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Convergence club empirics: some dynamics and explanations of unequal growth across Indian states
Bandyopadhyay, Sanghamitra - London School of Economics (LSE) - 2003
This paper documents the convergence of incomes across Indian states over the period 1965 to 1998. It departs from traditional analyses of convergence by tracking the evolution of the entire income distribution, instead of standard regression and time series analyses. The findings reveal...
Persistent link: https://www.econbiz.de/10011071107
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Financing and corporate growth under repeated moral hazard
Anderson, Ronald W.; Nyborg, Kjell G. - London School of Economics (LSE) - 2001
as inside equity and debt. We call our framework the two-stage model of firm growth. A key finding is that outside equity … promotes ex post efficiently (second stage growth) at the expense of ex ante efficiently (first stage growth) which debt work … the opposite way. This is because equity promotes replacement of the entrepreneur, while debt promotes entrenchment. So …
Persistent link: https://www.econbiz.de/10010744895
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Mapping and measuring the distribution of household wealth: a cross-country analysis
Cowell, Frank; Karagiannaki, Eleni; McKnight, Abigail - London School of Economics (LSE) - 2012
wealth households but high relative measures of wealth inequality. Italian households hold very little debt and are much more … to hold much more housing debt well into retirement. Increases in owner occupation and house prices 2000-05 in the UK has … composition, educational attainment and income as well as wealth and debt portfolios. Educational loans are increasing in their …
Persistent link: https://www.econbiz.de/10010746528
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Capital structure, investment, and fire sales
Gale, Douglas; Gottardi, Piero - London School of Economics (LSE) - 2014
, trading off the tax advantages of debt against the risk of costly default. The costs of bankruptcy are endogenously determined … constrained inefficient. In particular there is too little debt and too little default. …
Persistent link: https://www.econbiz.de/10011170093
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Accounting for cross-country differences in wealth inequality
Cowell, Frank; Karagiannaki, Eleni; McKnight, Abigail - London School of Economics (LSE) - 2013
This paper adopts a counterfactual decomposition analysis to analyse cross-country differences in the size of household wealth and levels of household wealth inequality. The findings of the paper suggest that the biggest share of cross-country differences is not due to differences in the...
Persistent link: https://www.econbiz.de/10011126314
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Capital structure and investment dynamics with fire sales
Gale, Douglas; Gottardi, Piero - London School of Economics (LSE) - 2013
advantages of debt against the risk of costly default. The costs of default are endogenous: bankrupt firms are forced to …, firms’ investment is too low and, although the capital structure is chosen optimally, in equilibrium too little debt is used …
Persistent link: https://www.econbiz.de/10011163502
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DEBT NEUTRALITY, REDISTRIBUTION AND CONSUMER HETEROGENEITY: A SURVEY AND SOME EXTENSIONS - AND - DEBT NEUTRALITY, PROFESSOR VICKREY AND HENRY GEORGE'S SINGLE TAX.
BUITER, W. - London School of Economics (LSE) - 1988
Persistent link: https://www.econbiz.de/10005475174
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Seigniorage
Buiter, Willem H. - London School of Economics (LSE) - 2007
In this paper I analyse four different but related concepts, each of which highlights some aspect of the way in which the state acquires command over real resources through its ability to issue fiat money. They are (1) seigniorage (the change in the monetary base), (2) Central Bank revenue (the...
Persistent link: https://www.econbiz.de/10010884602
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The EU commission and national governments as partners: EC regulatory expansion in telecommunications 1979-2000
Thatcher, Mark - London School of Economics (LSE) - 2001
Explicitly or implicitly, general models of European integration claim that EC regulatory expansion involves a struggle for power between Commission and national governments. The Commission is seen as a policy entrepreneur, taking the initiative to drive forward integration (Sandholtz and Zysman...
Persistent link: https://www.econbiz.de/10010884603
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Limits to globalisation: some implications for taxation, tax policy, and the developing world
Roxan, Ian - London School of Economics (LSE) - 2012
Globalisation is a phenomenon that is said to have radically changed the international economy. It is said to have radically limited the power of national governments, particular in the field of taxation, in a world of highly mobile capital and flexible transnational corporations. To explore the...
Persistent link: https://www.econbiz.de/10010884624