Understanding America's Hesitant Steps Toward Financial Capitalism: Politics, the Depression, and the Separation of Commercial and Investment Banking

Few would disagree that the Glass-Steagall Act of 1933 is thecontinental divide in American financial and banking history. Bydisallowing banks from getting involved in the investment bankingindustry, this Act imposed an institutional change that shaped howfinancial institutions conduct their business, even today in itsdecline. Conventional wisdom has it that the Act was enacted tocorrect the ``deficient'' financial system that existed during theperiod. In this paper we investigate whether this assertion can beempirically verified by analyzing the Senate vote on a predecessorof this Act (which included the clause separating commercialbanking from investment banking activities). Using multinomiallogits, we examine what may have motivated senators to vote for itspassage. The econometric evidence indicates that the Senate votewas significantly influenced by important interest groups(including national banks as well as manufacturing sectorinterests), despite the large populist outcry for financial marketreforms at the onset of the Depression.     

Particle Analysis for the Detection of Gunshot Residue (GSR) in Nasal Samples Using Scanning Laser Ablation and Inductively Coupled Plasma-Mass Spectrometry (SLA-ICPMS)

Currently, aluminum stub with carbon adhesive devices are used to collect inorganic gunshot residues (GSR) from the hands of a shooter. In an ideal shooting case, the gunshot particles do not persist for more than 2 h in the hands of the shooter, provided that the hands have not been washed. However, for forensic analysis and inference, the extended persistence of GSR would be desirable. This study investigates a novel GSR sampling and detection protocol. Sampling was performed in the nostrils using swab devices impregnated in ethylenediaminetetraacetic acid (EDTA). The GSRs persisted for longer periods in nasal mucus than on the hands, and particles were detected 6 h after shooting occurred. The analytical determination was conducted by scanning laser ablation-inductively coupled plasma-mass spectrometry (SLA-ICPMS) which enable the identification of the number of particles and their elemental composition. Seventeen isotope signals corresponding to ¹³C, ²⁰⁵Tl and 15 analytes that are usually associated with the composition of GSR residues were monitored: ²⁷Al, ²⁹Si, ³¹P, ³³S, ³⁵Cl, ³⁹K, ⁴⁴Ca, ⁵⁷Fe, ⁶⁰Ni, ⁶³Cu, ⁶⁶Zn, ¹¹⁸Sn, ¹²¹Sb, ¹³⁷Ba, and ²⁰⁸Pb. The SLA technique enabled the reduction of the swab analysis time to 40 min. The effectiveness of this methodology was evaluated with two types of firearms: a pistol and a shotgun. The results indicated that the methodology proposed for the analysis of the nasal GSR was effective and that it can improve or complement the forensic analyses and inferences presented in a court.     

La Generalización del Impuesto al Valor Agregado: ¿Una opción para México?

Given poor tax collection in Mexico –which has registered an average of 10 to 11 percent of the GDP over the last 10 years, while spending has remained around 20 percent–, fiscal reform has been a recurring issue in public debates. In this context, the vat generalization appears as a major option for the country. Nonetheless, its viability has been caught in a discussion tinged with dogmatic hues. This paper presents some important elements that should be taken into account in the debate regarding a generalization of the vat. If the argument for not generalizing this tax is based on the tax’s regressive turn, it should then be stressed that current tax structure has created a situation of greater inequality in terms of the recipients of the support.     

Income,ouput and employment linkages and import intensities of manufacturing industries in India

The major thrust of planned development in India has been on employment and income generation and self‐reliance. The study evaluates ex‐post income, output and employment linkages and import intensities of manufacturing sectors using an input‐output model. It shows that among the four broad groups of industries, namely agrobased, non‐agrobased final goods, intermediate and capital goods, agrobased industries through technological interdependence, particularly backward linkages, generate relatively more income and employment and use less imported inputs. The non‐agrobased final goods industries with larger import requirements provide potential for income and employment generation if their required imported inputs are internalised.     

Determinant Factors of Satisfaction with Public Services in Spain

The concept of marketing has evolved significantly, as have its applications in various sectors, including services. Diverse opinions have been expressed for and against the use of marketing techniques in public administration. In this paper, we present a conceptual and methodological review of the main contributions made by marketing to the public sector, measuring variables and related concepts that determine public satisfaction with public services. These elements, termed key drivers of opinion, were measured by reference to the information provided by the Spanish Sociological Research Centre (CIS), and provide an alternative way to display and analyse the data of interest, through perception models and figures using multivariate factor analysis. In this study, the components or factors containing the main drivers of opinion were found to be, on the one hand, commitment to efficient service, and on the other, user convenience.     

Efficiency of 'Simple' Liability Rules When Courts Make Erroneous Estimation of the Damage

The literature on liability rules shows that the damage awards under a liability rule affect the efficiency of the rule. One crucial factor that could affect the damage awards and therefore the efficiency characteristics of liability rules is the error made by a court while estimating the harm suffered by the victims. In this paper efficiency property of what we label as 'simple' liability rules when courts make errors in estimation of the damage is studied in a unified framework. The paper provides a characterization of efficient simple liability rules and shows that the biased court errors act to change the efficiency characterization of simple liability rules. A necessary and sufficient condition for a simple liability rule to be efficient in the presence of upper-biased court errors is provided. The analysis is carried out in a quite general framework.