corruption. It shows that an improvement in institutional quality reduces the shadow economy and affects the corruption market …. The exact relationship between corruption and institutional quality is, however, ambiguous and depends on the relative … effectiveness of the institutional quality in the shadow and corruption markets. The predictions of the model are empirically tested …

-givers should be punished for giving bribes, but not for accepting the bribetakers' reciprocity. -- corruption ; asymmetric …

Corruption among central banks induces distorted policies by, first, increasing the inflation bias and, second … bankers with similar preferences, corruption might be tolerated as an instrument of bringing factual policies more in line …

to disband the "pact of silence" characteristic of corrupt arrangements. -- Corruption ; Asymmetric Sanctions …

Because corruption must be hidden from the public and is not enforced by courts it entails transaction costs, which are …