The use of mobile phones has increased rapidly in many developing countries, including in rural areas. Besides reducing the costs of communication and improving access to information, mobile phones are an enabling technology for other innovations. One important example are mobile phone based money transfers, which could be very relevant for the rural poor, who are often underserved by the forma...

Concerning the feasibility of a future supersonic fleet, current market forecasts see a 60% chance of any launch of a supersonic business jet program in the next 8 years, and an 85% chance by 2020. Furthermore, different European projects like HISAC (www.hisacproject.com) or LAPCAT (www.esa.int/techresources/lapcat) deal with the development of supersonic aircraft. Airbus spent a lot of effort ...

This study describes and reconciles two common, seemingly contradictory views about a key monetary policy relationship: that between money and interest rates. Data since 1960 for about 40 countries support the Fisher equation view, that these variables are positively related. But studies taking expectations into account support the liquidity effect view, that they are negatively related. A simp...

We explore how credit market frictions matter for the coessentiality of money and credit. Limited commitment calls limits that are tailored according to borrowers' productivity. Under an adverse selection problem caused by asymmetric information, however, lenders impose limit low-productivity borrower onto high-productivity borrower. If productivities differ sufficiently between borrowers, is c...

This paper examines the bank lending channel, which considers how monetary authority actions affect the variation of loans. We focus on the BRICS (Brazil, Russia, India, China and South Africa) totalizing 1254 banks from five countries in the period 2000-2012 (totalizing 13 years). The empirical results show that the effect of money supply growth on the growth of loans is non-linear and inverte...