This study examines whether lending rates cleared the market for loans in Malaysia after interest rate liberalization. It is based on a theoretical model in which adverse selection and marginal cost pricing are brought together by the use of a quadratic loss function in the error correction format. This allows for the use of the cointegration methodology. Long-run tests support the model proposed in the paper, while rejecting part of the financial liberalization model. From the short-run results it is concluded that there is a large lag before lending rates respond to exogenous shocks, thus confirming that they do not fully clear the market for loans.
Social Learning and Cognition examines the cognitive mechanisms of social learning and the social learning determinants of cognitive competencies. The explanatory principles of social learning are applied to the highest manifestations of human intellect: judgment, language, and thought. The book also explicates a social learning perspective on the social origins of complex abilities, and how these progressively evolve as children grow older. Comprised of four chapters, this book begins with a discussion on the interrelationships among cognition, behavior change, and social learning. Cognitive explanations for human behavior, and the kinds of evidence cited by cognitive theorists in support of their position, are considered, along with the major psychological theories that address abstract, rule-governed activities. The second chapter deals with children's acquisition and refinement of language, paying particular attention to the objections and misunderstandings raised by psycholinguists to counter modeling explanations of language learning. The third chapter examines relational judgments and categorical decisions and presents evidence showing that diverse modeling procedures can be powerful influences on language and verbal behavior. The final chapter summarizes and integrates research bearing upon the effect of modeling influences on a wide diversity of conceptual activities, ranging from the formation of simple concepts to elaborate intellectual demands that involve complex styles of reasoning and strategies for seeking and organizing information. This monograph is intended for advanced undergraduates, graduate students, and professionals from such diverse fields as child development, social psychology, psychiatry, social work, clinical psychology, education, and rehabilitation.
Weave your way through the tangled web of Medicare Medicare for Dummies, 3rd Edition will help you navigate the complicated, often confusing maze of the Medicare system. In simple language, with clear step-by-step instructions, the book helps you determine how and when to enroll, avoid costly mistakes, and find a plan that is right for you and your family. Written byPatricia Barry, a nationally recognized authority on Medicare and Medicare Part D prescription drug coverage, this invaluable resource offers: • Tips on reducing out-of-pocket expenses • Guidance for knowing your rights and protections • Ways to choose the best policy for you With this definitive guide, you’ll get answers to the most common and not so common questions about Medicare, to get the most out of your coverage.
We study the impact of technology on the reaction of financial markets to information, focusing on the foreign exchange market. We contrast the “thin-skinned” view that technological improvements cause markets to react more to new information with the “thick-skinned” view that they react less. We pinpoint exogenous technological changes using the timing of the connection of countries via the submarine fiber-optic cables used for electronic trading. Cable connections dampen the response of exchange rates to macroeconomic news, consistent with the “thick-skinned” hypothesis. This is in line with the view that technology eases access to information and reduces trend-following behavior. According to our estimates, cable connections reduce the reaction of exchange rates to U.S. monetary policy news by 50 to 80 percent.
This study examines whether lending rates cleared the market for loans in Malaysia after interest rate liberalization. It is based on a theoretical model in which adverse selection and marginal cost pricing are brought together by the use of a quadratic loss function in the error correction format. This allows for the use of the cointegration methodology. Long-run tests support the model proposed in the paper, while rejecting part of the financial liberalization model. From the short-run results it is concluded that there is a large lag before lending rates respond to exogenous shocks, thus confirming that they do not fully clear the market for loans.
This is the first volume of an annual journal providing a collection of writings, sayings, jottings, articles, letters and transcripts of talks, published to document a living teaching. This volume covers the period from August 1990 to January 1991.
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