We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows short and lends long.

We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows short and lends long.

The deposit insurance makes the value of deposits independent from the behavior of other depositors or from the value of bank assets. Its existence induces a moral hazard which might threaten the stability of the banking system. The efficiency of the DI depends on the control of moral hazard, which means the agents’ responsibilisation, depositors included. There is a conflict between the DI principles and the present propositions improving this mechanism.The possible solutions in order to solve this paradox are the (...) restriction of the insurance coverage only for the demand deposits and the implementation of the double liability for the bank shareholders.The demand deposits insurance eliminates the incentive to bank runs caused by the fear of lack of liquidity, whereas the term deposits are exposed to losses which reduce the moral hazard induced by the demand deposit insurance.The double liability forces the shareholders of the defaulting banks to make supplementary payments limited to the nominal value of the owned shares. This combines the advantages of the limited liability and the unlimited liability.The efficiency of both propositions implies the enforcement of a closure rule of the banks whose net worth is close to zero.La garantie des dépôts rend la valeur des dépôts indépendante du comportement des autres déposa- nts ou de la valeur des actifs bancaires. Son instauration induit un aléa moral qui peut menacer la stabilité du système bancaire. L’efficacité de ce mécanisme dépend de la maîtrise de l’aléa moral. Cela suppose, entre autres, la responsabilisation des agents, y compris des déposants. Par conséquent, il existe un conflit entre le principe de la garantie des dépôts et les propositions courantes d’amélioration de ce dispositif.Les solutions envisagées dans cet article pour résoudre ce paradoxe sont la limitation de la garantie aux seuls dépôts à vue et l’instauration de la double responsabilité pour les actionnaires des banques.La garantie des dépôts à vue élimine l’incitation à la ruée due à la crainte de manque de liquidité, tandis que les dépôts à terme sont assortis d’une clause permettant à la banque de refuser tout retrait anticipé. Les titulaires des dépôts à terme s’exposent à des pertes, ce qui réduit l’aléa moral induit par la garantie des dépôts à vue.La double responsabilité oblige les actionnaires des banques défaillantes à effectuer des versements supplémentaires dans la limite de la valeur nominale des actions détenues. Cela réunit les avantages de la responsabilité limitée et de la responsabilité illimitée.L’efficacité des deux propositions suppose l’application d’une règle de fermeture des banques dont l’actif net avoisine zéro. (shrink)

A wry and compassionate selection of essays reflecting on mortals and mortality, from the acclaimed author of The Undertaking. For nearly four decades, poet, essayist, and small- town funeral director Thomas Lynch has probed relations between the literary and mortuary arts. His life's work with the dead and the bereaved has informed four previous collections of nonfiction, each exploring identity and humanity with Lynch's signature blend of memoir, meditation, gallows humor, and poetic precision. The Depositions provides an essential selection from (...) these masterful collections, as well as new essays in which the space between Lynch's hyphenated identities-as an Irish American, undertaker-poet-is narrowed by the deaths of poets, the funerals of friends, the loss of neighbors, intimate estrangements, and the slow demise of a beloved dog. Meanwhile, the press of the author's own mortality sharpens a curiosity about where we come from, where we go, and what it means. In The Depositions, Lynch continues to illuminate not only how we die, but also how we live. (shrink)

In Time Deposits, Dimension, and Fraud (2009), William Barnett and Walter Block argue that by borrowing short and lending long there is an over issuance of property rights. Their article, however, does not fully extend the consequences of their contribution. Once this is done, it becomes clearer that their argument suits a great impediment to banking, becoming a possible reason to support rather than to oppose fractional reserve banking. Bagus and Howden (J Bus Ethics 90(3):399–406, 2009) comment on Barnett and (...) Block (J Bus Ethics 88(4):711–716, 2009), the authors claim that while maintaining the illegitimacy of fractional reserve deposits, borrowing short and lending long it is actually not illegitimate. An extension on Bagus and Howden (2009) will show that their line of argumentation can be applied as a defense of fractional reserve banking as well. (shrink)

This article contributes to a recent debate between Barnett and Block : 711–716, 2009), Bagus and Howden : 399–406, 2009), Barnett and Block, Cachanosky and Bagus and Howden regarding the conceptual distinction between demand deposits and time deposits. It is argued that from an economic perspective there is nothing inherently fraudulent or illegitimate about deposit accounts that are available ‘on demand’, but that this relies on certain contractual provisions. Particular attention is drawn to option clauses and withdrawal clauses, which “solve” (...) the problems raised by Barnett and Block, and Bagus and Howden. Previous authors have also neglected the asset side of banks balance sheets, and this is shown to further justify the legitimacy of fractional reserve banking. (shrink)

Les professeurs Macey et Miller analysent la relation entre l’assurance des dépôts et l’ inadé quation dans la structure des échéances des actifs et passifs des banques commerciales. Après avoir critiqué l’hypothèse traditionnelle concernant la réglementation, d’après laquelle les banques sont incitées à financer les actifs à long terme par des passifs à court terme parce que l’assurance des dépôts garantie par l’Etat stimule le crédit des banques et subventionne les passifs à court terme, ils utilisent l’analyse économique des décisions (...) publiques pour soutenir qu’une version modifiée de l’hypothèse de la réglementation est la meilleure explication de la déstructuration des échéances des actifs et passifs bancaires.Finalement, ils considèrent que soutenir l’hypothèse de la réglementation n’entraîne pas l’ acceptation du modèle d’assurance des dépôts garantie par l’Etat tel qu’il existe aux Etats-Unis aujourd’hui.Professors Macey and Miller explore the relationship between deposit insurance and the mismatch in the term structure of commercial banks’ assets and liabilities. After criticizing the traditional regulatory hypothesis, which posits that banks have incentives to fund long-term assets with short-term liabilities because government-sponsored deposit insurance enhances bank credit and subsidizes short-term liabilities, they use public choice theory to argue that a modified version of the regulatory hypothesis is the best explanation for the mismatch in the term structure of banks’ assets and liabilities. Finally, they argue that embracing the regulatory hypothesis does not imply acceptance of the government-sponsored deposit insurance scheme as it exists in the U.S. today. (shrink)

I respond to the comments by Larry Hickman and Thomas Alexander about my book, A Search for Unity in Diversity: The “Permanent Hegelian Deposit” in the Philosophy of John Dewey . I focus on four issues: 1) Precisely how do I prefer to characterize Dewey’s debt to Hegel? 2) How do I justify my admittedly controversial reading of Dewey’s World War I criticisms of Hegel? 3) Where do I believe Dewey found ideas in Hegel that led him to articulate the (...) historical fallacy? 4) How do I respond to Alexander’s concern that I have underestimated the influence of William James’s Principles of Psychology (1890) on Dewey? (shrink)

Dix personnes, qui forment le Bureau des dépositions, créent des performances à Grenoble depuis 2018. En s’adressant les un·es aux autres et à un public, en ré-agençant les (im)-possibilités de paroles depuis la mise à découvert d’injustices légalement produites, elles, ils élaborent des conditions de trans-formations : langagières, sensibles, politiques. Dans le même temps, plusieurs performeurs sont inquiétés par le contentieux du droit des étrangers et du droit d’asile, expulsés légalement ou encore menacés d’expulsion. Des réponses se formulent auprès des (...) tribunaux : alors que les performances requièrent la co-présence physique de chacun·e, les absences forcées portent atteinte à un milieu de création. Le droit d’auteur et de la propriété intellectuelle est ici convoqué et réinterprété dans le contexte d’expulsions légales et d’ œuvres-milieux. (shrink)

This paper contributes to the literature of case studies about doing business in conflict zones and post-conflict zones by presenting the details of holding an international tender process in Afghanistan. The potential importance of Aynak to Afghanistan's economy is explained. The tender plan, rights offered, expectations and bid evaluation process for awarding the right to develop the Aynak copper deposit in Afghanistan are described in detail. This paper shows how an equitable, transparent, objective, standards-based process approach, incorporating technically and socially (...) responsible development requirements, may be adopted and implemented in countries with difficult conditions. (shrink)

This paper contributes to the literature of case studies about doing business in conflict zones and post‐conflict zones by presenting the details of holding an international tender process in Afghanistan. The potential importance of Aynak to Afghanistan's economy is explained. The tender plan, rights offered, expectations and bid evaluation process for awarding the right to develop the Aynak copper deposit in Afghanistan are described in detail. This paper shows how an equitable, transparent, objective, standards‐based process approach, incorporating technically and socially (...) responsible development requirements, may be adopted and implemented in countries with difficult conditions. (shrink)

Barnett and Block (J Bus Ethics 18(2):179–194, 2011 ) argue that one cannot distinguish between deposits and loans due to the continuum problem of maturities and because future goods do not exist—both essential characteristics that distinguish deposit from loan contracts. In a similar way but leading to opposite conclusions (Cachanosky, forthcoming) maintains that both maturity mismatching and fractional reserve banking are ethically justified as these contracts are equivalent. We argue herein that the economic and legal differences between genuine deposit and (...) loan contracts are clear. This implies different legal obligations for these contracts, a necessary step in assessing the ethics of both fractional reserve banking and maturity mismatching. While the former is economically, legally, and perhaps most importantly ethically problematic, there are no such troubles with the latter. (shrink)

This study demonstrates that Dewey did not reject Hegelianism during the 1890s, as scholars maintain, but developed a humanistic/historicist reading that was indebted to an American Hegelian tradition. Scholars have misunderstood the "permanent Hegelian deposit" in Dewey's thought because they have not fully appreciated this American Hegelian tradition and have assumed that his Hegelianism was based primarily on British neo-Hegelianism. ;The study examines the American reception of Hegel in the nineteenth-century by intellectuals as diverse as James Marsh and Frederic Henry (...) Hedge and how it flowered in late nineteenth-century St. Louis. The St. Louis Hegelians read Hegel as a particularly practical and politically liberal philosopher whose social philosophy promoted both social diversity and unity. Led by W. T. Harris, they studied Hegel in German and published their own scholarship, as well as translations of German scholarship, in their Journal of Speculative Philosophy. Their efforts to make "Hegel talk English" and to base the St. Louis public schools on Hegel's philosophy of education won them national, and even, international attention. The St. Louis Hegelians sought to adapt Hegel's thought to their American context by assuaging elitist elements within it; Dewey's intellectual development was profoundly shaped by their appropriation of his philosophy. ;Dewey drew upon Hegel's argument that humans form societies because of their differences, not in spite of them. Hegel's rejection of the self-sufficient, atomistic individual entailed that the individual is dependent upon others for the satisfaction of material needs. Moreover, like Hegel, Dewey rejected the hedonistic basis of the British political tradition by arguing that humans seek recognition from their equals as well as satisfaction of material needs. Dewey believed Hegel's emphasis upon equality and diversity provided a model of society in which there was fertile ground for the individual to conceive and articulate cultural criticism. The study ends by comparing recent Hegel scholarship to Dewey's, demonstrating that American Hegelianism has returned, in important ways, to a Deweyan reading of Hegel. (shrink)

In this essay, Jim Garrison explores the emerging scholarship establishing a Hegelian continuity in John Dewey’s thought from his earliest publications to the work published in the last decade of his life. The primary goals of this study are, first, to introduce this new scholarship to philosophers of education and, second, to extend this analysis to new domains, including Dewey’s theory of inquiry, universals, and creative action. Ultimately, Garrison’s analysis also refutes the traditional account that claims that William James converted (...) Dewey from Hegelian idealism, after which Charles Sanders Peirce inspired him to rebuild his instrumentalism along radically different lines. (shrink)

From 1882 to 1903, Dewey explicitly espoused a Hegelian philosophy. Until recently, scholars agreed that he broke from Hegel no later than 1903, but never adequately accounted for what he called the "permanent deposit" that Hegel left in his mature thought. I argue that Dewey never made a clean break from Hegel. Instead, he drew on the work of the St. Louis Hegelians to fashion a non-metaphysical reading of Hegel, similar to that championed by Klaus Hartmann and other Hegel scholars (...) since the 1970s. This reading of Hegel is remarkably consistent with Dewey's mature philosophy. Although Dewey abruptly repudiated Hegel during World War I, I contend this reflected the exigencies of war rather than philosophical concerns. (shrink)

This study is an attempt to construct a quantitative link for international regimes with global leadership. The country's willingness to lead in solving global issues as the first mover in the formation of an international regime is measured and characterized by analyzing their ratification behavior in multilateral conventions deposited to the United Nations which shape of the global community. For this purpose, a set of quantitative indicators, the Index of Global Leadership Willingness and the Global Support Index, was defined and (...) calculated for each country based on its actual ratification year data for 120 multilateral conventions covering global issues such as peace and security, environment, commerce, communication, intellectual property protection, human rights, and labor. By proposing a framework of global leadership analysis, the study seeks to provide an empirical testing of the transformation of global governance towards cooperation without hegemony paradigm. The paper analyses changes in the leadership willingness indices of selected country groups, such as the G3, G7/8, and G20, over the century and finds that the will to drive the international agenda of these groups of leaders is in decline. Moreover, our study provides evidence to argue that our current world is actually without consistent global leadership across domains of the world affairs. Although several countries still show visible leadership in specific policy domains, such as environment and intellectual property, neither the G7/8 nor the G20 was playing a comparable role to those performed by the G3 a hundred years ago. (shrink)

The marketization of interest rate is an inevitable requirement for China’s financial reform and joining the WTO to connect with the international financial market. It is also an important link to improve the marketization degree of China’s financial system. The marketization of interest rate in China is gradually advancing according to its preset mode. In the process of interest rate marketization, an unavoidable problem is that while the interest rate marketization gives the commercial banks the autonomy of capital pricing, the (...) fluctuation of interest rate is more and more frequent. However, due to the fluctuation of interest rate, the loan as the main assets of commercial banks will be prepayed by borrowers, and the time deposit as the main liabilities of commercial banks will be withdrawn by depositors in advance; that is, embedded options are implied in asset liability items, which makes it difficult for commercial banks to accurately calculate the actual interest margin of deposits and loans and manage the interest rate risk. Therefore, it is of great significance to identify and price such embedded option value. On the basis of identifying and decomposing the embedded options in deposit and loan of commercial banks, according to the change characteristics of deposit and loan interest rate of Chinese commercial banks, this paper chooses jump-diffusion interest rate model to describe the change of benchmark interest rate of deposit and loan in China and demonstrates the advantages of this model compared with other models. Based on Monte Carlo simulation technology, the embedded options of five-year fixed deposit and ten-year prepayable loan in China are priced. On this basis, it points out that the real interest margin of commercial bank’s deposit and loan should be the nominal interest margin minus the value of deposit and loan’s embedded options. In the process of interest rate risk management, we should pay attention to the existence of embedded options and carry out effective management. (shrink)

Systematic variation of anisotropic X-ray line broadening in vapour-deposited Pb films of various thicknesses on glass substrates is studied using dislocation model of strain anisotropy incorporated into a modified Williamson-Hall and modified Warren-Averbach procedure. For smaller film thicknesses in the range of about 100-200 nm, the dislocation network is less correlated and contains substantial screw component and twin or growth faults. The films of larger thicknesses , on the other hand, consist mostly of edge dislocations with a more regular and (...) correlated dislocation structure. The present study reveals the inadequacy of applicability of conventional Warren-Averbach analysis in regular and correlated dislocation structures. (shrink)

PurposeChildhood onset speech fluency disorder is possibly related to dopaminergic dysfunction. Mesencephalic hyperechogenicity detected by transcranial ultrasound might be seen as an indirect marker of dopaminergic dysfunction. We here determined whether adults who stutter since childhood show ME.MethodsWe performed TCS in ten AWS and ten matched adults who never stuttered. We also assessed motor performance in finger tapping and in the 25 Foot Walking test.ResultsCompared to controls, AWS showed enlarged ME on either side. Finger tapping was slower in AWS. Walking (...) cadence, i.e., the ratio of number of steps by time, tended to be higher in AWS than in control participants.DiscussionThe results demonstrate a motor deficit in AWS linked to dopaminergic dysfunction and extending beyond speech. Since iron deposits evolve in childhood and shrink thereafter, ME might serve as an easily quantifiable biomarker helping to predict the risk of persistency in children who stutter. (shrink)