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A classic problem in public finance is the over-expenditure of local governments in expectation of a bailout from higher-level administrations. While monitoring could mitigate agency problems, it can itself be rendered ineffective if auditors are corruptible. I evaluate whether limiting...
Persistent link: https://www.econbiz.de/10013462692
Concerns have been raised about the "demise of democracy", possibly accelerated by pandemic-related restrictions. Using …
Persistent link: https://www.econbiz.de/10013537740
Persistent link: https://www.econbiz.de/10001791053
Hayek (1960) distinguishes the institutions of English freedom, which guarantee the independence of judges from … political interference in the administration of justice, from those of American freedom, which allow judges to restrain law … reflect these institutions of English and American freedom, and ask whether these rules predict economic and political freedom …
Persistent link: https://www.econbiz.de/10012469956
. Fourth, we document a gradual decline and then plateau in citizens' overall willingness to sacrifice rights and freedom as …
Persistent link: https://www.econbiz.de/10012482192
The monetary powers embedded in the U.S. Constitution were revolutionary and led to a watershed transformation in the …
Persistent link: https://www.econbiz.de/10012466888
In this essay I review the new book by Torsten Persson and Guido Tabellini, The Economic Effects of Constitutions, which investigates the policy and economic consequences of different forms of government and electoral rules. I also take advantage of this opportunity to discuss the advantages and...
Persistent link: https://www.econbiz.de/10012467450
During the 1840s, twelve American states adopted new constitutions. Eleven of the twelve states adopted new procedures for issuing government debt and for chartering corporations through general incorporation acts. These institutional innovations were American inventions, and today hard budget...
Persistent link: https://www.econbiz.de/10012468242
electoral rules and forms of government for fiscal policy and rent extraction, even when non-random constitution selection is … taken into account. Second, empirical tests of the predictions from a new comprehensive model of parliamentary democracy …
Persistent link: https://www.econbiz.de/10012468524
A self-enforcing constitution creates a political process that provides an alternative to civil conflict for resolving … possible to design such a self-enforcing constitution. The paper is also concerned with discovering generic features of a self …-enforcing constitution. The analysis yields the following theoretical propositions: If and only if (1) none of the parties to a dispute …
Persistent link: https://www.econbiz.de/10012469982