Küresel piyasalarda, gelişim ve değişime ayak uydurması gereken firmaların muhasebe sistemlerinde de ortak bir akıl uygulama birliğinin oluşması önemlidir. Uluslararası kuruluşları tarafından oluşturulan UMS/UFRS’ ler bu amaçla yol gösterici birer kılavuz niteliğindedir. Türkiye’ UMS/UFRS’ler ile uyumlu olarak sisteminin uygulanmasında yeknesaklığın sağlanmasına yönelik Türkiye Muhasebe Standar...

We use city-level data to analyze the relationship between homeowner borrowing patterns and house-price dynamics. Our principal finding is that in cities where a greater fraction of homeowners are highly leveraged–i.e., have high loan-to-value ratios–house prices react more sensitively to city-specific shocks, such as changes in per-capita income. This finding is consistent with recent theories...

— We study a microfinance program that provides compulsory health insurance to its borrowers and their spouses. We find that non-borrowing spouses are less likely to file insurance claims than those who are borrowing. Further, a man is more likely to use the health insurance acquired through his wife’s loan than is a woman (through her husband’s loan). These patterns suggest that women who do n...

We describe a high performance clocking methodology for domino pipelines. Our technique maximizes the clock rate of the circular pipeline (“ring”) while maintaining the ring cycle time to be the worst-case combinational logic delay around the ring. It is relatively immune to global clock skew, incurs no latch overhead, allows up to 50% time borrowing, and offers a robust way of preventing race-...

In this paper we use panel data on …rms from Brazil and China to investigate the role of …nancial constraints for borrowing and investment. We develop a structural investment model, in which borrowing is costly but sometimes necessary to …nance investment. Structural parameters are estimated by matching simulated model moments to empirical data, using a simulated minimum distance estimator. The...

In this paper, we investigate the responsiveness of the demand for college to changes in student aid arising from a Danish reform. We separately identify the effect of aid from that of other observed and unobserved variables such as parental income. We exploit the combination of a kinked aid scheme and a reform of the student aid scheme to identify the effect of direct costs on college enrollme...

Currently, Eurodollars and fed funds markets combined trade about $220 billion in funds daily, the vast majority of which with overnight tenor. In this paper, we document several features of these wholesale unsecured dollar funding markets. Using daily confidential data on wholesale unsecured borrowing and reserve balances, we show that foreign banks, which make up most of the trading volumes i...

Our objective in this article is to study analytically the effect of borrowing constraints on asset returns in an economy where agents are heterogenous with respect to their risk aversion. We use asymptotic analysis to characterize the equilibrium in a general equilibrium exchange economy with an arbitrary number of agents who differ in their risk aversion and face limits on borrowing. We find ...

This paper studies stationary equilibria of a production economy with a continuum of heterogeneous consumers subject to borrowing constraints and individual Markov endowment shocks. The existence of a stationary equilibrium is established. The equilibrium interest rate is less than the rate of time preference of the most patient consumer provided a constraint that restricts the borrowing limit ...

In this paper we show that competitive equilibrium prices and margin requirements naturally lead to too much leverage relative to the constrained optimum. We describe two mechanisms through which equilibrium forces lead agents to borrow too much and to hold too little collateral. To illustrate the first mechanism we present a very simple example without collateral and default where restricting ...