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They posit that financial institutions invest in liquid assets, which are perfectly hedge-able in financial markets, but also invest in illiquid assets, which are not frictionlessly hedgeable because they are information intensive and have unique features.
Nature's intelligence functions effortlessly, frictionlessly and spontaneously.
Again, this is partly to do with velocity, with a spectral construction of logical and affinitive relations through which the user travels so quickly and frictionlessly as to perceive only an undifferentiated white light.
They always have the best hearses, so glossily black, and with such a smooth ride that they seem to glide frictionlessly over the road surface, that one almost envies the dead their final grand and comfortable journey, and can't wait to experience it for oneself; the professional mourners are always the most lugubrious that money can hire, who are never caught in public with an expression on their faces that could give other than comfort to a recently bereaved widow, their long faces an irrefutable proof of the human worth of the departed.
His model incorporates three key features: 1) value-maximizing insurers and reinsurers face product market as well as capital market imperfections that give rise to well-founded concerns with risk management and capital allocation; 2) some, but not all, of the risks they face can be frictionlessly hedged in the capital market; 3) the distribution of their cashflows may be asymmetric, which alters the demand for underwriting and hedging.
Culture is now carried in digital form, as "bitstreams" that can be copied and distributed to everyone frictionlessly.
Many of Brinkmann's contemporaries believed that conventional criticism, be it social or political, did nothing to counter what they saw as the prevalent evil of their times; the erosion of the individual's sensual and imaginative capacity by a frictionlessly functioning rational system.
In other words, the latter channel is immune to the aforementioned critique by Romer and Romer (1990), unless one believes that banks can at any time frictionlessly issue new equity, as opposed to nonreservable liabilities.
The general conclusion is that internationalization does not translate frictionlessly into policy change.
To the contrary, they offer numerous reasons why one might not expect wages and prices to adjust frictionlessly to eliminate a transitory surplus in the supply of labor.
The apparatus consisted of a horizontal lever attached at one end to a vertical axle that turned almost frictionlessly in ball bearing supports.
As Stackelberg pointed out, vertical collusion does not function frictionlessly.