Showing 1 - 10 of 45
In this paper, we show, using the consumer’s budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that,...
Persistent link: https://www.econbiz.de/10009325810
In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence...
Persistent link: https://www.econbiz.de/10009352230
Rewards to prevent supervisors from accepting bribes create incentives for extortion. This raises the question whether a supervisor who can engage in bribery and extortion can still be useful in providing incentives. By highlighting the role of team work in forging information, we present a...
Persistent link: https://www.econbiz.de/10005765652
We study the role of tax share and transparency of governance on growth and stagnation. A local government maximizes its private benefits using two activities. The first one consists of providing local public goods that help local firms to increase profits, thus enlarging tax revenue. The second...
Persistent link: https://www.econbiz.de/10005765947
Recent empirical work shows that judicial dependence can explain high levels of corruption. This paper examines how the … dependence of judiciaries influences corruption at different levels of the government in a model where the central government … authority and accept bribes from stealing low-level officials, it reduces corruption at the higher level of government but …
Persistent link: https://www.econbiz.de/10005766020
lack of rule of law, corruption, presidential democracies, and underdeveloped financial systems. Another hypothesis is that … a resource boom reinforces rent grabbing and civil conflict especially if institutions are bad, induces corruption …
Persistent link: https://www.econbiz.de/10008534046
in US states may indeed reduce corruption levels among elected representatives. …
Persistent link: https://www.econbiz.de/10004979403
The majority of theoretical and empirical studies on the relationship between decentralization and corruption argues … that the devolution of power might be a feasible instrument to keep corruption at bay. We argue that this result crucially …-country data, we analyze the relationship between decentralization and corruption taking different degrees of the freedom of the …
Persistent link: https://www.econbiz.de/10004979408
The paper investigates whether the impact of regulations on entrepreneurship depends on corruption. We first test … requirements are detrimental to entrepreneurship. Second, we test whether corruption reduces the negative impact of regulations on … that corruption is beneficial in highly regulated economies. At the maximum level of regulation among our sample of …
Persistent link: https://www.econbiz.de/10005181356
This paper presents an analysis of the effect of bureaucratic corruption on economic growth through a public finance …. Corruption takes the form of the embezzlement of public funds, the effect of which is to increase the government’s reliance on …
Persistent link: https://www.econbiz.de/10005181368