Financial intermediaries devote resources to finding and screening borrowers before lending capital. By retaining only sufficiently good matches, informed lenders exacerbate adverse selection problems for others in the same market. Failure internalize this implies that are too selective matches they retain. The resulting under-use of capital pushes cost down, decreasing benefit being rather tha...

This paper explores the effects of monetary shocks on the allocation of factors of production. We analyze these effects when money plays a role in improving the timing of the transactions undertaken by entrepreneurs. Such improvement is facilitated by money’s important role in providing liquidity to entrepreneurs. Using a model in which production processes take time to mature and where credit ...

Given the growing evidence and scientific consensus on global climate change, carbon emission trading schemes (ETS) have been deemed crucial in mitigating the problem. Therefore, this study compares the mechanisms of ETS in the European Union with those in China. The results indicate similarities in cap determination, the coverage and calculation method of allowance allocation, trading particip...

In cognitive radio networks, there are scenarios where secondary users (SUs) utilize opportunistically the spectrum originally allocated to primary users (PUs). The spectrum resources available to SUs fluctuates over time due to PUs activity, SUs mobility and competition between SUs. In order to utilize these resources efficiently spectrum sharing techniques need to be implemented. In this pape...

Disclaimer The analysis and conclusions of this document are those of the authors. They do not necessarily reflect the official position of the AFD or its partner institutions. Foreword The " Impact Analyses " series aims to comprise works resulting from impact evaluations, and more largely, retrospective analyses of final results obtained in the framework of development policies or interventio...

The paper develops a positive theory of dynamic competition between credit card lenders, featuring balance transfers and default. Based on our theory and our quantitative results, we argue that the observed outcomes in the US credit card market are consistent with reduced effectiveness of personal bankruptcy protection, and inefficiently elevated costs of unsecured credit for intertemporal smoo...

Computation tasks used in digital design flow for test quality evaluation can require a lot of processor and memory resources. To speed up execution and to overcome memory restrictions, a collaborative computing approach was proposed in this paper. Web-based system architecture allows seamlessly aggregate many remote computers for one application. Efficient collaboration requires credit based p...