culture are more likely to end up adopting democracy earlier than countries with a collectivist culture. Our empirical … analysis suggests a strong and robust association between individualistic culture and average polity scores and length of … countries with collectivist culture are also more likely to experience autocratic breakdowns and transitions from autocracy to …

previously thought. Persistence is also culture specific, in the sense that the country of origin of one's ancestors matters for …

New security designs, improvements in computer telecommunications technology and advances in the theory of finance have …

The majority of bank liabilities are deposits typically not withdrawn for extended periods. We propose a dynamic model … effects on bank dynamics. Interest rate cuts produce delayed increases in bank risk which are stronger in low rate regimes …. Deposit insurance can exacerbate the deposit dilution and amplify the increase in bank risk …

tax increase of 131 basis points. Contrary to static trade-off theory, the tax sensitivity of leverage is asymmetric …