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

self-destruction of the financial system. This law-finance paradox tends to be resolved by suspending the full force of law …This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally …, financial markets exhibit dynamics that frequently put them in direct tension with commitments enshrined in law or contracts …

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

A Comparison of Debt and Primary-deficit Constraints

Beetsma, Roel; Ribeiro, Marcos Poplawski; Schabert, Andreas - C.E.P.R. Discussion Papers - 2008

This paper compares constraints on the public debt with constraints on the primary deficit. The analysis takes into account how an optimizing government reacts to the different constraints when deciding on a spending and borrowing plan. We find that the economy behaves similarly under both...

Persistent link: https://www.econbiz.de/10005662084

The Welfare Economics of Cooperative and Uncooperative Fiscal Policy

Buiter, Willem H.; Kletzer, Kenneth - C.E.P.R. Discussion Papers - 1990

In a competitive two-country overlapping generations model with perfect capital mobility, a plan that is individually Pareto optimal (that is Pareto optimal with respect to individual preferences) can be sustained without coordination of national fiscal policies where the fiscal arsenal is...

Persistent link: https://www.econbiz.de/10005662314

Welfare Implications of User Innovation

Henkel, Joachim; von Hippel, Eric - C.E.P.R. Discussion Papers - 2003

The literature on new goods and social welfare generally assumes that manufacturers develop innovations. But innovation by users has been found to also be an important part of innovative activity in the economy. In this Paper we explore the impact of users as a source of innovation on product...

Persistent link: https://www.econbiz.de/10005666650

Some Social Welfare Implications of Behavioural Preferences

Gallice, Andrea - C.E.P.R. Discussion Papers - 2007

We investigate how the assumption that individuals are characterized by some recent forms of behavioural preferences changes the analysis of an otherwise classical welfare problem, namely the optimal allocation of a scarce resource among a finite number of claimants. We consider two preference...

Persistent link: https://www.econbiz.de/10005497756

Selective immigration policies, migrants' education and welfare at origin

Bertoli, Simone; Brücker, Herbert - C.E.P.R. Discussion Papers - 2011

migrants' average education even if one allows for endogenous schooling decisions and education policies at origin. Still, more …

Persistent link: https://www.econbiz.de/10008854467

An Analysis of Eurobonds

Beetsma, Roel; Mavromatis, Konstantinos - C.E.P.R. Discussion Papers - 2012

We analyse different forms of international debt mutualisation in a simple framework with a political distortion and (partial) default under adverse economic circumstances. One form is a debt repayment guarantee, which can be "unlimited" or "limited", i.e. only be invoked when the guarantee...

Persistent link: https://www.econbiz.de/10011083437

In Search of New Foundations

Zingales, Luigi - C.E.P.R. Discussion Papers - 2000

In this paper I argue that corporate finance theory, empirical research, practical applications, and policy … change the way we do corporate finance, both theoretically and empirically. …

Persistent link: https://www.econbiz.de/10005792089

A Framework for Cross-Country Comparisons of Public Infrastructure Constraints on Firm Growth

Carlin, Wendy; Schaffer, Mark E; Seabright, Paul - C.E.P.R. Discussion Papers - 2010

How should a policy-maker prioritize interventions to improve the public infrastructure with which firms operate and how large are the benefits from doing so likely to be? To address these questions we use survey data on the obstacles arising from poor quality public inputs that managers face in...

Persistent link: https://www.econbiz.de/10008468531

Where Are the Real Bottlenecks? Evidence from 20,000 Firms in 60 Countries About the Shadow Costs of Constraints to Firm Performance

Carlin, Wendy; Schaffer, Mark E; Seabright, Paul - C.E.P.R. Discussion Papers - 2006

We use data from over 20,000 firms in 60 countries to identify constraints on the growth of firms. We interpret managers’ answers to survey questions on the extent to which various aspects of their external environment inhibit the performance of their firm as measuring the shadow cost of...

Persistent link: https://www.econbiz.de/10005124336

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