Financial Collapse and Class Status: Who Goes Bankrupt?

Bankrupt Representation and Party System Collapse

Disorganization and Financial Collapse

Recently, Blanchard and Kremer (BK) argued that disorganization has led to the output decline in the former Soviet Union. In this paper we introduce liquidity and credit constraints into the BK model and show how these problems can alleviate the hold-up problem. We argue further that barter creates a hostage which allows to deal with disorganization when credit enforcement is prohibitively cost...

Who Goes There?

respond preferentially to complex sounds (e.g., bandOur understanding of the visual system has benefited pass noise or species-specific vocalizations) relative to markedly from the hypothesis that visual processing tones. In contrast, neurons in the core region respond occurs in two separate streams—one for what (or who) preferentially to tones relative to complex sounds. It is and one for wher...

Spreadsheets and the Financial Collapse

We briefly review the well-known risks, weaknesses and limitations of spreadsheets and then introduce some more. We review and slightly extend our previous work on the importance and criticality of spreadsheets in the City of London, introducing the notions of ubiquity, centrality, legality and contagion. We identify the sector of the financial market that we believed in 2005 to be highly depen...

The Allocation of Credit and Financial Collapse*

This paper examines the allocation of credit in a market in which borrowers have greater information concerning their own riskiness than do lenders. It illustrates that (1)the allocation of credit is inefficient and at times can be improved by government intervention, and (2) small changes in the exogenous risk-free interest rate can cause large (discontinuous) changes in the allocation of cred...