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Cuadernos de Economía. Número 106. 2015.

Permanent URI for this collectionhttp://dspace7.ti.uam.es/handle/10486/685290

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    Contingent convertible bonds and their impact on risk-taking of managers
    (Elsevier España S.L., 2015) Walther, Thomas; Klein, Tony
    This paper discusses how contingent convertible bonds (CCB) influence the risktaking behaviour of managers. A methodology to measure the impact is presented. The results show that the decision of issuing CCB to finance company assets sets incentives to managers to increase risk, if it is not adjusted to the compensation system. However, if the remuneration of managers is adjusted simultaneously with the issuance, e.g. with internal debt, the drawbacks of the sole compensation with stock options can be equalised. Furthermore, it was found that CCB does have an impact on the risk-taking behaviour, while CCB does not change the incentive to increase the company value at all
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    Schumpeterian innovations, financial innovations and instability: An institutional perspective
    (Elsevier España S.L., 2015) Ülgen, Faruk
    This paper seeks to assess the nature of financial innovations as regards the economic stability throughout an institutional framework within the Schumpeterian tradition. While in the Schumpeterian evolutionary process entrepreneurial innovations are assumed to lead the entire economy towards economic development, financial innovations do not obviously generate the same positive outcome for economic evolution. To point to the ambiguous nature of financial innovations the paper suggests a monetary interpretation of Schumpeterian capitalist dynamics and sheds light on the role of the institutional environment to ensure viable economic development. It then argues that in highly liberalized environment, unconstrained financial dynamics may lead to system-wide crises and make public regulatory schemes necessary for the sake of systemic stability
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    Monetary rules and fiscal feedback rules
    (Elsevier España S.L., 2015) Soldatos, Gerasimos T.; Varelas, Erotokritos
    Based on a Cobb-Douglas social welfare function in terms of the utilities of two concurrent generations, this paper derives a Pareto-efficient, envy-free, and equitable interest rate rule supported by a nonlinear-tax feedback rule in case of steady-state disturbance. The young are taxed to subsidize the elderly, expecting the same treatment when the young become old; hence, fiscal policy matters as much as the monetary policy does with regard to the ‘‘same’’. The emphasis on monetary policy lies rather in the fact that once the equilibrium status quo of a policy accommodative of a given tax subsidy-cum-interest rate scheme is disturbed, the ‘‘interest-rate part’’ will continue being a sensible policy choice only by manipulating the ‘‘tax-subsidy part’’. From the political economy view of tax nonlinearity, the tax policy under instability is expected to be both a self-confirming and a perfect insight majority rule equilibrium
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    An experimental study of gender differences in distributive justice
    (Elsevier España S.L., 2015) Rodríguez-Lara, Ismael
    This paper shows that women are more likely than men to employ the fair allocation that most benefits their financial payoff. The experimental evidence is gleaned from a dictator game with production, in which subjects first solve a quiz to accumulate earnings and then divide the surplus by choosing one over five different allocations, some of which represent a fairness ideal. The data also suggest that women are more sensitive to the context as their allocation choices depend on whether they have accumulated more or less money than their counterparts. This is not the case for the men’s allocation choices
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    Studies in profit and capital formation: An alternative theory of distribution
    (Elsevier España S.L.U., 2015) Carrera, Andrea
    A study is presented on production, consumption, and the investment of profit in a closed economy over a two-week period. Bernard Schmitt’s analysis of production and capital formation was applied to numerical and theoretical examples. The broad objective of this inquiry is to detect apparent formal coincidences between Nicholas Kaldor’s (1956) formalization of the General Theory (1936) and the analytical formulation of the theory of the monetary circuit. Kaldor’s (1956) model is considered as a special case among those contemplated by Schmitt’s monetary theory