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The Foreign Corrupt Practices Act (FCPA) prohibits US firms from paying bribes to foreign public officials. We show that FCPA enforcement has no positive effect on the GDP per capita of the countries of these officials but, rather, increases their countries shadow economy. When public officials...
Persistent link: https://www.econbiz.de/10013294446
The US Foreign Corrupt Practices Act (FCPA) prohibits the payment of bribes to foreign public officials. We uncover an unintended consequence – the shadow economies of the countries of these officials increase after FCPA enforcement. Our hypothesis is that if the FCPA successfully deters...
Persistent link: https://www.econbiz.de/10014355689
Magna Carta, a pivotal moment in the emergence of constitutional government, institutionalised constraints on royal power. We depict it as an optimal agreement between two coalitions capable of violence: the king's loyal coalition of barons and the rebel barons. This type of agreement is more...
Persistent link: https://www.econbiz.de/10014353308
The Foreign Corrupt Practices Act (FCPA) prohibits US firms from paying bribes to foreign public officials. We show that FCPA enforcement has no positive effect on the GDP per capita of the countries of these officials but, rather, increases their countries’ shadow economy. When public...
Persistent link: https://www.econbiz.de/10013228373