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Risk and Global Economic Architecture : Why Full Financial Integration May Be Undesirable
Stiglitz, Joseph E. - 2010
superior. The intuition is simple: if underlying technologies are not convex, then risk-sharing can lower expected utility. The … likelihood of a bankruptcy cascade, "contagion," and systemic risk …
Persistent link: https://www.econbiz.de/10012462933
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Crash Risk in Currency Markets
Farhi, Emmanuel - 2009
expected exchange rate depreciations (appreciations) for high (low) interest rate currencies, suggesting that disaster risk is … priced in currency markets. To study the price of disaster risk, we propose a simple structural model that includes both … Gaussian and disaster risk and can be estimated even in samples that do not contain disasters. Estimating the model over the …
Persistent link: https://www.econbiz.de/10012463588
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Speculative growth : hints from the US economy
Caballero, Ricardo J. (contributor);  … - 2004 - [Elektronische Ressource]. - Rev
Persistent link: https://www.econbiz.de/10002111075
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The creation of the rule of law and the legitimacy of property rights : the political and economic consequences of a corrupt privatization
Hoff, Karla Ruth - 2005
"How does the lack of legitimacy of property rights affect the dynamics of the creation of the rule of law? We investigate the demand for the rule of law in post-Communist economies after privatization under the assumption that theft is possible, that those who have "stolen" assets cannot be...
Persistent link: https://www.econbiz.de/10010522421
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Privatization, Information and Incentives
Sappington, David E. M. - 1987
In this paper, the choice between public and private provision of goods and services is considered. In practice, both modes of operation involve significant delegation of authority, and thus appear quite similar in some respects. The argument here is that the main difference between the two mod-...
Persistent link: https://www.econbiz.de/10012476874
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Pareto Efficient and Optimal Taxation and the New New Welfare Economics
Stiglitz, Joseph E. - 1987
This paper surveys recent developments in the theory of pareto efficient taxation. This literature attempts to …
Persistent link: https://www.econbiz.de/10012476881
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Project Appraisal and Foreign Exchange Constraints : A Simple Exposition
Blitzer, Charles R. - 1987
In an earlier paper, we showed that the value of shadow prices depends on how the government contemplates re- equilibrating the economy to the perturbation associated with any project, except in the extreme case where the government has chosen all policy instruments optimally. Only under...
Persistent link: https://www.econbiz.de/10012476904
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Keynesian, New Keynesian, and New Classical Economics
Greenwald, Bruce C. - 1987
Much of the new theory of macro-economics that has been built upon micro-economic models of imperfect information leads …
Persistent link: https://www.econbiz.de/10012476909
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Imperfect Information, Credit Markets and Unemployment
Greenwald, Bruce C. - 1986
This paper describes how imperfect information in both capital and labor markets can, in a context of maximizing firms and perfectly flexible prices and wages, give rise to cyclical variations in unemployment whose character closely resembles that of observed business cycles
Persistent link: https://www.econbiz.de/10012476976
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The Pure Theory of Country Risk
Eaton, Jonathan - 1986
essential to a theory of international lending is that of enforcement. The difficulty is one of ensuring that the two sides of a …
Persistent link: https://www.econbiz.de/10012477181