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The Rise and Fall of Local Elections in China : Theory and Empirical Evidence on the Autocrat's Trade-off
Martinez-Bravo, Monica - 2017
We propose a simple informational theory to explain why autocratic regimes introduce local elections. Because citizens …
Persistent link: https://www.econbiz.de/10012453681
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A Theory of Minimalist Democracy
Bidner, Chris - 2014
A majority of the world democracies are far from the benchmark of representative democracy. This paper presents a model of political transitions based on a minimalist conception of the democratic state, i.e. a form of government solely characterized by competitive elections. We show that the...
Persistent link: https://www.econbiz.de/10012458113
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Political Economy in a Changing World
Acemoglu, Daron - 2013
unanticipated) changes in the distribution of political power and in economic structure. We focus on the Markov Voting Equilibria …, which require that economic and political changes should take place if there exists a subset of players with the power to … institutions as well as individual types can be ordered, and preferences and the distribution of political power satisfy natural …
Persistent link: https://www.econbiz.de/10012459504
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The Liberalization of the Current Capital Accounts and the Real ExchangeRate
Edwards, Sebastian - 1987
In this paper a general equilibrium intertemporal model with optimizing consumers and producers is developed to analyze how different policies geared at liberalizing the current and capital accounts of the balance of payments affect the equilibrium real exchange rate (RER). In particular, the...
Persistent link: https://www.econbiz.de/10012476907
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Productivity Growth and Capital Flows : The Dynamics of Reforms
Buera, Francisco J. - 2009
Why doesn't capital flow into fast-growing countries? In this paper, we provide a quantitative framework incorporating heterogeneous producers and underdeveloped domestic financial markets to study the joint dynamics of total factor productivity (TFP) and capital flows. When an unexpected...
Persistent link: https://www.econbiz.de/10012463383
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Crises and Sudden Stops : Evidence from International Bond and Syndicated-Loan Markets
Kaminsky, Graciela L. - 2008
The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper...
Persistent link: https://www.econbiz.de/10012464398
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International Capital Flows, Returns and World Financial Integration
Evans, Martin D. D. - 2005
International capital flows have increased dramatically since the 1980s, with much of the increase being due to trade in equity and debt markets. Such developments are often attributed to the increased integration of world financial markets. We present a model that allows us to examine how...
Persistent link: https://www.econbiz.de/10012466971
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Endogenous Financial Openness : Efficiency and Political Economy Considerations
Aizenman, Joshua - 2003
This paper studies the endogenous determination of financial openness. We outline a framework where financial openness is endogenously determined by the authority's choice of financial repression as a taxation device, and where the private sector determines endogenously the magnitude of capital...
Persistent link: https://www.econbiz.de/10012468550
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Capital Flows to Emerging Markets : Liberalization, Overshooting, and Volatility
Bacchetta, Philippe - 1998
The paper analyzes the impact of financial liberalizations and reforms in emerging markets on the dynamics of capital flows to these markets, using a simple model of international investors' behavior. We first show that the gradual nature of liberalizations, combined with the cost of absorbing...
Persistent link: https://www.econbiz.de/10012472277
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When Liberal Policies Reflect External Shocks, What Do We Learn?
Bartolini, Leonardo - 1996
We present a model where policies of free capital mobility can signal governments' future policies, but the informativeness of the signal depends on the path of world interest rates. Capital flows to emerging markets reflect investors' perception of these markets' political risk. With low world...
Persistent link: https://www.econbiz.de/10012473111