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Sovereign Defaults: The Price of Haircuts

Cruces, Juan J.; Trebesch, Christoph - CESifo - 2011

A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses (“haircuts”) in all restructurings with foreign...

Persistent link: https://www.econbiz.de/10009325807

Efficiency and Environmental Impacts of Electricity Restructuring on Coal-Fired Power Plants

Chan, H. Ron; Fell, Harrison; Lange, Ian A.; Li, Shanjun - CESifo - 2013

We investigate the impacts of electricity market restructuring on fuel efficiency, utilization and, new to this area … exclusively on coal-fired power plants and uses panel data covering several years after implementation of restructuring. The … estimation compares how investor-owned (IOs) plants in states with restructuring changed their behavior relative to IOs in states …

Persistent link: https://www.econbiz.de/10010631776

Social Planning and Economic Coercion

Hintermann, Beat; Rutherford, Thomas F. - CESifo - 2014

We develop a theory of social planning with a concern for economic coercion, which we define as the difference between consumers’ actual utility, and the “counterfactual” utility they expect to obtain if they were able to set policy themselves. Reasons to limit economic coercion include...

Persistent link: https://www.econbiz.de/10010948852

How do Electoral Systems Affect Fiscal Policy? Evidence from State and Local Governments, 1890 to 2005

Funk, Patricia; Gathmann, Christina - CESifo - 2010

Using a new data set on Swiss state and local governments from 1890 to today, we analyze how the adoption of proportional representation affects fiscal policy. We show that proportional systems shift spending toward broad goods (e.g. education and welfare benefits) but decrease spending on...

Persistent link: https://www.econbiz.de/10008534018

Privatisation Around the World: New Evidence from Panel Data

Bortolotti, Bernardo; Fantini, Marcella; Siniscalco, … - CESifo - 2001

This paper presents new evidence about privatisation processes and their determinants from a panel of 34 countries over the 1977-99 period. The empirical analysis shows that privatisation takes place typically in wealthy and democratic countries, endowed with deep and liquid stock markets, and...

Persistent link: https://www.econbiz.de/10005094183

Demographic Change and Public Education Spending: A Conflict between Young and Old?

Grob, Ueli; Wolter, Stefan C. - CESifo - 2005

Demographic change in industrial countries will influence educational spending in potentially two ways. On the one hand, the decline in the number of school-age children should alleviate the financial pressure. On the other hand, the theoretical/empirical literature has established that the...

Persistent link: https://www.econbiz.de/10005094329

Are the Elderly a Threat to Educational Expenditures?

Cattaneo, Alejandra; Wolter, Stefan C. - CESifo - 2007

Empirical research has given cause to fear that the demographic ageing in industrialized countries is likely to exert a negative impact on educational spending. These papers have linked the share of the elderly with the per capita or per pupil spending on education at the local, state-wide or...

Persistent link: https://www.econbiz.de/10005405879