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are perceived to be less "efficient." In this paper I develop a theory of public contracting that accommodates these stark …
Persistent link: https://www.econbiz.de/10005714643
incomplete. Since real-world IEAs fit in the incomplete contracting environment, our theory may help explaining the rising …
Persistent link: https://www.econbiz.de/10010969245
Over the years, there emerged two key policy differences between Europe and America, both welfare and migration-states. The former has more generous welfare state and more liberal migration policies than the latter. In this paper we attempt to provide a political-economy explanation for these...
Persistent link: https://www.econbiz.de/10010951466
This paper studies debt fragility and the sharing of the resulting strategic uncertainty through ex post bailouts. Default arises in equilibrium because of both fundamental shocks and beliefs. The probability of default depends on borrowing rates and, in equilibrium, on the beliefs of lenders...
Persistent link: https://www.econbiz.de/10011213897
which is Pareto improving in the standard model is so difficult in the real world. The key theoretical insight is that …
Persistent link: https://www.econbiz.de/10005084777
The integration of world capital markets carries important implications for the design and impact of tax policies. This … recent efforts to reconcile observations with theory. To the extent that multinational firms possess intangible capital on …
Persistent link: https://www.econbiz.de/10005085053
. Thus, the theory can explain why optimal conservation does not always occur and why conservation abroad is rented, while …
Persistent link: https://www.econbiz.de/10009294560
A new and important concept in global warming economics and policy is the social cost of carbon or SCC. This concept represents the economic cost caused by an additional ton of carbon-dioxide emissions or its equivalent. The present study describes the development of the concept as well as its...
Persistent link: https://www.econbiz.de/10009353479
This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide a higher and better coordinated level of fiscal support than it has in the past. Loans to troubled sovereigns or financial institutions imply a credit risk that ultimately must...
Persistent link: https://www.econbiz.de/10009278236
The effect of outbound foreign direct investment (FDI) on the national income of the parent firm's country depends on the relative importance of two countervailing factors: the loss of tax revenue to the foreign government and the increased use of foreign debt. The present paper develops an...
Persistent link: https://www.econbiz.de/10005714405