There are several well-known facts that characterize the behavior of real exchange rates in the business cycle data: i) Real exchange rates are highly volatile relative to other macroeconomic variables such as aggregate output and consumption; ii) Changes in real exchange rates are very persistent and the real exchange rate follows approximately a random talk; iii) There are substantial and systematic differences in the behavior of real exchange rates under fixed versus floating exchange rate regimes, while fluctuations of output and consumption do not seem to change systematically with the regimes.
The collapse of financial institutions such as Bear Stearns and Lehman Brothers during the recent financial crisis has starkly highlighted the risk of financing long-term assets with short-term debt, which exposes the firm to the risk that it may not be able to roll over its maturing debt if its fundamentals or market conditions deteriorate. The collapse of these institutions was all the more spectacular because it wasn’t anticipated by any of the three major credit rating agencies. The problem is not just confined to banks and investment banks. There is a long history of high-profile bankruptcies involving non-banking firms, where the inability to roll over short-term debt compounded the effect of operating losses, and led to sudden collapses that the credit rating agencies failed to anticipate; e.g., WorldCom (2002), Enron (2001), First Executive Corporation (1991), and Penn Central (1970).
Maintaining and improving the health status of prisoners, as well as providing preventive health care during incarceration, can substantially reduce the economic, social, and health care burden for parolees, their families, and the state. This report examines access to health care for women who are incarcerated in California state prisons, through quantitative and qualitative analysis of a large database of interviews, medical records, legal documents, and judicial reports assembled in conjunction with prisoner’s complaints during the past four years. The report’s recommendations compare the California correctional health care model with "best practice" models for health care delivery to offer an empirical foundation on which to base deliberations on correctional health options.
