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Indirect Welfare Effects of Price Changes and Cost-Benefit Analysis

Rouwendal, Jan - Tinbergen Institute - 2002

The effects of a policy measure often reach the consumer only after one or more intermediate steps, for instance because the measure lowers the cost of an input for an industry producing a consumer good. This paper is concerned with the question how to measure such indirect effects correctly...

Persistent link: https://www.econbiz.de/10005209453

Modeling Portfolio Defaults using Hidden Markov Models with Covariates

Banachewicz, Konrad; Vaart, Aad van der; Lucas, André - Tinbergen Institute - 2006

We extend the Hidden Markov Model for defaults of Crowder, Davis, and Giampieri (2005) to include covariates. The covariates enhance the prediction of transition probabilities from high to low default regimes. To estimate the model, we extend the EM estimating equations to account for the time...

Persistent link: https://www.econbiz.de/10005136908

The Political Economy of Financial Fragility

Feijen, Erik; Perotti, Enrico - Tinbergen Institute - 2005

While financial liberalization has in general favorable effects, reforms in countries with poor regulation is often followed by financial crises. We explain this variation as the outcome of lobbying interests capturing the reform process. Even after liberalization, market investors must rely on...

Persistent link: https://www.econbiz.de/10005144400

Investor Protection and Entry

Perotti, Enrico; Volpin, Paolo - Tinbergen Institute - 2007

Entry requires external finance, especially for less wealthy entrepreneurs, so poor investor protection limits competition. We model how incumbents lobby harder to block access to finance to entrants when politicians are less accountable to voters. In a broad cross-section of countries and...

Persistent link: https://www.econbiz.de/10005136893

Lobbying on Entry

Perotti, Enrico; Volpin, Paolo - Tinbergen Institute - 2004

We develop a model of endogenous lobby formation in which wealth inequality and political accountability undermine entry and financial development. In- cumbents seek a low level of effective investor protection to prevent potential entrants from raising capital. They succeed because they can...

Persistent link: https://www.econbiz.de/10005137200

The Political Economy of Financial Systems

Haber, Stephen; Perotti, Enrico - Tinbergen Institute - 2008

This survey reviews the literature on the political economy of financial structure, broadly defined to include the size of capital markets and banking systems as well as the distribution of access to external finance across firms. The theoretical literature on the institutional basis for...

Persistent link: https://www.econbiz.de/10005137221

The Impact of Entrepreneurship Education on Entrepreneurship Competencies and Intentions

Oosterbeek, Hessel; Praag, Mirjam van; IJsselstein, Auke - Tinbergen Institute - 2008

This paper analyzes the impact of a leading entrepreneurship education program on college students’ entrepreneurship competencies and intentions using an instrumental variables approach in a difference-in-differences framework. We exploit that the program was offered to students at one...

Persistent link: https://www.econbiz.de/10005144437

A New Explanatory Model for Policy Analysis and Evaluation

Schouwstra, Marije; Ellman, Michael - Tinbergen Institute - 2006

This model of policy evaluation has been developed to identify factors that cause policy outcomes to diverge from the intended results. In this model the explanatory factors may be inherent to the conceptual and institutional framework to which policy makers adhere, or they may be ‘real...

Persistent link: https://www.econbiz.de/10005137325

Assessing Budget Support with Statistical Impact Evaluation: a Methodological Proposal

Elbers, Chris; Gunning, Jan Willem; Hoop, Kobus de - Tinbergen Institute - 2007

Donor agencies and recipient governments want to assess the effectiveness of aid-supported sector policies. Unfortunately, existing methods for impact evaluation are designed for the evaluation of homogeneous interventions (‘projects’) where those with and without ‘treatment’ can be...

Persistent link: https://www.econbiz.de/10005137375

Privatization, Political Risk and Stock Market Development in Emerging Economies

Perotti, Enrico C.; Oijen, Pieter van - Tinbergen Institute - 1999

This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock … market development through the resolution of political risk. We argue that a sustained privatization program represents a … regulatory and private property rights. We present evidence suggesting that progress in privatization is indeed correlated with …

Persistent link: https://www.econbiz.de/10005042231