The theory of monetary disequilibrium, as espoused by Selgin (1988), White (1989), Horwitz (2000), and others, has been used to justify the issuance of fiduciary media under a system of fractional reserve “free” banking. The present paper examines this monetary disequilibrium theory and concludes that it contains numerous errors and logical fallacies. The foundational economic argument in favor...

This paper brings out a mathematical model of information for its auto-adjusting when issued in different hardware environment from a hierarchical perspective, discusses possible solutions to the construction of the model, and gives two implementations of algorithms for solutions together with their complexity analysis.

We find that green bond issuers are more financially constrained. use three measures of financial constraint, which the FCP index, SA and Altman’s Z score. test link between issuance constraints using difference in means, regression analyses a matching procedure. finally document these increase after first issuance.

making a negotiable instrument on behalf is one of the most important issues in negotiable instruments law. under general rules, the principle has the obligations arising from making negotiable instrument on behalf and agent is not in charge. if the maker wasn’t an agent or he violated the representation area, his act wouldn’t be valid. now the question is if the agent doesn’t manifest his posi...