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The Great Reversals: The Politics of Financial Development in the 20th Century
, 2001
"... Indicators of the development of the financial sector do not improve monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern cannot be explained by stru ..."
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Cited by 527 (13 self)
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Indicators of the development of the financial sector do not improve monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern cannot be explained by structural theories that attribute cross-country differences in financial development to time-invariant factors, such as a country's legal origin or culture. We propose an "interest group" theory of financial development where incumbents oppose financial development because it breeds competition. The theory predicts that incumbents' opposition will be weaker when an economy allows both cross-border trade and capital flows. This theory can go some way in accounting for the cross-country differences and the time series variation of financial development. When we recognize that different kinds of institutional heritages afford different scope for private interests to express themselves, we obtain a...
Entrepreneurship: Productive, Unproductive, and Destructive
- Journal of Political Economy
, 1990
"... The basic hypothesis is that, while the total supply of entrepreneurs varies anlong societies, the productive contribution of the society's entrepreneurial activities varies much more because of their allocation between productive activities such as innovation and largely unproductive activitie ..."
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Cited by 599 (2 self)
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The basic hypothesis is that, while the total supply of entrepreneurs varies anlong societies, the productive contribution of the society's entrepreneurial activities varies much more because of their allocation between productive activities such as innovation and largely unproductive
Cumulated Gain-based Evaluation of IR Techniques
- ACM Transactions on Information Systems
, 2002
"... Modem large retrieval environments tend to overwhelm their users by their large output. Since all documents are not of equal relevance to their users, highly relevant documents should be identified and ranked first for presentation to the users. In order to develop IR techniques to this direction, i ..."
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Cited by 656 (3 self)
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. Alternatively, novel measures based on graded relevance assessments may be developed. This paper proposes three novel measures that compute the cumulative gain the user obtains by examining the retrieval result up to a given ranked position. The first one accumulates the relevance scores of retrieved documents
Factor Graphs and the Sum-Product Algorithm
- IEEE TRANSACTIONS ON INFORMATION THEORY
, 1998
"... A factor graph is a bipartite graph that expresses how a "global" function of many variables factors into a product of "local" functions. Factor graphs subsume many other graphical models including Bayesian networks, Markov random fields, and Tanner graphs. Following one simple c ..."
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Cited by 1787 (72 self)
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A factor graph is a bipartite graph that expresses how a "global" function of many variables factors into a product of "local" functions. Factor graphs subsume many other graphical models including Bayesian networks, Markov random fields, and Tanner graphs. Following one simple
The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity
, 2002
"... This paper builds a dynamic industry model with heterogeneous firms that exhibits the mechanisms by which trade causes reallocations of resources among firms in an industry. The paper shows how the exposure to trade will induce only the more productive firms to enter the export market (while some le ..."
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Cited by 1538 (24 self)
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This paper builds a dynamic industry model with heterogeneous firms that exhibits the mechanisms by which trade causes reallocations of resources among firms in an industry. The paper shows how the exposure to trade will induce only the more productive firms to enter the export market (while some
Toward a model of text comprehension and production
- Psychological Review
, 1978
"... The semantic structure of texts can be described both at the local microlevel and at a more global macrolevel. A model for text comprehension based on this notion accounts for the formation of a coherent semantic text base in terms of a cyclical process constrained by limitations of working memory. ..."
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Cited by 540 (12 self)
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are predictable only when the control schema can be made explicit. On the production side, the model is con-cerned with the generation of recall and summarization protocols. This process is partly reproductive and partly constructive, involving the inverse operation of the macro-operators. The model is applied
Trade Liberalization, Exit, and Productivity Improvements: Evidence from Chilean Plants
- Review of Economic Studies
, 2002
"... This paper empirically investigates the effects of liberalized trade on plant productivity in the case of Chile. Chile presents an interesting setting to study this relationship since it underwent a massive trade liberalization that significantly exposed its plants to competition from abroad during ..."
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Cited by 530 (14 self)
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This paper empirically investigates the effects of liberalized trade on plant productivity in the case of Chile. Chile presents an interesting setting to study this relationship since it underwent a massive trade liberalization that significantly exposed its plants to competition from abroad during
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2,658,304