I prove the subgame-perfect equivalent of the basic result for Nash equilibria in normal-form games of strategic complements: the set of subgame-perfect equilibria is a non-empty, complete lattice. For this purpose I introduce a device that allows the study of the set of subgame-perfect equilibria as the set of xed points of a correspondence. The correspondence has a natural interpretation. My ...

We use data on interbank loans and the core equilibrium concept to examine the efficiency of an overnight interbank lending market, and the bargaining power of its participants. In the specific case of Canada’s Large-Value Transfer System, we show that while the market is fairly efficient, systemic inefficiency persists throughout our sample. The level of inefficiency matches distinct phases of...

This paper examines the nature of interregional competition and complementarity in Indonesia. The analysis is important for the island country given the heterogeneity of the regional economies and will provide insights into the structure of economic interactions that should prove useful for policy-makers considering alternative decentralization schemes. Covering the 1975-1999 period, the analys...

I nuovi scenari culturali, sempre più secolarizzati, plurali e prepotentemente influenzati dalla cultura digitale pongono le scelte di vita, in particolare quella cristiana, fronte ad antiche nuove sfide. In essi quale posto occupa la fede cristiana? Questa domanda merita adeguata risposta che Chiesa intende offrire proponendo un rinnovamento del cammino ecclesiale punti sull’evangelizzazione d...