Showing 1 - 10 of 17
Persistent link: https://www.econbiz.de/10010528079
Economists draw important lessons for modern development from the medieval Maghribi traders who, according to Greif, enforced contracts multilaterally through a closed, private-order ‘coalition’. We show that this view is untenable. The Maghribis used formal legal mechanisms and entered...
Persistent link: https://www.econbiz.de/10005766208
We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex-ante) legal system and a flexible one (law set after observing current technology). The flexible system dominates in terms of welfare, amount of innovation and output growth at...
Persistent link: https://www.econbiz.de/10009150639
The medieval Champagne fairs are widely used to draw lessons about the institutional basis for long-distance impersonal exchange. This paper re-examines the causes of the outstanding success of the Champagne fairs in mediating international trade, the timing and causes of the fairs’ decline,...
Persistent link: https://www.econbiz.de/10009020795
Transparency has become one of the main features of monetary policymaking during the last decade. This paper … establishes some stylized facts. In addition, it provides a systematic overview of the practice of monetary policy transparency … framework, including inflation targeting. Nevertheless, the paper finds significant differences in transparency across monetary …
Persistent link: https://www.econbiz.de/10005405911
This paper reports the results of a survey among private sector economists about credibility and transparency of …
Persistent link: https://www.econbiz.de/10005094291
Central bank independence and transparency have become best practice in monetary policy. This paper cautions that … transparency about economic information may not be beneficial in the absence of central bank independence. The reason is that it …
Persistent link: https://www.econbiz.de/10005765657