GENTLEMEN PREFER LIQUIDITY: EVIDENCE FROM KEYNES

2013 ◽  
Vol 35 (3) ◽  
pp. 397-422 ◽  
Author(s):  
SYLVIE RIVOT
Keyword(s):  
Monetary Policy ◽  
The Other ◽  
Second Step ◽  
Direct Control ◽  
Liquidity Premium ◽  
Ancient Times ◽  
The One ◽  
Monetary Assets ◽  
Weakly Dependent

This paper deals with the concept of liquidity in Keynes’ theoretical and political writings. First of all, liquidity, according to Keynes, is a concept much more comprehensive than commonly held nowadays: for Keynes, liquidity means more than an easy convertibility, a high marketability (land might have been highly liquid in ancient times). In short, an asset is highly liquid when its value is weakly dependent on a change in our long-term state of expectations. In a second step, this reassessment of liquidity is applied to Keynes’ political writings, in particular to monetary policy and also to the ‘buffer-stock’ scheme. On the one hand, our investigation shows that in a context of ‘uncertainty,’ monetary policy basically aims to encourage the private sector to have confidence in long-term expectations. Private wealth owners should accordingly ask for lower and lower ‘liquidity premium.’ On the other hand, Keynes’ ‘buffer stocks’ of commodities are not intended for a direct control of prices. Rather, their proper purpose is to confer more liquidity to commodities; i.e., to transform them to ‘monetary assets.’ All in all, monetary policy and buffer-stocks schemes prove to be two basic rationales of Keynes’ concept of liquidity still worth being investigated—today as before.

Radioimmunotherapy for treatment of acute myeloid leukaemia and myelodysplastic syndrome

2005 ◽  
Vol 44 (03) ◽  
pp. 107-117
Author(s):  
R. G. Meyer ◽  
W. Herr ◽  
A. Helisch ◽  
P. Bartenstein ◽  
I. Buchmann
Keyword(s):  
Acute Myeloid Leukaemia ◽  
Myeloid Leukaemia ◽  
Primary Tumour ◽  
The Other ◽  
Haematopoietic Stem Cell ◽  
Other Hand ◽  
Primary Reduction ◽  
The One ◽  
Acute Myeloid

SummaryThe prognosis of patients with acute myeloid leukaemia (AML) has improved considerably by introduction of aggressive consolidation chemotherapy and haematopoietic stem cell transplantation (SCT). Nevertheless, only 20-30% of patients with AML achieve long-term diseasefree survival after SCT. The most common cause of treatment failure is relapse. Additionally, mortality rates are significantly increased by therapy-related causes such as toxicity of chemotherapy and complications of SCT. Including radioimmunotherapies in the treatment of AML and myelodyplastic syndrome (MDS) allows for the achievement of a pronounced antileukaemic effect for the reduction of relapse rates on the one hand. On the other hand, no increase of acute toxicity and later complications should be induced. These effects are important for the primary reduction of tumour cells as well as for the myeloablative conditioning before SCT.This paper provides a systematic and critical review of the currently used radionuclides and immunoconjugates for the treatment of AML and MDS and summarizes the literature on primary tumour cell reductive radioimmunotherapies on the one hand and conditioning radioimmunotherapies before SCT on the other hand.

Hidden “holes” in the capital of banks and the supply of credit to the real sector of economy

2018 ◽  
pp. 49-68 ◽  
Author(s):  
M. E. Mamonov
Keyword(s):  
Credit Risk ◽  
The Other ◽  
Real Sector ◽  
Capital Management ◽  
Loan Loss ◽  
Short Term ◽  
The Real ◽  
Ex Post ◽  
The One

Our analysis documents that the existence of hidden “holes” in the capital of not yet failed banks - while creating intertemporal pressure on the actual level of capital - leads to changing of maturity of loans supplied rather than to contracting of their volume. Long-term loans decrease, whereas short-term loans rise - and, what is most remarkably, by approximately the same amounts. Standardly, the higher the maturity of loans the higher the credit risk and, thus, the more loan loss reserves (LLP) banks are forced to create, increasing the pressure on capital. Banks that already hide “holes” in the capital, but have not yet faced with license withdrawal, must possess strong incentives to shorten the maturity of supplied loans. On the one hand, it raises the turnovers of LLP and facilitates the flexibility of capital management; on the other hand, it allows increasing the speed of shifting of attracted deposits to loans to related parties in domestic or foreign jurisdictions. This enlarges the potential size of ex post revealed “hole” in the capital and, therefore, allows us to assume that not every loan might be viewed as a good for the economy: excessive short-term and insufficient long-term loans can produce the source for future losses.

Interrelationships between municipal spatial policy strategy and airport operation and development. Lodz Airport case study

2018 ◽  
Vol 59 (1) ◽  
pp. 65-79
Author(s):  
Katarzyna Nikorowicz-Zatorska
Keyword(s):  
Land Use ◽  
Urban Planning ◽  
Cultural Development ◽  
The Other ◽  
Local Authorities ◽  
Spatial Management ◽  
The One ◽  
Surrounding Areas

Abstract The present paper focuses on spatial management regulations in order to carry out investment in the field of airport facilities. The construction, upgrades, and maintenance of airports falls within the area of responsibility of local authorities. This task poses a great challenge in terms of organisation and finances. On the one hand, an active airport is a municipal landmark and drives local economic, social and cultural development, and on the other, the scale of investment often exceeds the capabilities of local authorities. The immediate environment of the airport determines its final use and prosperity. The objective of the paper is to review legislation that affects airports and the surrounding communities. The process of urban planning in Lodz and surrounding areas will be presented as a background to the problem of land use management in the vicinity of the airport. This paper seeks to address the following questions: if and how airports have affected urban planning in Lodz, does the land use around the airport prevent the development of Lodz Airport, and how has the situation changed over the time? It can be assumed that as a result of lack of experience, land resources and size of investments on one hand and legislative dissonance and peculiar practices on the other, aviation infrastructure in Lodz is designed to meet temporary needs and is characterised by achieving short-term goals. Cyclical problems are solved in an intermittent manner and involve all the municipal resources, so there’s little left to secure long-term investments.

scholarly journals The role of SMEs in innovation-oriented economic development

2017 ◽  
pp. 95-99
Author(s):  
Tamás Köpeczi-Bócz ◽  
Mónika Lőrincz
Keyword(s):  
Rural Areas ◽  
Tertiary Education ◽  
National Level ◽  
Business Environment ◽  
The Other ◽  
Sectoral Structure ◽  
Other Hand ◽  
Knowledge Intensive ◽  
The One

Both at European and national level tertiary and quaternary sectors are concentrated in the metropolitan centre. In the rural areas only the sites of such sectors can be found the premises of which temporarily transform the sectoral structure of these areas, but from the regional development aspect they did not prove to be an effective strategy.The European Commission is now focusing on growth from innovation, which could become the driving force behind productivity growth and the economy’s long-term trend. The innovation-oriented economic development’s key players are on the one hand the knowledge-intensive enterprises, on the other hand the universities. Tertiary education can play a role – among others – in shaping and creating the development of knowledge intensive business environment and conditions, on the other hand it can assist the development of network contacts – another precondition of employment growth.

scholarly journals Public Private Partnerships and the Prospects for Sustainable ICT Projects in the Developing World

2007 ◽  
Vol 2 (3) ◽  
Author(s):  
Elizabeth Fife ◽  
Laura Hosman
Keyword(s):  
Case Studies ◽  
Success Factors ◽  
Public Services ◽  
Developing World ◽  
The Other ◽  
Third Party ◽  
Non Profit ◽  
Current State ◽  
The One

This paper analyses the recent phenomenon of private/public partnerships (PPPs) in the ICT sector of the developing world. The partners may come to these projects with divergent motivations: profit on the one hand and the provision of public services on the other, but at the end of the day, the interests of the partners that are symbiotic can – and indeed should – be aligned to ensure successful long-term projects. To investigate what can be done to promote successful and sustainable PPPs, this paper extends the traditional two-actor analysis to include both a third-party non-profit-oriented facilitating organization and the technology recipients that are the targets of these projects. Following an overview of the current state of PPPs in the developing world, the paper provides two case studies, based in Vietnam, where all four of the above-mentioned stakeholders were involved. The cases reveal important success factors that can be applied to future PPPs in the ICT sector.

scholarly journals The features landscape structure by the national park Ugra (Kaluga region)

2014 ◽  
pp. 168-172
Author(s):  
Ilariya Kashutyna ◽  
Olga Stepochkyna
Keyword(s):  
Key Words ◽  
Landscape Structure ◽  
National Park ◽  
Soil Cover ◽  
The Other ◽  
Long Term Conditions ◽  
Parent Rocks ◽  
Kaluga Region ◽  
The One

Landscape structure is considered forests of the national park «Ugra» Kaluga region. Are identified relationships between location, which is determined by the shape mesorelief and composition of the top layer of soil-forming rocks - on the one hand, and long-term conditions of vegetation and soil - on the other. Key words: structure of forest landscapes, location, long-term condition, mesorelief, parent rocks, vegetation, soil cover.

Una aproximación empírica a la ­clasificación y traducción de las figuras retóricas en la publicidad

Babel ◽  
2011 ◽  
Vol 57 (1) ◽  
pp. 32-57 ◽  
Author(s):  
Maria Calzada Perez
Keyword(s):  
Empirical Investigation ◽  
Great Majority ◽  
Translation Studies ◽  
The Other ◽  
Translation Process ◽  
New Rhetoric ◽  
Rhetorical Figures ◽  
Ancient Times ◽  
The One

Since ancient times the suasive value of rhetorical figures has been vastly studied. In fact, Aristotle himself argued that the aim of rhetoric was not just to persuade but to find the best methods of persuasion (Aristotle, Retorica, ed. 1990). These methods have been frequently used in advertising, where they are employed to capture the consumer’s attention and, consequently, to sell the advertised product. However (despite the frequent appearance of rhetorical figures in advertising), there is a scarcity of studies on the role of these persuasive mechanisms in the translation of publicity. Bearing upon the “new rhetoric”, the present paper has a twofold purpose. On the one hand, it aims to import a clear taxonomy of rhetorical figures from advertising into translation studies and subsequently to illustrate the transfer of these figures. On the other hand, it analyses the behaviour of rhetorical figures in the translation process by means of an empirical investigation whose goal it is to further categorise them in a systematic and rational way. Drawing upon the seminal work of McQuarrie and his collaborators, the paper performs a quantitative analysis of a corpus of 120 matching pairs consisting of English advertisements and their existing Spanish counterparts. Results evidence that a great majority of rhetorical figures are “translated”, thus confirming the globalising tendencies of advertising.

The Last Decades and the Decline of Ava

2017 ◽  
Author(s):  
Michael A. Aung-Thwin
Keyword(s):  
The Other ◽  
The Moment ◽  
The One ◽  
Client System

The kingdom that was Ava came to an “end” in 1526-7. It can be attributed to both long-term structural causes as well as “incidents of the moment,” events that set “afire” the former “kindling.” These “incidents of the moment” can accelerate but also slow down (sometimes, actually reverse) long-term patterns and trends. In Ava’s case, they accelerated its decline. The merit-path to salvation, court factionalism, the patron-client system, and the growth of Shan ascendancy on the one hand, and military set-backs, serendipitous events, and intransigent personalities on the other, resulted in the “fall” of the First Ava Dynasty in 1527. Thereafter, Ava became an ordinary myosa-ship and ceased being the exemplary center of Upper Myanmar, until raised once again as capital of the Second Ava Dynasty in 1600, which is beyond the scope of this study.

The Political Construction of a Coordinated Political Economy

2020 ◽  
pp. 1-14
Author(s):  
Philip Manow
Keyword(s):  
Economic Policy ◽  
Welfare State ◽  
Economic Performance ◽  
Research Question ◽  
The Other ◽  
The Political ◽  
Central Research ◽  
Economic Policies ◽  
The One

The first chapter motivates the book’s central research question: how did the German variant of capitalism emerge, and what today is its central functioning logic? The chapter argues that past and recent accounts of Germany’s economic performance and economic policy have failed to fully explain how long-term stable economic coordination could have evolved in as large a country as Germany, and that this has also translated into an often biased view of Germany’s current economic policies. The chapter sketches the basic argument of the book—namely that the German welfare state was the prime means of economic coordination for unions and employers, labor and capital—and situates it in two relevant literatures: the Varieties of Capitalism literature on the one hand and the Comparative Welfare State literature on the other. The chapter also presents an overview of the book.

Risk-sharing and social differentiation of demand in land-tenancy markets in southern Portugal, seventeenth–nineteenth centuries

2006 ◽  
Vol 21 (2) ◽  
pp. 287-312 ◽  
Author(s):  
RUI SANTOS
Keyword(s):  
Nineteenth Century ◽  
Risk Sharing ◽  
Continuous Variable ◽  
The Other ◽  
Social Differentiation ◽  
Land Tenancy ◽  
Southern Portugal ◽  
The One

Theoretical debates about the efficiency of sharecropping discuss risk-sharing in relation to farmers' wealth and credit, as one explanatory factor. This perspective is explored here in the southern Portuguese province of Alentejo, from the seventeenth to the mid-nineteenth century. Three points are made: (1) leasing and sharecropping coexisted on the same land; (2) there was no unequivocal relationship between risk sharing, on the one hand, and the contractual mode of tenancy (fixed-rent or sharecropping), on the other; and (3) relating risk-sharing, defined as a continuous variable, with social differentiation of demand for tenancies provides a rationale for a hypothetical long-term shift in contracts, from medieval sharecropping to fixed-rent tenancies with sharecrop subletting in the nineteenth century.

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