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Aggregate Consequences of Limited Contract Enforceability

Cooley, Thomas - 2003

We study a general equilibrium model in which entrepreneurs finance investment with optimal financial contracts. Because of enforceability problems, contracts are constrained efficient. We show that limited enforceability amplifies the impact of technological innovations on aggregate output....

Persistent link: https://www.econbiz.de/10012468562

Imperfect Contract Enforcement

Anderson, James E. - 2002

We model imperfect contract enforcement when repudiators and their victims default to spot trading. The interaction … between the contract and spot markets under improved enforcement can exacerbate repudiation and reduce contract execution …, harming all traders. Improved contract execution benefits traders on the excess side of the spot market by attracting …

Persistent link: https://www.econbiz.de/10012469868

Social Networks as Contract Enforcement : Evidence from a Lab Experiment in the Field

Chandrasekhar, Arun G. - 2014

Absence of well-functioning formal institutions leads to reliance on social networks to enforce informal contracts. Social ties may aid cooperation, but agents vary in network centrality, and this hierarchy may hinder cooperation. To assess the extent to which networks substitute for...

Persistent link: https://www.econbiz.de/10012458407

Coercive Contract Enforcement : Law and the Labor Market in 19th Century Industrial Britain

Naidu, Suresh - 2011

British Master and Servant law made employee contract breach a criminal offense until 1875. We develop a contracting … model generating equilibrium contract breach and prosecutions, then exploit exogenous changes in output prices to examine … prosecutions, and wages responded more to labor demand shocks. Coercive contract enforcement was applied in industrial Britain …

Persistent link: https://www.econbiz.de/10012461607

Courts and Relational Contracts

Johnson, Simon - 2001

Post-communist countries offer new evidence on the relative importance of courts and relationships in enforcing contracts. Belief in the effectiveness of courts has a significant positive effect on the level of trust shown in new relationships between firms and their customers. Well-functioning...

Persistent link: https://www.econbiz.de/10012470146

The New Systems Competition

Sinn, Hans-Werner - 2002

While the old systems competition took place with closed borders, globalisation has brought about a new type of systems competition that is driven by the mobility of factors of production. The new systems competition will likely imply the erosion of the European welfare state, induce a race to...

Persistent link: https://www.econbiz.de/10012469968

Fiscal and Migration Competition

Razin, Assaf - 2010

It is often argued that tax competition may lead to a "race to the bottom". Such a race may hold indeed in the case of the pure case of factor mobility (such as capital mobility). However, in this paper we emphasize the unique feature of labor migration, that may nullify the "race to the bottom"...

Persistent link: https://www.econbiz.de/10012462431

Schools and Location : Tiebout, Alonso, and Government Policy

Hanushek, Eric A. - 2007

An important element in considering school finance policies is that households are not passive. Instead they respond to policies with a combination of modified residential choice and political choice of tax levels. The highly stylized decision models of most existing analyses, however, lead to...

Persistent link: https://www.econbiz.de/10012465696

Tiebout Sorting, Social Multipliers and the Demand for School Quality

Bayer, Patrick - 2004

In many theoretical public finance models, school quality plays a central role as a determinant of household location choices and in turn, of neighborhood stratification. In contrast, the recent empirical literature has almost universally concluded that the direct effect of school quality on...

Persistent link: https://www.econbiz.de/10012467818

Chasing the Smokestack : Strategic Policymaking With Multiple Instruments

Fredriksson, Per G. - 2003

Empirical evidence suggesting that a considerable amount of horizontal strategic interaction exists amongst governments is important in light of recent devolutionary trends of many important public programs. The empirical approach in these studies typically relies on estimating reaction...

Persistent link: https://www.econbiz.de/10012468897

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