Development of E-banking has modified the structure of banking business and banking performance, efficiency, risk and challenges which have also been articulately recognized based on the international best practices. E-banking brazenly expedites and streamlines financial transactions via enhancing technology and expanding the bank services in comparison with conventional banking. Accordingly, o...

Poor rule of law is usually a binding constraint for foreign investment and lending. But recently Chinese firms disproportionally invest overseas in countries with weak institutions. How do they manage this exposure? Our model appeals to China’s buying power as importer and also to its within-country coordination to act like a single agent. These two factors allow China to credibly commit to si...

Sovereign debt renegotiations take an average of nine years for bank loans but only one year for bonds. Our paper provides an explanation to this finding by highlighting one key difference between bank loans and bonds: bank debt is rarely traded, while bond debt is heavily traded on the secondary market. The secondary market plays a crucial information revelation role in shortening renegotiatio...

T HE THALASSEMIAS are hereditary hemolytic anemias characterized by decreased or absent synthesis of one of the globin subunits of the hemogbobin molecule.’ ln the a-thalassemias, decreased synthesis of a-globin results in accelerated red cell destruction because of the formation of insoluble HbH (f34) inclusions in mature red cells. The greater clinical severity of the fl-thalassemias reflects...

This paper provides, and empirically estimates, a structural model of sovereign default risk on external debt. The sovereign endogenously determines its level of foreign debt and default policy. Consistent with default crisis episodes, the sovereign and its lenders bargain at default over a reduction of the debt service. The potential for debt restructuring o¤ers the sovereign greater incentive...

In view of the uncertain relationship between body related "Boundary loss" and anxiety as well as depression symptoms we carried out the following study. Our aim was to explore these symptoms in their diagnostic and clinical significance and to define body distortions and organic disturbances. We examined the body perception (via Image Marking Procedure), aspects of body image via Body Distorti...

Conventional wisdom suggests that countries that are more financially integrated can better insure against risk. Despite widespread deregulation and financial integration in recent history, there is little evidence that countries have increased risk sharing. This work shows financial integration does not necessarily lead to significant improvement in risk sharing if financial contracts are inco...

It is often argued that the provision of liquidity by the international institutions such as the IMF to countries experiencing balance of payment problems can have catalytic effects on the behavior of international financial markets, i.e., it can reduce the scale of liquidity runs by inducing investors to roll over their financial claims to the country. Critics point out that official lending a...

We present a simple model of sovereign debt crises in which a country chooses its optimal mix of short and long-term debt contracts subject to standard contracting frictions: the country cannot commit to repay its debts nor to a speci…c path of future debt issues, and contracts cannot be made state contingent nor renegotiated. We show that in order to satisfy incentive compatibility the country...