Formal financial institutions inadequately distribute startup capital to business ventures of ethnic minorities, women, low-educated, and young people. Self-financing groups fill this gap because in these associations agents accumulate their savings into a fund that is later used provide loans the members. This study builds simulates an agent-based model compares profitability businesses starte...

Executive Summary This paper reviews budget expenditure trends in Tamil Nadu and the key indicators of fiscal performance, during the period 1980/81-1998/99. The review indicates the emergence of large and persistent current and fiscal deficits from 1987/88. Revenue financed expenditures have grown rapidly as successive five year plans have led to increasing magnitudes of committed non-plan dev...

Increased government debt rates in recent years can be easily financed the current global economic environment characterised by liquidity abundance. Nevertheless, ratios represent a potential threat under surface, which could lead to significant macroeconomic problems future. The purpose of paper is contribute debate empirical studies between public and growth, as well external growth. During a...

This paper studies a dynamic equilibrium model of financial innovation with heterogeneous beliefs and competition among sellers of a new security. We show that both volume and price of the security after it is introduced are sensitive to the differing beliefs of participating players. We present conditions for the innovator to continue issuing the new security and for the imitator to enter the ...

The collateralised debt obligation (CDO) market has grown rapidly, both globally and in Australia, over recent years. CDOs are securities that are issued against a pool of assets that can include bonds, loans or asset-backed securities (ABS) including other CDOs.2 Increasingly, this exposure is being created synthetically by the use of derivatives written on these assets, rather than physically...

This study examines the relationship between ownership structure and performance of public firms in Mexico, considering debt and the structure of the board of directors as contextual and institutional factors. This research seeks to explain the mixed results about the relationship of ownership and performance presented by other relevant studies in family and non-family businesses, mainly in eme...

under article 267 of the civil code, a person who pays the debt of the other without his permission cannot recover the amount paid as the payment of debt in this situation appears to be gratuitous. nevertheless, in different codes, the legislator has permitted a third party to pay the debts of the others in some situations.. by carefully examining these cases, it can be said that anytime the th...