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Bailouts, Time Inconsistency, and Optimal Regulation
Chari, V.V. - 2013
We develop a model in which, in order to provide managerial incentives, it is optimal to have costly bankruptcy. If benevolent governments can commit to their policies, it is optimal not to interfere with private contracts. Such policies are time inconsistent in the sense that, without...
Persistent link: https://www.econbiz.de/10012459471
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Macroprudential Regulation Versus Mopping Up After the Crash
Jeanne, Olivier - 2013
macroprudential tax revenue in a bailout fund used for stimulus measures is undesirable …
Persistent link: https://www.econbiz.de/10012459987
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Bailouts and the Preservation of Competition
Roberts, James W. - 2010
competitors as the firms leaving the market. We quantify these effects in the case of the 1984 bailout of timber companies that … faced substantial losses on existing federal timber contracts. We predict that the bailout substantially increased sale … prices in subsequent auctions because firms that might have might have been induced to enter without the bailout tended to …
Persistent link: https://www.econbiz.de/10012462006
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Intellectual Property Infringement by Foreign Firms : Import Protection through the ITC or Court
Brander, James A.; Spencer, Barbara J. - National Bureau of Economic Research - 2021
This paper examines intellectual property litigation as a method of protection from patent-infringing imports. Claims against patent-infringing imports entering the United States may be filed before the International Trade Commission (ITC) or in district court. The ITC applies injunctions...
Persistent link: https://www.econbiz.de/10012482711
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Does Trade Foster Contract Enforcement?
Anderson, James E. - 2008
Contract enforcement is probabilistic, but the probability depends on rules and processes. A stimulus to trade may induce traders to alter rules or processes to improve enforcement. In the model of this paper, such a positive knock-on effect occurs when the elasticity of supply of traders is...
Persistent link: https://www.econbiz.de/10012464602
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Does Compulsory Licensing Discourage Invention? Evidence From German Patents After WWI
Baten, Joerg - 2015
This paper investigates whether compulsory licensing - which allows governments to license patents without the consent of patent-owners - discourages invention. Our analysis exploits new historical data on German patents to examine the effects of compulsory licensing under the US...
Persistent link: https://www.econbiz.de/10012457226
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Optimal Policy for Macro-Financial Stability
Benigno, Gianluca - 2019
There is a new and now extensive literature analyzing government policies for financial stability based on models with endogenous borrowing constraints. These normative analyses often build upon the concept of constrained efficient allocation, where the social planner is constrained by the same...
Persistent link: https://www.econbiz.de/10012480341
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International Spillovers and ‘Ex-ante’ Efficient Bailouts
Azzimonti, Marina - 2018
a self-interest for these other countries to bailout the defaulting country. A novel insight of the paper is that …
Persistent link: https://www.econbiz.de/10012480664
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Kicking the Can Down the Road : Government Interventions in the European Banking Sector
Acharya, Viral V. - 2020
an econometric approach that addresses the endogeneity associated with governmental bailout decisions in identifying …
Persistent link: https://www.econbiz.de/10012481392
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The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis
Gourinchas, Pierre-Olivier - 2020
Despite a formal 'no-bailout clause', we estimate significant net present value transfers from the European Union to … differences across countries. We characterize bailout size and likelihood as a function of the economic fundamentals (economic … 'Northern view' (transfers weaken fiscal discipline). While a stronger no-bailout commitment reduces risk-shifting, it may not …
Persistent link: https://www.econbiz.de/10012481598