during the safavid rule, due to the close relationship between the government and the structure of religious institution, the economic life of many religious leaders was based on the bureaucratic salaries and aids granted by the government. however, after the fall of safavids and transfer of the shia scientific and juridico-religious centres (i.e. seminaries) from iran to the holy cities of ira...

We model a Systemically Important Financial Institution (SIFI) that is too big (or too interconnected) to fail. Without credible regulation and strong supervision, the shareholders of this institution might deliberately let its managers take excessive risk. We propose a solution to this problem, showing how insurance against systemic shocks can be provided without generating moral hazard. The s...

Author Affiliations: Massachusetts Eye Research and Surgery Institution and Ocular Immunology and Uveitis Foundation, Cambridge (Drs Letko and Foster), and Harvard Medical School (Drs Bhol, Foster, and Ahmed) and Center for Blistering Diseases, New England Baptist Hospital (Drs Bhol and Ahmed), Boston. Correspondence: Dr Foster, Massachusetts Eye Research and Surgery Institution, 5 Cambridge Ce...

The financial viability of programme services and product offerings requires that revenue exceeds expenses. Revenue includes payments for services and products as well as donor cash and in-kind contributions. Expenses reflect consumption of purchased or contributed time and materials and utilization (depreciation) of physical plant facilities and equipment. Standard financial reports contain th...

Banks and other financial intermediaries tend to specialize in market segments where they exercise a competitive advantage. Whereas specialization facilitates banks to benefit from market conditions or their expertise, specialization may be accompanied by concentration of resources in counterparties, regions, industry sectors, or business products, compromising banks’ diversification of their s...

The theory of the optimal allocation of risk and the Townsend Thai panel data on financial transactions are used to assess the impact of the major formal and informal financial institutions of an emerging market economy. We link financial institution assessment to the actual impact on clients, rather than ratios and non-performing loans. We derive both consumption and investment equations from ...

This article presents a new approach to determine the total risk of a financial institution. The proposed model includes components for credit, market, operational and business risk. Moreover it includes a component for the ownership risk that stems from holding a life insurance company. The approach may be characterised as a base-level aggregation method. However, due to lack of appropriate da...

INTRODUCTION Many residents and fellows complete graduate medical education having received minimal unbiased financial planning guidance. This places them at risk of making ill-informed financial decisions, which may lead to significant harm to them and their families. Therefore, we sought to provide fellows with comprehensive unbiased financial education and empower them to make timely, constr...