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Regional Decentralization and the Soft Budget Constraint: The Case of China
Qian, Yingyi; Roland, Gérard - C.E.P.R. Discussion Papers - 1994
enterprises. Fiscal decentralization combined with monetary centralization (i.e. fiscal federalism) may achieve not only hard … village levels. We study the effect of regional decentralization on soft budget constraints in these enterprises. We show that …. Decentralization of monetary authority leads to a softening of local governments' budget constraints, however, as well as those of …
Persistent link: https://www.econbiz.de/10005124311
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The Architecture of Federations: Constitutions, Bargaining, and Moral Hazard
Kessler, Anke; Luelfesmann, Christoph; Myers, Gordon M - C.E.P.R. Discussion Papers - 2009
centralization and decentralization are suboptimal as long as political bargaining does not take place. With bargaining, however, the … first best can often be achieved under decentralization, but not under centralization. At the root of this result is the …
Persistent link: https://www.econbiz.de/10005662248
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Easy Targets and the Timing of Conflict
Bester, Helmut; Konrad, Kai A. - C.E.P.R. Discussion Papers - 2004
Contestants have to choose whether to initiate a contest or war, or whether to remain peaceful for another period. We find that agents wait and initiate the contest once their rival is sufficiently weak to be an easy target.
Persistent link: https://www.econbiz.de/10005123608
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Delay in Contests
Bester, Helmut; Konrad, Kai A. - C.E.P.R. Discussion Papers - 2003
Why is there delay in contests? In this Paper we follow and extend the line of reasoning of Carl von Clausewitz to explain delay. For a given contest technology, delay may occur if there is an asymmetry between defense and attack, if the expected change in relative strengths is moderate, and if...
Persistent link: https://www.econbiz.de/10005504736
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Interest Group Politics in a Federation
Guriev, Sergei; Yakovlev, Evgeny; Zhuravskaya, Ekaterina - C.E.P.R. Discussion Papers - 2008
The optimal degree of decentralization depends on the importance of inter-state externalities of local policies. We … number influenced by local business groups. Our findings have implications for the literatures on federalism and on …
Persistent link: https://www.econbiz.de/10005136715
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Provincial Protectionism
Sonin, Konstantin - C.E.P.R. Discussion Papers - 2003
In a federal state, political leaders of constituent units might protect their enterprises from the federal center (e.g., allowing them not to pay federal taxes). The effectiveness of such protection depends crucially on the ability of local authorities to extract rents from enterprises. They...
Persistent link: https://www.econbiz.de/10005792438
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Protocol Design and (De-)Centralization
Grüner, Hans Peter - C.E.P.R. Discussion Papers - 2007
Should privately informed agents with diverging interests act independently or should they commit to a mechanism? This paper analyzes different communication and decision protocols when communication involves delay. It studies under which conditions agents should (i) choose their actions...
Persistent link: https://www.econbiz.de/10005498109
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The Institutional Foundations of China’s Reforms and Development
Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2010
resist reforms, policies, rules and laws. China’s reform trajectories have been shaped by regional decentralization …
Persistent link: https://www.econbiz.de/10008468688
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Fiscal Rules in India: Are They Effective?
Buiter, Willem H.; Patel, Urjit R. - C.E.P.R. Discussion Papers - 2010
This paper, a chapter in the forthcoming Oxford University Press Handbook of the Indian Economy, edited by Chetan Ghate, considers India’s experience with fiscal (responsibility) rules during the past decade. After reviewing the basic facts concerning public debt and deficits in India, the...
Persistent link: https://www.econbiz.de/10008468524
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Progressive Taxes and Firm Births
Bacher, Hans Ulrich; Brülhart, Marius - C.E.P.R. Discussion Papers - 2010
Tax reform proposals in the spirit of the 'flat tax' model typically aim to reduce three parameters: the average tax burden, the progressivity of the tax schedule, and the complexity of the tax code. We explore the implications of changes in these three parameters on entrepreneurial activity,...
Persistent link: https://www.econbiz.de/10008468564