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Before the middle of the nineteenth century most laws enacted in the United States were special bills that granted favors to specific individuals, groups, or localities. This fundamentally inegalitarian system provided political elites with important tools that they could use to reward...
Persistent link: https://www.econbiz.de/10012481595
This paper discusses the two leading views of history and political institutions. For some scholars, institutions are mainly products of historical logic, while for others, accidents, leaders, and decisions have a significant impact. We argue that while there is clear evidence that history...
Persistent link: https://www.econbiz.de/10012458815
This paper presents a synopsis of recent NBER studies of the history of corporate governance in Canada, China, France, Germany, Japan, India, Italy, the Netherlands, Sweden, the United Kingdom, and the United States. Together, the studies underscore the importance of path dependence, often as...
Persistent link: https://www.econbiz.de/10012467625
In a multiperiod investment framework, firms with high expected growth earn higher expected returns than firms with low expected growth, holding investment and expected profitability constant. This paper forms cross-sectional growth forecasts, and constructs an expected growth factor that yields...
Persistent link: https://www.econbiz.de/10012453011
This paper offers a new interpretation of the connection between openness and good governance. Assuming that corruption and bad governance drive out international trade and investment more than domestic trade and investment, a naturally more open economy' as determined by its size and geography...
Persistent link: https://www.econbiz.de/10012470985
Since the turn of the last century, nationalistic political parties have been gaining support in Europe. Over the same period, terror attacks have increased. Using data from European Social Surveys (ESS), we examine the effects of terror attacks involving at least one fatality on attitudes...
Persistent link: https://www.econbiz.de/10012510541
Using data from 56 nations over 45 years, we find that nations that are more likely to elect left wing governments face higher (and more volatile) sovereign spreads. To explain these facts, we build a sovereign default model in which two policymakers (left and right) alternate in power. The...
Persistent link: https://www.econbiz.de/10012616644
Beyond its immediate impact on public health and the economy, the COVID-19 pandemic has put democracy under stress. While a common view is that people should blame the government rather than the political system for bad crisis management, an opposing view is that dissatisfaction with government...
Persistent link: https://www.econbiz.de/10012696423
This chapter uses happiness data to assess the quality of government. Our happiness data are drawn from the Gallup World Poll, starting in 2005 and extending to 2017 or 2018. In our analysis of the panel of more than 150 countries and generally over 1,500 national-level observations, we show...
Persistent link: https://www.econbiz.de/10012479363
This paper develops a simple theoretical framework to study a set of regions, each with its own regional government, who share a union or central government. These governments must decide whether to implement or discard a large number of projects that produce local benefits for the region that...
Persistent link: https://www.econbiz.de/10012480087