This paper develops a discrete-time formalization of the circuit of capital model presented by Marx in Volume II of Capital Marx (1993) as a tool for aggregate economic analysis of capitalist economies. The discrete-time formalization closely follows and extends the continuous-time formalization in Foley (1982, 1986a). The discrete-time model is used to address two important issues of interest ...

This article refers to the results of an audit to illustrate how social enterprise rapid response teams can prevent unnecessary hospital admissions during the winter by helping patients to manage their conditions at home.

We present a social simulation model that covers three main financial services: Banks, Retail Stores, and Payments systems. Our aim is to address the problem of a lack of public data sets for fraud detection research in each of these domains, and provide a variety of fraud scenarios such as money laundering, sales fraud (based on refunds and discounts), and credit card fraud. Currently, there i...

We study how government’s debt-rating considerations affect privatization policy, due to their differential effect on the government’s valuation of the monetary and social-benefit aspects of public enterprises. "Credit-market discipline" presses the government to put more weight on the monetary aspect, as this increases its creditors’ confidence in its ability to repay debt. Informational probl...

We model the e ects on banks of the introduction of a market for credit derivatives; in particular, credit default swaps. A bank can use such swaps to temporarily transfer credit risks of their loans to others, reducing the likelihood that defaulting loans trigger the bank's nancial distress. Because credit derivatives are more exible at transferring risks than are other, more established tools...

International social security agreements are advantageous both for persons who are working now and for those whose working careers are over. For current workers, the agreements eliminate the dual contributions they might otherwise be paying to the social security systems of both the United States and another country. They also favorably affect the profitability and competitive position of Ameri...