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Non-Modernization : Power-Culture Trajectories and the Dynamics of Political Institutions
Acemoglu, Daron; Robinson, James A. - National Bureau of Economic Research - 2021
. For example, a Despotic Leviathan, as in China, cannot be understood without appreciating how Confucian culture has been … outcome along the trajectory to the Despotic Leviathan. None of the three different paths we highlight support modernization … theory. Under the Absent Leviathan, there is no economic modernization. Under the Despotic Leviathan, economic growth …
Persistent link: https://www.econbiz.de/10012599297
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Three Myths about Federal Regulation
McLaughlin, Patrick A. - 2020
Despite evidence to the contrary, three common myths persist about federal regulations. The first myth is that many regulations concern the environment, but in fact only a small minority of regulations are environmental. The second myth is that most regulations contain quantitative estimates of...
Persistent link: https://www.econbiz.de/10012481816
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Government Distortion in Independently Owned Media : Evidence from U.S. Cold War News Coverage of Human Rights
Qian, Nancy - 2010
This paper investigates the extent to which strategic objectives of the U.S. government influenced news coverage during the Cold War. We establish two relationships: 1) strategic objectives of the U.S. government cause the State Department to under-report human rights violations of strategic...
Persistent link: https://www.econbiz.de/10012462913
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Equity Depletion from Government-Guaranteed Debt
Hall, Robert E. - 2008
Government guarantees of private debt deplete equity. The depletion is greatest during periods when the probability of a guarantee payoff is highest. In a setting otherwise subject to Modigliani-Miller neutrality, firms issue guaranteed debt up to the limit the government permits. Declines in...
Persistent link: https://www.econbiz.de/10012464068
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Current Account Deficits in Rich Countries
Blanchard, Olivier - 2007
Current account imbalances have steadily increased in rich countries over the last 20 years. While the U.S. current account deficit dominates the numbers and the news, other countries, especially within the Euro area, are also running large deficits. These deficits are different from the Latin...
Persistent link: https://www.econbiz.de/10012465731
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The Assignment of Property Rights on the Western Frontier : Lessons for Contemporary Environmental and Resource Policy
Libecap, Gary D. - 2006
In addressing environmental and natural resource problems, there is a move away from primary reliance upon centralized regulation toward assignment of property rights to mitigate the losses of open-access. I examine the assignment of private property rights during the 19th and early 20th...
Persistent link: https://www.econbiz.de/10012466063
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Early Decisions : A Regulatory Framework
Beshears, John - 2006
We describe a regulatory framework that helps consumers who have difficulty sticking to their own long-run plans. Early Decision regulations help long-run preferences prevail by allowing consumers to partially commit to their long-run goals, making it harder for a momentary impulse to reverse...
Persistent link: https://www.econbiz.de/10012466751
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Equilibrium Impotence : Why the States and Not the American National Government Financed Economic Development in the Antebellum Era
Wallis, John Joseph - 2005
Why did states dominate investments in economic development in early America? Between 1787 and 1860, the national government's $54 million on promoting transportation infrastructure while the states spent $450 million. Using models of legislative choice, we show that Congress could not finance...
Persistent link: https://www.econbiz.de/10012467284
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Pitfalls of a State-Dominated Financial System : The Case of China
Boyreau-Debray, Genevieve - 2005
State-owned financial institutions have been proposed as a way to address market failure, but the recent literature has also highlighted their pathological problems. This paper studies the case of China for pitfalls of a state-dominated financial system, including possible segmentation of the...
Persistent link: https://www.econbiz.de/10012467471
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The Limits of Financial Globalization
Stulz, Rene M. - 2005
Despite the dramatic reduction in explicit barriers to international investment activity over the last 60 years, the impact of financial globalization has been remarkably limited. I argue that country attributes are still critical to financial decision-making because of what I call the twin...
Persistent link: https://www.econbiz.de/10012467617