A firm can finance investment either by borrowing or by drawing on cash balances, so that financial asset and liability changes tend to have opposite signs. In contrast, financial intermediaries borrow in order to lend, so that financial asset and liability changes have the same sign. Large non-financial firms in China and India behave like intermediaries rather than textbook non-financial firm...

We investigate the determinants of giving in a lab-in-the-field experiment with large stakes. Study participants in urban Mozambique play dictator games where their counterpart is the closest person to them outside their household. Dictators share more with counterparts when they have the option of giving in kind (in the form of goods), compared to giving that must be in cash. Qualitative post-...

We propose a theory of credit lines provided by banks to firms as a form of monitored liquidity insurance. Bank monitoring and resulting revocations help control illiquidityseeking behavior of firms insured by credit lines. The cost of credit lines is thus greater for firms with high liquidity risk, which in turn are likely to use cash instead of credit lines. We test this implication for corpo...

Abstract Decades of negotiation to extend the GATT/WTO system address subsidies have never produced sort uniform, scheduled rules that apply tariffs or even services. Instead, WTO members developed demarcate permissible and impermissible subsidies. In this paper, I argue approach is now hampered by shifts in share global trade away from geopolitically aligned, wealthy states growth supply chain...

The objective of this study was to examine the impacts introducing compensation mechanisms direct agricultural investment and cash transfer for fuel subsidy removal, with particular focus on income consumption all household segments in Malaysia. A computable general equilibrium (CGE) model built basics standardized LöfgrenCGE conduct study. without integrating any mechanism, imposed additional ...

This paper empirically examines whether additional future fixed capital and R&D investment expenditures induce firms to accumulate cash reserves while considering the role of market imperfections. Implementing a dynamic framework on a panel of US, UK and German companies, we find that firms make larger additions to cash holdings when they plan additional future R&D rather than fixed capital inv...

We introduce a novel conditional e-cash protocol allowing future anonymous cashing of bank-issued e-money only upon the satisfaction of an agreed-upon public condition. Payers are able to remunerate payees for services that depend on future, yet to be determined outcomes of events. Once payment complete, any double-spending attempt by the payer will reveal its identity; no double-spending by th...

We investigate the determinants of giving in a lab-in-the-field experiment with large stakes. Study participants in urban Mozambique play dictator games where their counterpart is the closest person to them outside their household. Dictators share more with counterparts when they have the option of giving in kind (in the form of goods), compared to giving that must be in cash. Qualitative post-...