Conservation initiatives to protect and restore valued species and communities in human-dominated landscapes face huge challenges linked to the cost of acquiring habitat. We ask how the sale of forest carbon offsets could reduce land acquisition costs, and how the alternate goals of maximizing α or β-diversity in focal communities could affect the prioritization land parcels over a range of con...

Letter of Credit is an international payment instrument whereby the issuing bank undertakes to pay the beneficiary, against presentation of certain stipulated documents, according to the conditions of the Letter of Credit. Discounting of LC for the short-term financing of the seller, due to the independent and irrevocable undertaking of the bank to make payment, is prevalent. Beneficiary gets t...

The financial crisis of 2008 was followed by sharp contractions in aggregate output and employment and an unusual increase in aggregate total factor productivity (TFP). This paper attempts to explain these facts by modeling the creation and destruction of jobs in the presence of heterogeneity in firm productivity and frictional credit and labor markets. The aggregate level of TFP is determined ...

Payment card associations Visa and MasterCard offer both debit and credit cards and, until recently, used to engage in a tie-in on the merchant side through the so-called honorall-cards (HAC) rule. This rule has come under attack on the grounds that the credit and debit card markets are separate markets and that the associations lever their market power in the “credit card market” to exclude on...

one of the necessary preconditions to the establishment and stability of optimal currency area is the homogeneity of the economic structure in member states. but place with eurozone currency crisis, the question arises whether the economic structure of the eurozone countries were homogeneous? accordingly, this study by using an econometrics model and estimating it by panel data method, has been...

introduction villages in iran are considered as the smallest parts of organizational and social units. before the year 1961 all of the villages were owned by landowners and they have ruled at the different aspects of villagers’ likes such as the social, economical, politic al ones, etc. after the land reform in iran, the old fashioned relations between the masters and peasants disintegrated in ...

This paper employs a two-period life-cycle model to derive the optimal tax policy when educational investments are subject to credit constraints. Credit constraints arise from the limited commitment of debitors to repay loans and are endogenously determined by private banks under the non-default condition that individuals cannot be better off by defaulting. We show that the optimal redistributi...

We study borrowers’ optimal choice between formal and informal sources of credit in a setting with strategic default due to limited enforcement. Informal loans (e.g., from friends or relatives) can be enforced by the threat of severing social ties which hurts both the borrower and the lender, while formal loans (e.g., from banks) are enforced by requiring collateral. We show that in this settin...

The paper analyzes proposed accounting for financial instruments, specifically the practice of a debtor reducing the carrying value of debt and recognizing a gain as the debtor's own credit quality deteriorates. A numerical example based on Boston Chicken in 1997 shows how several common ratios provide opposite signals under current versus proposed accounting. A discussion of the example raises...