Search results for "Credit"
showing 10 items of 503 documents
<em>Veedors, marquejadors</em>, maestros: el valor de la experiencia en la carpintería medieval. El ejemplo valenciano
2014
In the carpenter’s guild of Valencia in the Middle Ages, experience and skill were two notions captured in the more comprehensive idea of expertise. The appreciation of this added value made the expert an indispensable figure inside the guild. He was present in the different positions of control and inspection established by by-laws, which ensured the quality of goods manufactured, the proper level of teaching, and the accreditation of new masters. This figure also acted as an expert assessor, estimating the work of a colleague of even assessing the value of his interventions. In this article we examine the notion of expert in medieval carpentry and the infl uence of his practical applicati…
Rents instead of Land. Credit and Peasant Indebtedness in Late Medieval Mediterranean Iberia: the Kingdom of Valencia
2021
AbstractThe literature on the rural economy of the high and late Middle Ages has long established a close correlation between three significant features of the period: the spread of rural credit, the dynamism of the peasant land market and the expropriation of peasant land by the creditors, usually yeomen or urban landowners. There has even been talk for some countries (northern Italy) of a deliberate strategy of territorial conquest, insofar as the credit provided by urban lenders would aim at the expropriation of land from insolvent debtors. This article studies for the Mediterranean Spain of the late Middle Ages, and in particular for the old kingdom of Valencia, other objectives of rura…
The Cyclicality of Bank Credit Losses and Capital Ratios under Expected Loss Model
2023
We model the evolution of stylised bank loan portfolios to assess the impact of IFRS 9 and US GAAP expected loss model (ECL) on the cyclicality of loan loss provisions (LLPs), realised losses and capital ratios of banks, relative to the incurred loss model of IAS 39. We focus on the interaction between the changes in LLPs charges (the flow channel) and stocks (the stock channel) under ECL. Our results show that, when GDP growth doesn’t demonstrate high volatility, ECL model smooths the impact of credit losses on profits and capital resources, reducing the pro-cyclicality of capital and leverage ratios, especially under US GAAP. However, when GDP growth is highly volatile, the large differen…
Inflation anchoring and growth: The role of credit constraints
2022
Abstract Can inflation anchoring foster growth? To answer this question, we use panel data on sectoral growth for 22 manufacturing industries from 39 advanced and emerging market economies over 1990–2014 and employ a difference-in-differences strategy based on the theoretical prediction that higher inflation uncertainty particularly depresses investment in industries that are more credit constrained. Industries characterized by high external financial dependence, liquidity needs, and R&D intensity, and low asset tangibility, tend to grow faster in countries with well-anchored inflation expectations. The results, based on an IV approach—using indicators of monetary policy transparency and ce…
Unconventional monetary policy reaction functions: evidence from the US
2020
Abstract We specify unconventional monetary policy reaction functions for the Fed using linear and nonlinear econometric frameworks. We find that nonstandard policy measures are largely driven by the dynamics of inflation and the output gap, with the effect being particularly strong during QE rounds. Moreover, we uncover the presence of asymmetry and regime dependence in central bank’s actions since the global financial crisis, especially concerning the response of the term spread and the shadow short rate to the growth rate of central bank reserves. From a policy perspective and given the lack of a systematic response of monetary policy to asset price growth in nonstandard times, our findi…
Bank Stability: The Case of Nordic and Non-Nordic Banks in Latvia
2018
The banking industry is facing huge challenges due to technology-enabled innovation, to changes in customer preferences, to bank de-risking and to new regulatory initiatives. To go through all these changes, banks need to be stable. The present study contributes to the empirical literature by identifying the determinants of stability of banks in the Latvian Banking Industry. This study covers both bank-specific (endogenous) factors and macroeconomic (exogenous) factors that impact the stability of banks. The data set used in this study is the annual financial statements of Latvian banks operated in the period 2003-2016. Using multivariate regression analysis techniques, we found evidence th…
A Synthetic View of Different Concepts of Creditor Protection - Or a High-Level Framework for Corporate Creditor Protection
2006
Protection of corporate creditors has become an important topic within the European Union. At EU level, discussion has been sparked by widespread dissatisfaction with some very rigid and cumbersome provisions, and even with the whole concept of the Second Company Law Directive. At EU Member State level, three landmark decisions by the European Court of Justice — Centros, Uberseering, and Inspire Art — opened the way for an all-out competition between the different company forms provided for by national company laws. At both levels, albeit for different reasons, British company law — and in particular the absence of any legal capital in the private limited company — acts as the main driving …
La fisionomia del testamento tra volontà negativa e traduzione in regola successoria
2020
Sullo sfondo del rapporto tra la libertà testamentaria e le sue costrizioni, il saggio ricerca un nuovo punto di equilibrio tra la volontà ablativa del testatore, che ha rivitalizzato la riflessione scientifica sul contenuto negativo del testamento e, segnatamente, sulla clausola meramente diseredativa, e l’effettiva possibilità di tradurre in regola successoria una volontà testamentaria esplicita o implicita che sia stata ragione di frode per i creditori del legittimario leso o pretermesso.
Credit, Money and Macroeconomic Policy. A Post Keynesian Approach
2011
International audience
Context Standardisation for Learning, Education and Training
2008
This paper presents a new specification to describe the context of learning environments. It provides suggestions how this specification should be discussed and further developed using the concept of social standardisation.