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Pistor, Katharina - C.E.P.R. Discussion Papers - 2012

where the survival of the system is at stake; that is, at its core. Here, power becomes salient. This helps explain why …

Persistent link: https://www.econbiz.de/10011084310

The European Commission - Appointment, Preferences and Institutional Relations

Napel, Stefan; Widgrén, Mika - C.E.P.R. Discussion Papers - 2006

The paper analyses the appointment of the European Commission as a strategic game between members of the EU's Council of Ministers and the European Parliament. The focal equilibrium results in Commissioners that duplicate policy preferences of national Council representatives. Different internal...

Persistent link: https://www.econbiz.de/10005136464

Political Conflict and Power-Sharing in the Origins of Modern Colombia

Mazzuca, Sebastián L; Robinson, James A - C.E.P.R. Discussion Papers - 2006

representation (PR), was the desire of the Conservative and Liberal parties to come up with a way of credibly dividing power to avoid … problem with majoritarian electoral institutions was that they did not allocate power in a way which matched the support of … with the rising support for socialism and the desire to divide power more broadly. Our findings shed new light on the …

Persistent link: https://www.econbiz.de/10005114374

Corporate Culture, Societal Culture, and Institutions

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2015

While both cultural and legal norms (institutions) help foster cooperation, culture is the more primitive of the two and itself sustains formal institutions. Cultural changes are rarer and slower than changes in legal institutions, which makes it difficult to identify the role played by culture....

Persistent link: https://www.econbiz.de/10011168899

The Value of Corporate Culture

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2013

We study which dimensions of corporate culture are related to a firm’s performance and why. We find that proclaimed values appear irrelevant. Yet, when employees perceive top managers as trustworthy and ethical, firm’s performance is stronger. We then study how different governance...

Persistent link: https://www.econbiz.de/10011084023

Trade linkages and the globalisation of inflation in Asia and the Pacific

Auer, Raphael; Mehrotra, Aaron - C.E.P.R. Discussion Papers - 2014

Some observers argue that increased real integration has led to greater co-movement of prices internationally. We examine the evidence for cross-border price spillovers among economies participating in the pan-Asian cross-border production networks. Starting with country-level data, we find that...

Persistent link: https://www.econbiz.de/10011083958

Globalization and the Evolution of the Supply Chain: Who Gains and Who Loses?

Fujita, Masahisa; Thisse, Jacques-François - C.E.P.R. Discussion Papers - 2003

This Paper focuses on two distinct facets of globalization: the decrease in the trade costs of goods and the decline of communication costs between headquarters and production facilities within firms. When the unskilled have about the same wage in the two regions, the decrease of these costs...

Persistent link: https://www.econbiz.de/10005498045

Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015

Private pension provision faces the challenging task of providing stable income streams during retirement. The challenge has increased markedly in the last decades due to volatile financial markets, falling interest rates and the withdrawal of employers and external insurers as risk bearers of...

Persistent link: https://www.econbiz.de/10011252616

Dynamic Hedging in Incomplete Markets: A Simple Solution

Basak, Suleyman; Chabakauri, Georgy - C.E.P.R. Discussion Papers - 2011

Despite much work on hedging in incomplete markets, the literature still lacks tractable dynamic hedges in plausible environments. In this article, we provide a simple solution to this problem in a general incomplete-market economy in which a hedger, guided by the traditional minimum-variance...

Persistent link: https://www.econbiz.de/10009024486

A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets

Acharya, Viral V; Skeie, David - C.E.P.R. Discussion Papers - 2011

Financial crises are associated with reduced volumes and extreme levels of rates for term inter-bank transactions, such as in one-month and three-month LIBOR markets. We provide an explanation of such stress in term lending by modelling leveraged banks’ precautionary demand for liquidity. When...

Persistent link: https://www.econbiz.de/10009385771