We present a model in which banks trade toxic assets to raise funds for investment. The toxic assets generate an adverse selection problem and, as a consequence, the interbank asset market provides insufficient liquidity to finance investment. Investment is inefficiently low because acquiring funding requires banks to sell high-quality assets for less than their " fair " value. We analyze wheth...

Since 1975, the extent of catching-up has been very different across Southern regions. Starting from the common arguments of growth theory, the paper wishes to show whether differences in regional income and growth can be attributed to different endowment in human capital, differences in private or public investment level, to structural imbalances, and labour force participation. The investigat...

40] A.J. Wilkie. Model completeness results for expansions of the ordered eld of real numbers by restricted Pfaaan functions and the exponential function. for discussions and comments, anonymous referees for suggesting numerous improvements, and Mihalis Yannakakis for his suggestions that helped improve the presentation.

sustained is by omitting any reference to the sensation novels thronged with palpably nervous middle-class bodies which gave rise during the 1860s to a fury of indignation. "The reader's nerves are affected like the hero's", Margaret Oliphant stridently complained in a review of the most famous of them all, Wilkie Collins's The woman in white (1860). Such omissions make Nerves and narratives, a...

Housing affordability in Australia is declining, especially for low-income tenants in the private sector. A number of attempts have been made to attract more private investment into boosting the supply of affordable housing in Australia. However, these attempts have been one-off and small-scale, enjoying very limited success. Large professional and institutional investors continue to avoid the ...

The paper examines the effects on growth of both private and public investment in health, schooling and culture: in short, education. These expenditures exert two effects on the growth rate: (i)they increase labour and capital stock productivity through a positive externality, and (ii) they modify saving and investment decisions through the substitutability between education and private consump...

I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be distorted by managers, and public signals that are undistorted but noisy. Headquarters faces a tradeoff between the cost of atta...

Private R&D is a major source of innovation and productivity growth in agriculture worldwide. This paper examines trends and determinants of agricultural R&D in China. Results show that while the public sector monopolized agricultural research until recently, private agricultural R&D has grown rapidly since 2000, driven largely by agribusiness privatization. Public-sector R&D investments in bas...

This study examined the effect of public investment on private and their relative effects Ethiopia economic growth. The employed ARDL bounds testing approach. empirical results revealed that has a crowding-in in long run which means, stimulates run. However, crowding out investment. In other word, no direct impact growth significant positive while it is negatively related to short suggests posi...