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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
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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
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The Political Economy of Educational Content and Development: Lessons from History
Cantoni, Davide; Yuchtman, Noam - CESifo - 2013
Beyond years of schooling, educational content can play an important role in the process of economic development …
Persistent link: https://www.econbiz.de/10010643339
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Information, Coordination, and the Industrialization of Countries
Englmaier, Florian; Reisinger, Markus - CESifo - 2006
The industrialization process of a country is often plagued by a failure to coordinate investment decisions. Using the … possible problems with overreaction to public information. Furthermore, we suggest a new focus for development policy. …
Persistent link: https://www.econbiz.de/10005094193
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When is a State Predatory?
Robinson, James A. - CESifo - 1999
I argue that whether or not a state is "predatory" hinges on the relationship between development and the distribution … of political power in society. Development is typically inconsistent with the preservation of the political status quo …
Persistent link: https://www.econbiz.de/10005094304
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The Growth Effect of Democracy: Is it Heterogenous and how can it be Estimated?
Persson, Torsten; Tabellini, Guido - CESifo - 2007
We estimate the effect of political regime transitions on growth with semi-parametric methods, combining difference in differences with matching, that have not been used in macroeconomic settings. Our semi-parametric estimates suggest that previous parametric estimates may have seriously...
Persistent link: https://www.econbiz.de/10005181259
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The Political Economy of Corruption and the Role of Financial Institutions
Boerner, Kira; Hainz, Christa - CESifo - 2004
In transition and developing countries, we observe rather high levels of corruption even if they have democratic political systems. This is surprising from a political economy perspective, as the majority of people generally suffers from high corruption levels. Our model is based on the fact...
Persistent link: https://www.econbiz.de/10005181428
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Who’s Afraid of Foreign Aid? The Donors’ Perspective
Chong, Alberto; Gradstein, Mark - CESifo - 2006
With efforts across the industrial countries to increase the amount of foreign aid mounting, it is important to understand its determinants. This paper examines the factors affecting the support for foreign aid among voters in donor countries. A simple theoretical model, which considers an...
Persistent link: https://www.econbiz.de/10005181565
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Feeling the Heat: Temperature, Physiology & the Wealth of Nations
Heal, Geoffrey; Park, Jisung - CESifo - 2014
social welfare has important implications for both the economics of climate change and comparative development. …
Persistent link: https://www.econbiz.de/10010747215
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Does Female Empowerment Promote Economic Development
Doepke, Matthias; Tertilt, Michèle - CESifo - 2014
necessarily mean that giving money to women is a good development policy. We show that depending on the nature of the production …
Persistent link: https://www.econbiz.de/10010747224