Showing 1 - 10 of 188
Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...
Persistent link: https://www.econbiz.de/10009221567
Should privately informed agents with diverging interests act independently or should they commit to a mechanism? This paper analyzes different communication and decision protocols when communication involves delay. It studies under which conditions agents should (i) choose their actions...
Persistent link: https://www.econbiz.de/10005498109
In late 1979 Turkey found itself in the throes of a foreign exchange crisis, with widespread shortages, negative growth … and three-digit inflation. A decade later, Turkey has a comfortable balance-of-payments situation, and holds considerable …
Persistent link: https://www.econbiz.de/10005281400
distribution of public investment in the 81 provinces of Turkey between 2004 and 2012. Our results show that, although electoral … concerns mattered for the allocation, socioeconomic measures remained the most relevant predictors of investment. Moreover, in …
Persistent link: https://www.econbiz.de/10011083396
In this paper, we evaluate the impact of Turkey's membership on EU voting. The aspects that we discuss are decision …
Persistent link: https://www.econbiz.de/10005792179
We develop a model that examines the capital structure and investment decisions of regulated firms in a setting that …
Persistent link: https://www.econbiz.de/10009209829
We develop a model of portfolio choice to nest the views of Keynes - who advocates concentration in a few familiar assets - and Markowitz - who advocates diversification across assets. We rely on the concepts of ambiguity and ambiguity aversion to formalize the idea of an investor’s...
Persistent link: https://www.econbiz.de/10008468537
Credit constraints are more frequent among growth companies with large investment opportunities. For the same reason … investment opportunities to a larger extent. (ii) Taxes which are neutral in a neoclassical world, still restrict expansion … investment of constrained firms by reducing free cash-flow and thereby discourage innovation. (iii) A revenue neutral increase in …
Persistent link: https://www.econbiz.de/10008468605
We conduct the first systematic evaluation of the world’s largest community-based development program--China’s flagship poverty alleviation program began in 2001 which finances public investments in designated poor villages based on participatory village planning. We use matching methods and...
Persistent link: https://www.econbiz.de/10008468658
or positive effects on R&D-investment, respectively. Both possibilities arise in plausible situations, even if one uses … on investment more likely. Extending the basic framework, the paper shows that separation of ownership and control …, endogenous entry and cumulative investments make positive effects of competition on investment more likely. Imperfect upstream …
Persistent link: https://www.econbiz.de/10008468679