. We show that corruption opportunities are lower under centralization at each period of time. However, centralization … makes more difficult for citizens to detect corrupt incumbents. Thus, corruption is easier under centralization for low … levels of political competition. We show that the relative advantage of centralization depends negatively on the quality of …

This paper analyses policy centralization outcomes in a two-jurisdiction model of public good provision choices with … referendum and representative democracy. We show that policy centralization is more likely to occur if the choice to centralize … preferred level of the jurisdiction that least favours centralization, rather than to a compromise between the two jurisdictions …

, centralization reduces capture, and is more likely to be welfare enhancing in the presence of information asymmetries. Then, we apply …

. We distinguish three modes of unionization with increasing degree of centralization: (1) ‘decentralization’ where wages … firms, and (3) ‘centralization’ where an industry union sets a uniform wage rate for all firms. While firms' investment … incentives are largest under ‘centralization’, investment incentives are non-monotone in the degree of centralization …

system: international liquidity and exchange rate management. Despite radical changes since World War II in the market …