Robert Townsend has made path- breaking contributions to contract theory and general equilibrium analysis. In this book, he combines the theory of general economic equilibrium with the notion that allocations and institutions of a given economy might be Pareto optimal to try to explain various salient features of the medieval village economy. The medieval village economy in many ways reflects the economies of poor high-risk agrarian villages of the contemporary world and serves as an ideal testing ground for Townsend's theories. The environment of the medieval village resembles those of relatively simple models with such key elements as uncertainty and private information, and its institutions display distinctive features such as fragmented landholding patterns. In this book standard models of macroeconomics and the literature on contract theory and mechanism design are reinterpreted, applied, and extended. The author draws both descriptive institutional material and particular parameter values from historical observations, and characterizes solutions to the models analytically and numerically. The idea is to see whether the observed outcomes can be explained, shedding light both on the historical material and the models themselves.
An economic analysis of what distributed ledgers can do, examining key components and discussing applications in both developed and emerging market economies. Distributed ledger technology (DLT) has the potential to transform economic organization and financial structure. In this book, Robert Townsend steps back from the hype and controversy surrounding DLT (and the related, but not synonymous, innovations of blockchain and Bitcoin) to offer an economic analysis of what distributed ledgers can do. Townsend examines the key components of distributed ledgers, discussing, evaluating, and illustrating each in the context of historical and contemporary economics, and reviewing featured applications in both developed economies and emerging-market countries.
An economic analysis of what distributed ledgers can do, examining key components and discussing applications in both developed and emerging market economies. Distributed ledger technology (DLT) has the potential to transform economic organization and financial structures. In this book, Robert Townsend steps back from the hype and controversy surrounding DLT (and the related, but not synonymous, innovations of blockchain and Bitcoin) to offer an economic analysis of what distributed ledgers can do and a blueprint for the optimal design and regulation of financial systems. Townsend examines the key components of distributed ledgers, discussing, evaluating, and illustrating each in the context of historical and contemporary economies, reviewing featured applications in both developed economies and emerging-market countries, and indicating where future innovations can have large impact. Throughout, Townsend emphasizes the general equilibrium impact of DLT innovations, the welfare gains from these innovations, and related regulatory innovations. He analyzes four crucial components of distributed ledgers—ledgers as accounts, e-messages and e-value transfers, cryptography, and contracts—assesses each in terms of both economics and computer science, and forges some middle ground. Relatedly, Townsend highlights hybrid systems in which some of these components allow useful innovation while legacy or alternative pieces deal with the problem of scale. The specific applications he analyzes include an intelligent financial automated system that provides financial services to unbanked and under-banked populations, and cross-border payments systems, including financial systems that can integrate credit and insurance with clearing and settlement. Finally, Townsend considers cryptocurrencies, discussing the role and value of tokens in economies with distributed ledger systems.
A remedy for the gap between micro and macro data, making measures of inequality and national income consistent with each other Increasing inequality, the impact of globalization, and the disparate effects of financial regulation and innovation are extraordinarily important topics that fuel spirited policy debates. And yet the facts underlying these debates are of doubtful accuracy. In reality, as Archawa Paweenawat and Robert Townsend show in Inequality and Globalization, there is a large gap between micro household surveys, which measure key outcomes such as inequality, and aggregated financial accounts, which measure macroeconomic totals and growth. Paweenawat and Townsend propose a remedy: integrated financial accounts, in which the flows in income statements, including saving and investment, are consistent with the changes in financial assets and liabilities in the balance sheet at micro and macro levels. None of the leading US micro household surveys or macro accounts meets this criterion. Drawing on extensive data from fieldwork in Thailand, Paweenawat and Townsend show how consistent integrated financial accounts at the individual household and small enterprise level can be created using household and firm survey data. Aggregated to the village level, these accounts can link anecdotal stories of individual households to their financial accounts, document the real impact on them from growth, and assess what would have happened to them if trade and financial liberalization had not been allowed. Paweenawat and Townsend then describe the next logical step: creating integrated financial accounts for the United States, working from the ground up and the top down. Only with these integrated accounts will policy debates on inequality and globalization have a solid factual basis.
Cross-border payments can be slow, expensive, and risky. They are intermediated by counterparties in different jurisdictions which rely on costly trusted relationships to offset the lack of a common settlement asset as well as common rules and governance. In this paper, we present a vision for a multilateral platform that could improve cross-border payments, as well as related foreign exchange transactions, risk sharing, and more generally, financial contracting. The approach is to leverage technological innovations for public policy objectives. A common ledger, smart contracts, and encryption offer significant gains to market efficiency, completeness, and access, as well as to transparency, transaction and compliance costs, and safety. This paper is a first step aiming to stimulate further work in this space.
We propose a coherent unified approach to the study of the linkages among economic growth, financial structure, and inequality, bringing together disparate theoretical and empirical literature. That is, we show how to conduct model-based quantitative research on transitional paths. With analytical and numerical methods, we calibrate and make tractable a prototype canonical model and take it to an application, namely, Thailand 1976-1996, an emerging economy in a phase of economic expansion with uneven financial deepening and increasing inequality. We broadly replicate the actual data, test the model formally, and identify anomalies.
For every Wild Bill Hickok or Billy the Kid, there was another western gunfighter just as deadly but not as well known. Robert K. DeArment has earned a reputation as the premier researcher of unknown gunfighters, and here he offers twelve more portraits of men who weren’t glorified in legend but were just as notorious in their day. Those who think they already know all about Old West gunfighters will be amazed at this new collection. Here are men like Porter Stockton, the Texas terror who bragged that he had killed eighteen men, and Jim Levy, who killed a man for disparaging his Irish blood, though he was also the only known Jewish gunfighter. These stories span eight decades, from the gold rushes of the 1850s to the 1920s. Telling of gunmen such as Jim Masterson, the brother of Bat Masterson, or the real Whispering Smith—the man behind the fictionalized persona—whose career spanned four decades, DeArment conscientiously separates fact from fiction to reconstruct lives all the more amazing for having remained unknown for so long. The product of iron-clad research, this newest Deadly Dozen delivers the goods for gunfighter buffs in search of something different. Together the Deadly Dozen volumes constitute a Who’s Who of western outlaws and prove that there’s more to the Wild West than Jesse James.
Using business registry data from China, we show that internal capital markets in business groups can propagate corporate shareholders’ credit supply shocks to their subsidiaries. An average of 16.7% local bank credit growth where corporate shareholders are located would increase subsidiaries investment by 1% of their tangible fixed asset value, which accounts for 71% (7%) of the median (average) investment rate among these firms. We argue that equity exchanges is one channel through which corporate shareholders transmit bank credit supply shocks to the subsidiaries and provide empirical evidence to support the channel.
Unparalleled in scope and content, Surgical Pathology of the GI Tract, Liver, Biliary Tract and Pancreas provides the most relevant and up-to-date clinical, etiologic, molecular, and therapeutic management information for surgical pathologists in training and in practice. The fully revised 4th Edition of this award-winning title offers a wealth of information in this fast-changing field, including recent advances in molecular biology and immunohistochemistry, in a clearly written, well-structured manner that is easy to read and navigate. This one-stop reference for the entire gastrointestinal system enables you to improve turnaround time when diagnosing a specimen and to clearly report on the prognosis and therapeutic management options to surgical and medical colleagues. Covers the latest developments in molecular technologies and immunohistochemical markers to provide useful diagnostic and prognostic information and inform therapeutic decisions. Provides all the necessary tools to make a comprehensive diagnostic workup, including data from ancillary techniques and molecular findings whenever appropriate. Incorporates more than 3000 high-quality color illustrations to help you recognize and diagnose any tissue sample under the microscope. Reviews next-generation sequencing (NGS) to help identify targetable mutations in gastrointestinal tract tumors and provide more accurate classification and precision therapies. Features extensive tables, graphs, and flowcharts to help you effectively grasp complex topics and streamline your decision-making. Helps you avoid diagnostic errors with practical advice on pitfalls in differential diagnosis. Incorporates the latest WHO guidelines throughout. Winner of the 2015 BMA Medical Book Awards First Prize Award in Pathology.
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