In this paper, we examine the primary and secondary markets for German treasury bills. We look in great detail at the rationale behind banks’ decisions concerning the yield they require to be willing to buy treasury bills in the primary market; and we also mention the reasoning behind household and nonbank firm decisions concerning the price they are willing to pay to buy these bills in the secondary market. We...
In this paper, we look at the root causes of the 2007-2009 subprime financial crisis and its consequences. We then examine the way public authorities responded to the crisis. We emphasize the fact that, from the start, public policy developed along two complementary, but distinct, lines: (i) short term macroeconomic management; (ii) medium to long term reshaping of the financial regulation framework. We point o...
Microcredit has been proposed as a tool for poverty reduction. However, little is known about the way banks determine loans terms and if the credit supplied is enough to satisfy demand. This paper, firstly, proposes a theoretical model to analyse microcredit interest rates and amounts. Secondly, the model predictions regarding loans' size are tested using a disequilibrium model and data from a developed country...
This paper establishes the main differences between standard commercial banks and the two non-for-profit banks operating in Portugal (Caixa Agrícola – CA - and Caixa Económica Montepio Geral – CE-MG). In particular, we find differences in the way funds are raised, governance criteria, tax regime, application of profits and attitude towards profit. However, CA is more similar to a typical co-operative/mutual ban...
Este trabalho aborda o problema de estimação de ângulos de incidência (DOA) de ondas planas sobre um arranjo de sensores. Dentre os vários métodos encontrados na literatu-ra, o método MODEX (MODE with eXtra roots) se destaca por seu desempenho e complexi-dade computacional. Recentemente, foi proposto o método SEAD (SEArch of Direction by differential spectrum), que apresenta desempenho de estimação mais robusto...
Este trabalho aborda o problema de estimação de ângulos de incidência (DOA) de ondas planas sobre um arranjo de sensores. Dentre os vários métodos encontrados na literatu-ra, o método MODEX (MODE with eXtra roots) se destaca por seu desempenho e complexi-dade computacional. Recentemente, foi proposto o método SEAD (SEArch of Direction by differential spectrum), que apresenta desempenho de estimação mais robusto...
Este trabalho aborda o problema de estimação de ângulos de incidência (DOA) de ondas planas sobre um arranjo de sensores. Dentre os vários métodos encontrados na literatu-ra, o método MODEX (MODE with eXtra roots) se destaca por seu desempenho e complexi-dade computacional. Recentemente, foi proposto o método SEAD (SEArch of Direction by differential spectrum), que apresenta desempenho de estimação mais robusto...
OBJETIVO: Avaliar o momento do início da bacteriúria e o germe mais freqüentemente relacionado à infecção urinária nos pacientes submetidos à sondagem vesical de demora. MÉTODO: No período de setembro de 2003 a outubro de 2004, foram avaliados os pacientes com 13 anos ou mais, submetidos à operações eletivas com cateterismo vesical de demora. Na inserção do cateter foi colhida a primeira amostra de urina, denom...
The present research accost the question about constitution of the space, starting from the frontiers and the limits with its surroundings, searching for an understanding of how to configure the street space and how it relates to the performance itself, emphasizing the aspect of the pirate state, where the watching crowd is robed of its routine stage. In the first part, about the city, a parallel is created bet...
This paper looks at the role played by the factor-intensity condition in the model developed by Leao (2003). To do this, we examine how the model reacts when the factor-intensity condition is reversed so that the banking industry ceases to be the capital intensive sector and becomes the labour intensive sector. Simulation results show that, in general, the qualitative nature of the results does not change. Howe...
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