This paper presents two propositions about corruption. First, the structure of government institutions and the … political process are a very important determinant of the level of corruption. In particular, weak governments which do not … control their agencies would lead to ultra-high corruption levels. Second, the illegality of corruption and the need for …

In this paper, we investigate a neglected aspect of financial systems of many countries around the world: government … around the world. Second, such ownership is particularly significant in countries with low levels of per capita income …

and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe …

, and more broadly with the Demsetz's (1967) approach to property rights institutions. Indeed, we document world …

Regulation of economic activity is ubiquitous around the world, yet standard theories predict it should be rather …

the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments …