We present and compare two dierent approaches to conditional riskmeasures. One approach draws from convex analysis in vector spaces andpresents risk measures as functions on Lp spaces, while the other approachutilizes module-based convex analysis where conditional risk measures aredened on Lp...

This paper investigates the determinants of a broad sample of Swiss non-financial firms’cash holdings between 1995 and 2004. The median Swiss firm holds almost twice asmuch cash and cash equivalents as the median U.S. or U.K. firm. Our results indicate thatasset tangibility and firm size are...

Marginal propensity to consume food out of food stamps in the US is higher than that out ofcash income. We explain this in terms of differential impact of cash income and in-kindtransfers on intra-household division of cash. We develop a Cournot model of a multi-personhousehold where food...

In this special edition of Policy in Focus, leading authors and practitioners present their research on how cash transfers can impact the local economy when implemented in a developing country. The aim is to gather and review research results and evidence, obtained from various methodologies...

The paper investigates the problem of the excess of deposits in banks over loans observed in the US, Europe and Japan, resulting in the cash hoarding in banks. The paper argues that as the higher the borrowers' debt service ratio, the greater default risks, borrowers with high debt service ratio...