Enforcement by monitoring cannot be conditioned on the severity of an offense while enforcement by investigation can be. If some degrees of the offenses are not adequately reported or if investigation is too costly, the regulator must monitor and treat offenses of different severity quite...

We investigate political determinants of land reform implementation in the Indian state of West Bengal. Using a village panel spanning 1974-1998, we do not find evidence supporting the hypothesis that land reforms were positively and monotonically related to control of local governments by a...

Can historical wealth distributions affect long-run output and inequality despite "rational" saving, convex technology and no externalities? We consider a model of equilibrium short-period financial contracts, where poor agents face credit constraints owing to moral hazard and limited liability....