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Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist …
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We investigate the relationship between individual trust and individual economic performance. We find that individual income is hump-shaped in a measure of intensity of trust beliefs. Our interpretation is that highly trusting individuals tend to assume too much social risk and to be cheated...
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We ask whether Poland is at risk of the boom-bust problem that has afflicted economies around the time of euro adoption …. Our answer, inevitably, is mixed. On the one hand the fact that Poland is an outlier, credit-growth wise, accentuates the … Poland. And it is certainly conceivable that the same policies and country characteristics (not always visible to the …
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Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available....
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In the last decade, economists have produced a considerable body of research suggesting that the historical origin of a country's laws is highly correlated with a broad range of its legal rules and regulations, as well as with economic outcomes. We summarize this evidence and attempt a unified...
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