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The Historical Roots of Corruption and Economic Development in Italy
Petrarca, Ilaria; Ricciuti, Roberto - CESifo - 2013
We claim that a sequential mechanism linking history to development exists: first, history defines the quality of social capital; then, social capital determines the level of corruption; finally, corruption affects economic performance. We test this hypothesis on a dataset of Italian provinces,...
Persistent link: https://www.econbiz.de/10010641421
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Can Integrity Replace Institutions? Theory and Evidence
Aharonovitz, Gilad D.; Skuza, Nathan; Fahs, Faysal - CESifo - 2009
Institutions are important for proper economic performance, but are replaceable by trust or other social norms. We show … that when proper institutions and trust are missing, integrity of the individuals can replace them. We construct a model of … a transactions-based economy with contracts preceding the transactions, and show that any one of (1) institutions, (2 …
Persistent link: https://www.econbiz.de/10005013043
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Institutions and Development: The Interaction between Trade Regime and Political System
Falkinger, Josef; Grossmann, Volker - CESifo - 2004
This paper argues that openness to goods trade in combination with an unequal distribution of political power has been …
Persistent link: https://www.econbiz.de/10005094384
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Culture and Institutions: Economic Development in the Regions of Europe
Tabellini, Guido - CESifo - 2005
instruments: the literacy rate at the end of the XIXth century, and the political institutions in place over the past several … and with available measures of institutions in a cross-country setting. …
Persistent link: https://www.econbiz.de/10005406158
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Mitigating Liquidity Constraints: Public Export Credit Guarantees in Germany
Felbermayr, Gabriel J.; Heiland, Inga; Yalcin, Erdal - CESifo - 2012
Reportedly, firms often find it impossible to finance large and long-term projects despite positive net present values. Should governments step in and can their assistance be effective? This paper studies the case of public export credit guarantees in Germany. Covering the default risk of...
Persistent link: https://www.econbiz.de/10010877647
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Regional Implications of Financial Market Development: Credit Rationing, Trade, and Location
Ehrlich, Maximilian Von; Seidel, Tobias - CESifo - 2013
distribution of industrial activity becomes less likely. Hence, financial market development has opposite regional implications as …
Persistent link: https://www.econbiz.de/10010877832
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Second-Best Income Taxation with Endogenous Human Capital and Borrowing Constraints
Jacobs, Bas; Yang, Hongyan - CESifo - 2013
We formulate a two-period life-cycle model of saving, labor supply, and human capital investments when individuals differ in ability and initial wealth. Borrowing constraints prevent individuals to optimally smooth consumption over the life-cycle and to optimally invest in human capital. We show...
Persistent link: https://www.econbiz.de/10010877891
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Holes in the Dike: The Global Savings Glut, U.S. House Prices and the Long Shadow of Banking Deregulation
Hoffmann, Mathias; Stewen, Iryna - CESifo - 2015
We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2012. To obtain an ex ante measure of financial liberalization, we focus on the history...
Persistent link: https://www.econbiz.de/10011272618
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When Credit Dries Up: Job Losses in the Great Recession
Bentolila, Samuel; Jansen, Marcel; Jiménez, Gabriel; … - CESifo - 2013
We use a unique dataset to estimate the impact of a large credit supply shock on employment in Spain. We exploit marked differences in banks’ health at the onset of the Great Recession. Several weak banks were rescued by the State and they reduced credit more than other banks. We compare...
Persistent link: https://www.econbiz.de/10010723542
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Harnessing Windfall Revenues: Optimal Policies for Resource-Rich Developing Economies
Ploeg, Frederick Van der; Venables, Anthony J. - CESifo - 2009
, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We …
Persistent link: https://www.econbiz.de/10005051526