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Law Enforcement under Incomplete Law: Theory and Evidence from Financial Market Regulation

Pistor, Katharina; Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2003

This Paper studies the design of lawmaking and law enforcement institutions based on the premise that law is inherently incomplete. Under incomplete law, law enforcement by courts may suffer from deterrence failure. As a potential remedy, a regulatory regime is introduced. The major functional...

Persistent link: https://www.econbiz.de/10005504579

Sovereign Debt Restructuring: the Judge, the Vultures and Creditor Rights

Miller, Marcus; Thomas, Dania - C.E.P.R. Discussion Papers - 2006

What role did the US courts play in the Argentine debt swap of 2005? What are the implications for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and...

Persistent link: https://www.econbiz.de/10005067444

Happiness and the Human Development Index: Australia is NOT a Paradox

Leigh, Andrew; Wolfers, Justin - C.E.P.R. Discussion Papers - 2006

In 'Happiness and the Human Development Index: The Paradox of Australia,' Blanchflower and Oswald (2005) observe an … apparent puzzle: they claim that Australia ranks highly in the Human Development Index (HDI), but relatively poorly in … happiness. However, when we compare their happiness data with the HDI, Australia appears happier, not sadder, than its HDI score …

Persistent link: https://www.econbiz.de/10005136466

Distributional Impact of Commodity Price Shocks: Australia over a Century

Bhattacharyya, Sambit; Williamson, Jeffrey G - C.E.P.R. Discussion Papers - 2013

. Using a GARCH model, we find that Australia experienced more volatility than many commodity exporting poor countries between …

Persistent link: https://www.econbiz.de/10011084231

On the Effects of Anti-dumping Legislation

Barros, Pedro Luis Pita; Martinez-Giralt, Xavier - C.E.P.R. Discussion Papers - 1997

We show that the nature and extent of trade is significantly affected by the pricing policy that firms are allowed to employ. A switch from discriminatory to non-discriminatory pricing (e.g. strict anti-dumping laws) leads to a switch from two-way trade to one-way trade. It is far from true that...

Persistent link: https://www.econbiz.de/10005504678

Who Should Run Trade Policy in Eastern Europe and How?

Winters, L. Alan - C.E.P.R. Discussion Papers - 1994

This paper discusses the design of appropriate institutions for trade policy-making in Central and Eastern Europe. Drawing on US and EU experience it argues that legislatures should set the broad parameters, leaving commodity-specific detail to the executives. Sectoral Ministries, e.g. of...

Persistent link: https://www.econbiz.de/10005114382

Real Effects of Bank Governance: Bank Ownership and Corporate Innovation

Haselmann, Rainer; Marsch, Katharina; Weder di Mauro, … - C.E.P.R. Discussion Papers - 2009

In this paper we analyze the impact of government and private ownership of banks on firms’ probability to innovate. We estimate firms’ decision to innovate and their selection of a main lender for a sample of 9000 German manufacturing companies. Since these two decisions may be...

Persistent link: https://www.econbiz.de/10008459768

A Simple Scheme to Improve the Efficiency of Referenda

Casella, Alessandra; Gelman, Andrew - C.E.P.R. Discussion Papers - 2005

This paper proposes a simple scheme designed to elicit and reward intensity of preferences in referenda: voters faced with a number of binary proposals are given one regular vote for each proposal plus an additional number of bonus votes to cast as desired. Decisions are taken according to the...

Persistent link: https://www.econbiz.de/10005124488

Minorities and Storable Votes

Casella, Alessandra; Palfrey, Thomas R; Riezman, Raymond - C.E.P.R. Discussion Papers - 2005

The paper studies a simple voting system that has the potential to increase the power of minorities without sacrificing aggregate efficiency. Storable votes grant each voter a stock of votes to spend as desired over a series of binary decisions. By cumulating votes on issues that it deems most...

Persistent link: https://www.econbiz.de/10005656276

Patents and the Global Diffusion of New Drugs

Cockburn, Iain M; Lanjouw, Jean O; Schankerman, Mark - C.E.P.R. Discussion Papers - 2014

This paper studies how patent rights and price regulation affect how fast new drugs are launched in different countries, using newly constructed data on launches of 642 new drugs in 76 countries for the period 1983-2002, and information on the duration and content of patent and price control...

Persistent link: https://www.econbiz.de/10011084584