We argue that a firm’s aggregate risk is a key determinant of whether it manages its future liquidity needs through cash reserves or bank lines of credit. Banks create liquidity for firms by pooling their idiosyncratic risks. As a result, firms with high aggregate risk find it costly to get credit lines from banks, and opt for cash reserves in spite of higher opportunity costs and liquidity pre...

Keywords--Forkjom queues, Bulk-arrival process, Credit-based flow control, Performance evaluation, InfiniBand, Fibre Channel. 1. I N T R O D U C T I O N Credit-based flow control management schemes are becoming increasingly popular in high-speed networks that span a local area. Fibre Channel [1], the technology used to realize storage area networks, employs credit-based methods for both end-to-...

This paper investigates the relation between the degree of creditors’ legal protection and corporate decisions and the effects of this interaction on aggregate activity, both theoretically and empirically. We develop a two country general equilibrium model with overlapping generations. We assume asymmetric information in the credit market and we allow individuals to sign collateralized credit c...

Micro enterprise is extremely important for the development of entrepreneurs, help human development, poverty reduction and employment generation both in rural and urban areas. The specific objective underlies in the provision of resource allocation, infusion of vital potent promoting microenterprise and to peruse socioeconomic patronization for development of the microenterprise. Secondary dat...

The new markets for credit derivatives allow for buying protection on sovereign debt. This paper considers the implications for sovereign debt crises. We show that the availability of credit protection lowers ex-ante debtor moral hazard by allowing a bondholder to improve his bargaining position in negotiations with the sovereign, thus forcing the sovereign to internalize more of the costs of a...

Section 2227 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Board of Governors of the Federal Reserve System to conduct a study and submit a report every five years to Congress detailing the extent of small business lending by all creditors. The act specifies that the study should identify factors that provide policymakers with insight into the small business...

Composition, change and complexity have attracted ev- eryone’s attention towards Self-Adaptive systems. These systems, inspired by the human body, are capable of adapting to changes in the inner and outer environment. The main objective of this study is to achieve a more con- venient availability for e-banking services in the payment switch, using self-healing systems and focusing on the failur...

A systematic cross-country analysis of e-commerce activity reveals that although physical infrastructure explains much of the variation in basic Internet use, e-commerce activity also depends significantly on the "rule of law" and, secondarily, on availability of credible payment channels such as credit cards. These results suggest that an institutional environment that facilitates the building...

The majority of communications applications, from cellular telephone conversations to credit card transactions, assume the availability of a reliable network. At this level, data are expected to traverse the network and to arrive intact at their destination. The physical systems that compose a network, on the other hand, are subjected to a wide range of problems, ranging from signal distortion ...

Composition, change and complexity have attracted ev- eryone’s attention towards Self-Adaptive systems. These systems, inspired by the human body, are capable of adapting to changes in the inner and outer environment. The main objective of this study is to achieve a more con- venient availability for e-banking services in the payment switch, using self-healing systems and focusing on the failur...