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OPENNESS, PROTECTIONISM AND BRITAIN’S PRODUCTIVITY PERFORMANCE OVER THE LONG-RUN

Broadberry, Stephen; Crafts, Nicholas. - Department of Economics, University of Warwick - 2010

We explore the links between openness and economic performance in Britain between 1870 and 1999. The key findings are …: (1) As a result of the openness of the British economy, agriculture was unusually small in nineteenth century Britain …, allowing resources to be deployed in the higher value added industrial and service sectors. This benefit of openness is rarely …

Persistent link: https://www.econbiz.de/10010862672

The Value of Relationships: Evidence from a Supply Shock to Kenyan Rose Exports

Macchiavello, Rocco; Morjaria, Ameet - Department of Economics, University of Warwick - 2013

This paper provides evidence on the importance of reputation, intended as beliefs buyers hold about seller …’s reliability, in the context of the Kenyan rose export sector. A model of reputation and relational contracting is developed and …

Persistent link: https://www.econbiz.de/10011144193

Sovereign Debt Default : The Impact of Creditor Composition

Amrita, Dhillon; Javier, García-Fronti; Lei, Zhang - Department of Economics, University of Warwick - 2009

The main motivation of this paper is to study the impact of the composition of creditors on the probability of default and the risk premium on sovereign bonds, when there is debtor moral hazard. In the absence of any legal enforcement, relational contracts work only when there are creditors who...

Persistent link: https://www.econbiz.de/10004961362

Importing Credibility Through Exchange Pegging

Herrendorf, Berthold - Department of Economics, University of Warwick - 1996

This paper employs an optimal taxation framework in order to study the credibility of monetary policy-making in an open economy. Since inflation is, in part, uncontrollable due to stochastic disturbances, the authority's actions cannot be monitored perfectly when exchange rate floats, thus...

Persistent link: https://www.econbiz.de/10005583083

Development and the Interaction of Enforcement Institutions

Dhillon, Amrita; Rigolini, Jamele - Department of Economics, University of Warwick - 2006

, reputation, the efficacy of which is enhanced by consumers investing in “connectedness,” with a formal mechanism, legal …

Persistent link: https://www.econbiz.de/10005583099

Why Inflation Targeting may Partly Substitute for Explicit Precommitment

Herrondorf, Berthold - Department of Economics, University of Warwick - 1996

This paper considers an institutional arrangement, in which the government assigns a publicly announced inflation target to an instrument independent central bank, but retains the discretion to revise the target after wages have been set. We argue that since this arrangement is perfectly...

Persistent link: https://www.econbiz.de/10005747067