Private Spending for Environmental Protection: A Cross-Country Policy Analysis
Authors: Pearce David , Palmer Charles
Published: October 2023

The increase in public spending in advanced economies has been well documented (Peacock and Wiseman, 1961; Maddison, 1984, 1991, 1995; Tanzi and Schuknecht, 2000). Traditionally, interest in public spending has been driven by the debate about the relative merits of the role of the state in the modem economy. Crudely put, those who favour less intervention call for less public spending, and those who favour more intervention call for more spending. In tum, the degree of intervention is thought to be linked to the driving forces of economic growth and, by implication, the prospects for increasing per capita human well-being.
Poverty and inequality
Authors: Pestieau Pierre
Published: October 2023

The failure of the market system to satisfactorily achieve the objectives that our society has set itself is at the heart of the welfare state. This failure is of two types: the ‘traditional’ market failure that comes from the inability to produce an efficient allocation of resources, and the rather ‘normal’ failure to provide an equitable outcome. To measure the performance of the market and of the welfare state in terms of equity, we focus on two standard concepts: poverty and inequality. Poverty and inequality are indeed two ways of characterizing the equity of income distribution. But a number of economists do not want to consider distributional issues at all. According to them any ideas about the right income distribution are value judgments, and there is no scientific way to resolve differences in matters of ethics. The problem with this view is that decision-makers care about the distributional implications of policy. Yet if economists ignore distribution, policymakers may end up paying no attention at all to efficiency, focusing only on distributional issues.
Old age pensions
Authors: Pestieau Pierre
Published: October 2023

In ageing Europe, pension systems are the social protection program receiving the widest attention. It appears that the cost of social protection programs depends not only on increasing longevity, but also on the effective age of retirement that, as we have seen in the last decades, has been decreasing in most European countries. Most pension systems in Europe are redistributive and based on pay-as-you-go financing. Therefore, we show that reforms are called for, but that they face huge political resistance. We also discuss the issue of privatization of pension systems, its reasons, and its limits. Expenditures on pensions between 1980 and 1998 (in % of GDP) increased in all 15 European countries, except Ireland and Luxembourg. The largest increases in expenditure occurred in Greece and Italy. Today Austria, Belgium, Germany, Greece, France, Italy and Sweden all have relatively high shares of pension expenditure in GDP, while the UK and Ireland have relatively low shares compared to the EU15 average. Over the same period, all countries experienced some increase in the population aged 65 years and over, with the exception of Austria. Population ageing is likely to have a significant impact on pension expenditure over the next 20 years and beyond.
Unemployment and poverty
Authors: Pestieau Pierre
Published: October 2023

The labor market is at the heart of our welfare states for a number of reasons. First, it is the source of income for the majority of households. Secondly, most social insurance schemes were initially designed within the labor market arrangements.
Introduction
Authors: Milne Frank
Published: October 2023

The first edition of this book was based on a set of lectures that I gave at the Institute of Advanced Studies in Vienna in 1992, and subsequently taught in the Economics Department, Queen’s University. My brief was to provide a series of ten lectures that surveyed and introduced recent asset-pricing models in Finance, using mathematical techniques and microeconomic theory at the level of Varian Microeconomic Analysis(1992), or Mas-Colell, Whinston and Green Microeconomic Theory(1995). With these prerequisites the book should be accessible to any first-year graduate student who has a good grounding in microeconomic theory and general equilibrium theory. Necessarily this book is not complete, and omits much that is important in terms of generality and detail. To make the book complete in that sense would triple its length and increase the level of mathematical difficulty substantially.
Martingale Pricing Methods
Authors: Milne Frank
Published: October 2023

An alternative, and more popular method for asset pricing is the so-called Martingale pricing or risk-neutral pricing method. The idea is very simple particularly if Ui) is differentiable. The non-differentiable case is treated at the end of this chapter.
Multiperiod Asset Pricing: Complete Markets
Authors: Milne Frank
Published: October 2023

So far, we have restricted attention to two-date models. Although this is instructive for introducing basic ideas of arbitrage, aggregation, and diversification, we require a multiperiod framework to capture a range of intertemporal problems. For example, we would like to investigate the term structure of interest rates, complicated multi period derivative securities, the dynamics of stock prices, and dynamic hedging strategies. It will turn out that our two-period analysis has laid an important foundation for this analysis. By choosing an appropriate dynamic framework, we can generalize our two-date results, and obtain obvious sophisticated reinterpretations of familiar results.
Multiperiod Asset Pricing: Incomplete Asset Markets
Authors: Milne Frank
Published: October 2023

So far, we have discussed a multiperiod economy with complete asset or Arrow-Debreu markets. In this chapter we will introduce ageneral structure that allows us to characterize incomplete or incomplete asset markets.
Discrete Stochastic Integrals, Multiperiod Factor Pricing, and Continuous-Time Models
Authors: Milne Frank
Published: October 2023

In this section we relate our factor pricing results in Chapter 14 to the representation of asset prices in terms of stochastic integrals. Many discussions of asset pricing (see Harrison and Kreps, 1979; Harrison and Pliska, 1981; Duffie, 1988; Dothan, 1990) begin by assuming that asset prices are described by discrete or continuous stochastic integrals.
Fiat Money as an Asset, Nominal Assets, and International Finance
Authors: Milne Frank
Published: October 2023

Our basic model has Ccommodities, and an associated vector of spot prices for the spot markets at each event. If there was a generally accepted commodity (e.g. gold) that acted as a unit of account, then our analysis could be interpreted as a commodity standard economy.
Defining the Problems: Colonial Science and the Origins of Conservation at the Cape, 1770–1860
Authors: Beinart William
Published: October 2023

Veld, forests, water, and wild animals were critical natural resources for Khoisan and African people, as well as the landowners who were increasingly the backbone of the colonial economy. Colonial regimes were alive to the dangers of overexploitation. At the Cape, attempts at regulation—along European lines—began soon after Company rule was established. Comments and debates about environmental degradation are evident surprisingly early in the history of European settlement. They arose from the emerging understandings of the environment, from the experience of farmers, and from international scientific advances that framed environmental problems in new ways.
Insolvency of Individuals
Authors: Fletcher Ian F
Published: October 2023

In this chapter the issues to be considered are those arising from the insolvency of individuals. Strictly speaking, English law reserves the term ‘bankruptcy ‘ for the procedure whereby the estate of an individual debtor is liquidated and distributed among the bankrupt’s creditors according to a predetermined, statutory regime. Where the insolvent debtor is a legal person––such as a company formed and registered under law––a different procedure known as winding up (also termed ‘liquidation’) is employed. In observing this dichotomy between individual and corporate insolvency, and in maintaining separate procedures for each, English law keeps company with a number of other Common Law jurisdictions, including those of Australia and New Zealand and (less strictly) Canada.
Latin America, Scandinavia, and the NAFTA Countries
Authors: Fletcher Ian F
Published: October 2023

Historically, the first examples of international treaties which attempted in some way to make provision for the better regulation of cross-border insolvencies were bilateral treaties, concluded between states which were either close neighbours geographically, or which had particularly close relationships involving commerce and trade between their citizens. There were numerous examples of such treaties in the period between the eighteenth and the mid-twentieth century. In the context of their period, they were able to offer useful solutions to the most basic, and still the most common, of the factual situations that can be experienced in cross border insolvency, namely where the significant assets and liabilities are dispersed between only two jurisdictions.