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When the State Mirrors the Family: The Design of Pension Systems
Galasso, Vincenzo; Profeta, Paola - C.E.P.R. Discussion Papers - 2011
We study how the prevailing internal organization of the family affected the initial design of pension systems. Our theoretical framework predicts that, in society with weak family ties, pensions systems were introduced to act as a safety net, while in societies with strong ties they replicate...
Persistent link: https://www.econbiz.de/10009399717
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Family Values and the Regulation of Labor
Alesina, Alberto F; Algan, Yann; Cahuc, Pierre; … - C.E.P.R. Discussion Papers - 2010
Flexible labor markets require geographically mobile workers to be efficient. Otherwise, firms can take advantage of the immobility of workers and extract monopsony rents. In cultures with strong family ties, moving away from home is costly. Thus, individuals with strong family ties rationally...
Persistent link: https://www.econbiz.de/10008468533
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The Clan and the City: Sustaining Cooperation in China and Europe
Greif, Avner; Tabellini, Guido - C.E.P.R. Discussion Papers - 2012
Over the last millennium, the clan and the city have been the locus of cooperation in China and Europe respectively …
Persistent link: https://www.econbiz.de/10011084470
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The Institutional Foundations of China’s Reforms and Development
Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2010
China’s economic reforms have resulted in spectacular growth and poverty reduction. However, China’s institutions look … ill-suited to achieve such a result, and they indeed suffer from serious shortcomings. To solve "China puzzle" this paper … analyses China’s institution - a regionally decentralized authoritarian system. The central government has control over …
Persistent link: https://www.econbiz.de/10008468688
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The Limits of Career Concerns in Federalism: Evidence from China
Persson, Petra; Zhuravskaya, Ekaterina - C.E.P.R. Discussion Papers - 2015
Performance-based promotion schemes in administrative hierarchies have limitations. Chinese provincial leaders, despite facing strong career concerns, make different policy decisions depending on their career backgrounds. Provincial party secretaries who rose from low to high positions within...
Persistent link: https://www.econbiz.de/10011165652
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Sovereign Debt and Structural Reforms
Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2015
Motivated the European debt crisis, we construct a tractable theory of sovereign debt and structural reforms under limited commitment. The government of a sovereign country which has fallen into a recession of an uncertain duration issues one-period debt and can renege on its obligations by...
Persistent link: https://www.econbiz.de/10011276380
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Hope, Change, and Financial Markets: Can Obama's Words Drive the Market?
Sazedj, Sharmin; Tavares, José - C.E.P.R. Discussion Papers - 2011
Barack Obama’s victory in the 2009 presidential elections in the United States is widely credited to his personal charisma and his extraordinary rhetorical powers, as revealed throughout the campaign. President Obama was inaugurated in the midst of the worst economic crisis in the country,...
Persistent link: https://www.econbiz.de/10009399716
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Understanding Financial Crises: Causes, Consequences, and Policy Responses
Claessens, Stijn; Kose, Ayhan; Laeven, Luc; Valencia, Fabian - C.E.P.R. Discussion Papers - 2013
The global financial crisis of 2007-09 has led to an intensive research program analyzing a wide range of issues related to financial crises. This paper presents a summary of a forthcoming book, Financial Crises: Causes, Consequences, and Policy Responses, that includes 19 contributions...
Persistent link: https://www.econbiz.de/10011083226
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Fiscal Federalism in Times of Crisis
Foremny, Dirk; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2012
We study the subnational fiscal adjustment to the Great Recession in a sample of European countries. We find that there are important differences between unitary and federal countries. Subnational governments in federal states reacted to the Great Recession by running larger budget deficits...
Persistent link: https://www.econbiz.de/10011083379
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The ECB as Lender of Last Resort for Sovereigns in the Euro Area
Buiter, Willem H.; Rahbari, Ebrahim - C.E.P.R. Discussion Papers - 2012
The paper establishes that sovereigns, like banks, need a lender of last resort (LoLR). In the euro area the ECB, with its estimated €3.4 trillion non-inflationary loss absorption capacity, is the only credible sovereign LoLR. The ECB/Eurosystem has been acting as sovereign LoLR through its...
Persistent link: https://www.econbiz.de/10011083551