States of Credit provides the first comprehensive look at the joint development of representative assemblies and public borrowing in Europe during the medieval and early modern eras. In this pioneering book, David Stasavage argues that unique advances in political representation allowed certain...

In economically volatile conditions in which it is more difficult for the public to distinguish inflation deliberately generated by government from inflation created by unanticipated economic shocks, the anti-inflationary effect of central bank independence will be unchanged but the...

March 2000 - Does delegation of policymaking authority to independent agencies improve policy outcomes? This paper reports new theory and tests related to delegation of monetary policy to an independent central bank. The authors find that delegation reduces inflation only under specific...

This paper sets out a framework within which the problem of corruption may be analysed in any specific country. It does not seek to establish the importance of such activity in a general sense, or seek to propose particular economic policy or institutional programmes that should be pursued in...

Corruption in customs administrations is a major problem in many African countries. Data from the period 1990-96 are used to examine several hypotheses concerning the determinants of customs fraud in Senegal and Mali. Statistical tests using product-by-product data support the widely held view...

In this paper we argue that religion and welfare state spending are substitute mechanisms that insure individuals against adverse life events. As a result, individuals who are religious are predicted to prefer lower levels of social insurance than will individuals who are secular. To the extent...