bluuebunny/crossref_metadata_2025_split huggingface dataset:
Different Approaches to Bankruptcy
Authors: Hart Oliver 
Published: October 2023

Abstract
In the last fifteen years or so, lawyers working in law and economics and economists with an interest in legal matters have turned their attention to the topic of bankruptcy. A large amount of work has resulted, both theoretical and empirical, some of which has been concerned with the functioning of existing bankruptcy procedures and some with bankruptcy reform. Although researchers in this area have expressed different views, I believe that one can identify a consensus on certain issues-for example, the goals of bankruptcy and some of the characteristics of an efficient bankruptcy procedure. (There is probably less agreement about exactly what the best bankruptcy procedure is or how well existing systems around the world function.) In this paper, I will focus on this consensus because I believe it is useful in guiding countries with poorly developed bankruptcy procedures in efforts to improve them.1 One point I will stress is that it is unlikely that ‘one size fits all’. That is, although some bankruptcy procedures can probably be rejected as being manifestly bad, there is a class of procedures that satisfy the main criteria of efficiency. Which procedure a country chooses or should choose may then depend on other factors-for example, the country’s institutional structure and legal tradition. One can also imagine a country choosing a menu of procedures and allowing firms to select among them.
Cross-Sectional Wage and Employment Rigidities versus Aggregate Employment
Authors: Bertola Giuseppe 
Published: October 2023

Abstract
When studying real-life market outcomes and evaluating policy interventions, economists like to refer to a hypothetical situation where intertemporal and insurance markets are perfect and complete. In reality, of course, laissez-faire economic interactions can hardly supply insurance against the risk of becoming or remaining unemployed, because moral hazard and adverse selection stand in the way of such potential contractual arrangements. Workers would not try as hard to avoid unemployment and find new jobs if they were covered against the negative consequences of the event, by purchasing insurance at a given market price. And workers who know their unemployment risk is particularly high would make the scheme unprofitable for insurance providers and/ or unattractive to workers with average risk. Hence, one can understand why collective action would try and remedy the ex post inequitable or ‘unfair’ labour-market treatment of workers who, lacking insurance, became or remained unemployed despite their best efforts.
Independence and Accountability of Central Banks
Authors: Grauwe Paul De 
Published: October 2023

Abstract
In the post-war period, two models of central banking have evolved. One can be called the Anglo-French model, the other the German model. These two models differ from each other on two counts. One has to do with the objectives a central bank should pursue, the other is related to the institutional design of the central bank. The Objectives of the Central Bank. In the Anglo-French model, the central bank pursues different objectives-for example, price stability, stabilization of the business cycle, the maintenance of high employment, and possibly others too. In this model, price stability is only one of the objectives and does not receive any privileged treatment. This is very different in the German model, where price stability is considered to be the primary objective of the central bank. And, although the central bank can pursue other objectives, this is always conditioned on the requirement that their pursuit does not endanger price stability.
Asymmetric Regionalism in Sub-Saharan Africa: Where Do We Stand?
Authors: Cadot Olivier , Melo, Jaime De , Olarreaga Marcelo 
Published: October 2023

Abstract
The paper reviews the likely economic effects of the Regional Economic Partnership Agreements (REPAs) proposed by the European Union (EU) to the ACP (America, Caribbean, Pacific) countries to succeed to the Lome IV agreements. We argue that, in spite of some likely positive effects because of reciprocity and the North-South partnership, the pronounced asymmetries among the southern partners will lead to strong redistributive and marginalization effects that will require compensations that are likely to be costly to implement. It is also pointed out that efforts at regional cooperation agreements would avoid some of the shortcomings associated with the proposed discriminatory trade preferences that would accompany the proposed REPAs. And, if the REPAs are negotiated, they should be accompanied by compensatory transfers from the European Union (EU) for tax revenues losses attributable to the agreements.
Benefits and Costs of EU Enlargement: Theoretical and Practical Considerations on Trade Policy Issues
Authors: Inotai Andras 
Published: October 2023

Abstract
Any change in a given system generates a redistribution of previously fixed positions. Although, in a strategic framework, decisions on changes are taken deliberately and in the conviction that the new situation will increase the level of general welfare, nevertheless, even the most careful planning is unable to guarantee that all actors involved will immediately gain from the changes. While the exercise is rightly expected to be a positive-sum game, it is more difficult to create, from the very beginning, a clear win-win scenario.
Introduction
Authors: Blomström Magnus , Gangnes Byron , Croix Sumner La 
Published: October 2023

Abstract
By the early 1990s, Japan had emerged as the main challenger to the United States for the position as the world’s leading economy. The Japanese economy had outgrown the US for several decades, and the appreciation of the yen had pushed Japanese per capita income (calculated on an exchange-rate basis) almost 50 per cent above US levels in 1995. Japanese export industries generated massive export surpluses, despite the appreciated currency. The Japanese success was considered nothing less than a miracle.
Historical, Structural, and Macroeconomic Perspectives on the Japanese Economic Crisis
Authors: Weinstein Davide. 
Published: October 2023

Abstract
Paul Krugman once noted that it is not remarkable that people tend to favor structural interpretations for economic problems. Losing one’s job or seeing one’s wealth fall by a factor of two or three is often a tragedy for workers and their families. It is an anathema that this might be the result of some bureaucrat accidentally miscalculating the money supply in one’s own country or, even worse, in some other country.
Comparison of Fertility Estimates from India’s Sample Registration System and the 1992-1993 National Family Health Survey
Authors: Narasimhan R L , Retherford Robert D , Mshra Vinod , Arnold Fred , Roy T K 
Published: October 2023

Abstract
Fertility has certainly been declining in India, but there is some question as to how fast the decline has been. Answering this question is important because accurate estimates of the speed of fertility decline are needed for monitoring the progress of India’s national family planning programme and for formulating India’s five-year development plans, which require population projections.
Family Planning in Pakistan: A Turning Point
Authors: Hakim Abdul , Miller Peter C 
Published: October 2023

Abstract
In the five decades that have elapsed since independence, the population of Pakistan has doubled twice, going from 32.5 million in 1947 to 128 million in 1997 (Table 6.1). The immediate determinants of this growth are well known. Annual rates of natural increase accelerated in the post-independence era, from 2 per cent in 1947 to 3 per cent in the 1960s. The growing rate of natural increase was the direct outcome of reductions in child mortality in the 1950s and 1960s, and of sustained high fertility throughout the post-independence era (Sathar and Casterline 1998).
An Optimal Earnings Schedule
Authors: Anand Sudhir 
Published: October 2023

Abstract
It is easy to analyse the supply of a single man’s work to different opportunities of converting leisure into income that are available to him. It is much harder to establish the response of total labour to alternative earning opportunities when different members of the workforce have differing preferences as between income and leisure. That such differences in preferences should exist is entirely plausible. Many surveys (e.g. Shimmin and de la Mare 1964; Flanders 1964: Appendix E) have reported that establishments which allow regular overtime working as part of their normal workschedules evoke wide differences in response among men in the same occupation. Some authors (see Shimmin and de la Mare) have attributed these differences to differences in family responsibility as measured by the income-tax code number. Others have correlated additional individual and social characteristics, such as age and the availability of leisure activities outside the home. The purpose here is not to examine why some groups of people prefer to work more overtime than others, but rather the consequences which follow from this fact. I will assume that the diversity of preferences can be captured by means of a single parameter.
On the Optimal Location of Capital
Authors: Venables Anthony J 
Published: October 2023

Abstract
In his paper ‘The Optimum Town’, Mirrlees (1972) posed the question, what is the optimal spatial organization of individuals around a town centre in which they work? He characterized the optimal consumption level and residential area to be given to individuals at different distances from the centre and pointed out that, in general, inequality of income distribution was part of the social optimum, even if all individuals are identical.
Systems of Financial Markets
Authors: Eichberger Jürgen , Harper Ian , Pfeil Christian , Scheid Florian 
Published: October 2023

Abstract
This chapter studies asset systems. It focuses on the capacity of asset systems to enable consumers to share risks effectively. The Pareto optimality of consumption allocations depends on the completeness or incompleteness of the financial market system. Exercise 1 considers an economy with partially diversifiable aggregate risk about endowments. Insurance takes place with risk-neutral consumers insuring the risk-averse ones. Compare this exercise with Exercise 1 in Chapter 2, where a similar economy with fully diversifiable risk (no aggregate uncertainty) was studied. Exercise 2 highlights how equilibrium prices in contingent markets depend on preferences and beliefs. For the case of an Edge worth box economy, we show in Exercise 3 that trade in contingent commodities guarantees Pareto optimality of an equilibrium allocation. The indirect utility function over state-contingent wealth allocations is derived in Exercise 4. Finally, Exercise 5 shows how to derive the reduced-form budget constraints for complete and incomplete financial market systems (compare Section 3.6 in the textbook).
Regulation of Banks
Authors: Eichberger Jürgen , Harper Ian , Pfeil Christian , Scheid Florian 
Published: October 2023

Abstract
In this chapter we apply the bank model of Chapter 7 to some questions of bank regulation. In Exercise 1 we consider the case of a deposit insurance scheme where banks have to pay a fee for the insurance guarantee. A diagrammatic analysis is carried out both for the case where banks have to pay the fee in period O and for where they have to pay it in period 1. Exercise 2 uses the diagrammatic approach to study a deposit insurance scheme which guarantees deposits but not the interest promised. Finally, in Exercise 3 we discuss and qualify the claim that deposit insurance is a way to guarantee stability of banks without cost.
Seeing it Through? The Multifaceted Implementation of the Belfast Agreement
Authors: Hadfield Brigid 
Published: October 2023

Abstract
The document, commonly referred to as the Belfast Agreement, actually consists of a novel form of double annexation of two Agreements, the one to the other. There is, first, the multi-party Agreement which, beginning with a Declaration of Support, deals with constitutional issues, specifically the constitutional status of Northern Ireland, the three-stranded political structures, rights, safeguards and equality of opportunity, decommissioning, security, policing and justice, and prisoners. An annex to the multi-party Agreement is the Agreement between the British and Irish Governments, dealing with the elements of the former agree ment which have interstate dimensions.
Constitutional Frameworks and Democratic Consolidation: Parliamentarianism versus Presidentialism (with Cindy Skach)
Authors: Stepan Alfred 
Published: October 2023

Abstract
The struggle to consolidate the new democracies—especially those in Eastern Europe, Latin America, and Asia—has given rise to a wide-ranging debate about the hard choices concerning economic restructuring, economic institutions, and economic markets. A similar debate has focused on democratic political institutions and political markets. This literature has produced provocative hypotheses about the effects of institutions on democracy.
Implied Volatility Functions: Empirical Tests
Authors: Dumas Bernard , Fleming Jeff , Whaley Robert E 
Published: October 2023

Abstract
Expected future volatility plays a central role in finance theory. Consequently, accurately estimating this parameter is crucial to meaningful financial decision making. Finance researchers generally rely on the past behavior of asset prices to develop expectations about volatility, documenting movements in volatility as they relate to prior volatility and/or variables in the investors’ information set. As useful as such investigations have been, they are by nature backward looking, using past behavior to project forward. An alternative approach, albeit less explored in the literature, is to use reported option prices to infer volatility expectations.1 Because option value depends critically on expected future volatility, the volatility expectation of market participants can be recovered by inverting the option valuation formula.
Insider Trading without Normality
Authors: Rochet Jean-Charles , Vila Jean-Luc 
Published: October 2023

Abstract
In his seminal paper, Kyle (1985) shows how a risk-neutral and perfectly informed insider can profit from his private information by trading strategically and by hiding his trade behind the activity of ‘noise traders’. In his model, Kyle makes specific assumptions about the distribution of uncertainty (normality) and restricts himself to a specific class of equilibria, the linear ones.1 The argument that the linear equilibria are more tractable than the non-linear ones is not convincing. The signalling literature (see Laffont and Maskin (1989, 1990) among others) abounds in examples where multiple equilibria are the rule.2 In the context of market trading with asymmetric information, it is important to understand whether the uniqueness of an equilibrium comes from the ad hoc linearity assumption, from the distributional assumption or from the nature of the strategic interaction.
Asset Price Dynamics and Infrequent Feedback Trades
Authors: Balduzzi Pierluigi , Bertola Giuseppe , Foresi Silverio 
Published: October 2023

Abstract
Investors routinely rebalance their portfolios in response to changes in prices. In order to hold portfolio weights constant, for example, investors would buy losers and sell winners, a typical negative-feedback or contrarian strategy.1 Alternatively, investors may implement positive-feedback strategies: buy stocks when their prices rise, and sell them when their prices fall. These strategies include portfolio choice based on extrapolative expectations (trend-chasing), the use of stop-loss orders, and portfolio insurance.
Going Public and the Ownership Structure of the Firm
Authors: Mello Antonio S , Parsons John E 
Published: October 2023

Abstract
That ownership structure is an important determinant of firm value is now well established in the finance literature. Large, active investors often play a monitoring role that raises the value of all shares. The presence of large shareholders also improves the efficiency of the market for corporate control. How does the significance of ownership structure shape the process for issuing equity?
Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence
Authors: Habib Michel A , Ljungqvist Alexander P 
Published: October 2023

Abstract
Why are some initial public offerings (IPOs) more underpriced than others? For instance, why do IPOs by companies with dot-com in their names suffer average underpricing that is nearly eight times the U.S. average of 13%? Why are Chinese IPOs underpriced by 42%, whereas Malaysian IPOs are underpriced by 6%? And why has average underpricing in Germany quadrupled since the introduction of the Neuer Markt in March 1997?1
Some Causes and Consequences of Fragmentation
Authors: Price Victoria Curzon 
Published: October 2023

Abstract
‘Fragmentation’ refers to the growing complexity of the modern chain of production, which divides and redivides previously integrated systems into ever more specialized and distinguishable units. The components of many objects have not only originated in many different places, but the components themselves have an equally chequered geographic history. The actual molecules making up a pen or a computer will have crossed many frontiers, probably back and forth across the same frontiers several times, changing owners all the time, before reaching their final destination, at which point the physical molecules will have been rearranged into something useful. Arguably, the valueadded in the process is ‘just services’. In other words, the service-content of the goods we buy is very great indeed. Identifying the diverse national ‘origins’ of a modern product is nowadays quite impossible.
Estonia
Authors: Maruste Rait 
Published: October 2023

Abstract
For Estonia, as for the other Baltic States, the restoration of independence and real enjoyment of human rights only became possible after the withdrawal of foreign troops in the beginning of the nineties. Thus, the Estonian experience of practising democracy and international law is not the richest one. Due to the short time period the administrative and judicial practice in applying international law and pertinent scholarly analysis are relatively limited.
Finland
Authors: Rosas* Allan 
Published: October 2023

Abstract
Every member state’s adherence to the European Convention on Human Rights displays some country-specific features. In the case of Finland, two background factors should be emphasized. First, there is the question of Finland’s foreign and treaty policy preceding its membership in the Council of Europe and ratification of the ECHR, which explains why it ratified the ECHR as late as May 1990. Secondly, the Finnish constitutional and legal system offers some distinctive features, which are relevant when considering the status and impact of the ECHR in national law.
Ireland
Authors: O’connell Donncha 
Published: October 2023

Abstract
The ECHR was adopted by the Council of Europe and signed by the Irish Minister for External Affairs on 4 November 1950. It was confirmed and ratified by the Irish Government on 25 February 1953 and laid before Dail Eireann on 29 March 1954. It had entered into force on 3 September 1953.
Norway
Authors: Møse Erik 
Published: October 2023

Abstract
Together with representatives from eleven other states, the Norwegian Minister of Foreign Affairs, Mr Halvard Lange, signed the European Convention on Human Rights (ECHR) in the Palazzo Barberini on 4 November 1950. Norway ratified it on 15 January 1952 as the second of the signatory states, after the United Kingdom (March 1951). The Convention entered into force for Norway on 3 September 1953 when ten instruments of ratification had been deposited, cf Article 66(2).
Spain
Authors: Roca Guillermo Escobar 
Published: October 2023

Abstract
On 24 November 1977, two years after the death of General Franco and at the height of the transition towards democracy (or, more specifically, when the Committee was drawing up the Preliminary Draft of the Constitution) Spain became a signatory to the European Convention on Human Rights. However, it was not until 4 October 1972 that it ratified the Convention, after the Spanish Constitution had been approved.
Sweden
Authors: Cameron Iain 
Published: October 2023

Abstract
It is not possible to analyse the function of the European Convention on Human Rights (hereinafter, the Convention) in the Swedish legal order without some knowledge of the system of constitutional rights in Sweden. Only then can one appreciate the role which it has played, and can play, in filling gaps in rights protection. Accordingly, this short introductory section gives an overview of the constitutional rights context.1 There are three Swedish constitutional documents dealing with rights: the Freedom of the Press Act (Tryckfrihetsforordningen, TF), the Freedom of Expression Act (Yttrande-frihetsgrundlag, YGL), and the Instrument of Government (Regerings-formen, RF). The Freedom of the Press Act (1949:105) and the Freedom of Expression Act (1991:1469) deal, respectively, with the printed and the electronic media. They provide inter alia for a special system of criminal responsibility for crimes committed by means of printed or electronic media (defamation, breaches of the Secrecy Act, etc.) and for the right to trial by jury for those accused of committing such offences. They prohibit censorship and lay down the right to communicate official information, even secret information, to the press for publication, subject to certain narrowly defined exceptions. Swedish protection of freedom of information is probably stronger than in any other European state, and forms an important part of the system of constitutional control.
The State Second Pension Scheme and its Predecessors
Authors: Blake David 
Published: October 2023

Abstract
Second-tier or supplementary state pensions have been provided in the UK since 1961. They are known as the additional state pension and are paid by the Pensions Service of the Department of Work and Pensions (DWP). The state second pension (S2P) scheme was established by the secretary of state for social security (Alistair Darling) in the Welfare Reform and Pensions Act 1999 and the Child Support, Pensions and Social Security Act 2000 (following the 1998 green paper A New Contract for Welfare: Partnership in Pensions), and came into operation on 6 April 2002.
Occupational Pension Schemes
Authors: Blake David 
Published: October 2023

Abstract
Occupational pension schemes (also known as retirement benefit schemes) are pension schemes that are organized or sponsored by the companies or organizations for which people work. The pensions offered by such schemes are generally related to employees’ earnings or salaries at or near retirement and to their service history; such pensions are known as defined benefit (DB) or salary-related or final-salary pensions, since the pension is typically based on some measure of final salary.
Personal and Stakeholder Pension Schemes
Authors: Blake David 
Published: October 2023

Abstract
Personal pension schemes are pension schemes that are organized for employees or groups of employees by financial institutions such as banks and insurance companies rather than by the companies for which these individuals work. The pensions offered by such schemes are generally related to the contributions that are paid into them, and as such are known as defined contribution (DC) pensions. They were introduced in 1988.