that is able to bail out the bank either by injecting capital at a fixed return or by receiving an equity claim. This …

less than the marginal resource rents equals the expected capital gains on reserves of natural resources plus the expected …

To identify the effect of social capital on financial development, we exploit the well-known differences in social … capital and trust (Banfield (1958), Putnam (1993)) across different parts of Italy, using microeconomic data on households and …

depletion are faster than demanded by the Hotelling rule. As a result, the country substitutes away from resources to capital so …

induces moral hazard. Therefore, we introduce a fiscal authority that is able to bail out the bank by injecting capital. This …

regulators try to resolve these problems. We find that liberalizing bank capital flows between economies reduces total welfare by … field' forcing international harmonization of capital requirements and deposit rates across economies. Such a policy is good … for weaker regulators whereas a laissez-faire policy under which each country chooses its own capital requirement is …

In this Paper we reconsider the evidence on capital account liberalization and growth. While we find indications of a … positive association, the effects vary with time, with how capital account liberalization is measured, and with how the … relationship is estimated. The evidence that the effects of capital account liberalization are stronger in high-income countries is …

Does it always pay to install high-quality capital? Or could it possibly be more profitable to make investments that do … not last too long? In this Paper we ponder the optimal rate of depreciation of physical capital, first in the Solow model … investment – is equal to the marginal cost, which is the additional cost of investing due to the higher quality of capital. The …