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Financial Restraints and Liberalization in Postwar Europe

Wyplosz, Charles - C.E.P.R. Discussion Papers - 1999

In the real world of less than perfect markets, balancing the benefits and costs of financial liberalization is usually impossible ex ante. Having been slow to liberalize, postwar Europe offers a possible testing ground. Looking at the experience in Belgium, France and Italy, a number of...

Persistent link: https://www.econbiz.de/10005067433

Time-inconsistency, Democracy and Optimal Contingent Rules

Minford, Patrick - C.E.P.R. Discussion Papers - 1993

Following Kydland and Prescott's (1977) seminal paper on time-inconsistency, a large literature has explored possible frameworks within which monetary policy could overcome this problem -- neatly illustrated in Barro and Gordon's (1983) model. In a stochastic world there appears to be a...

Persistent link: https://www.econbiz.de/10005114176

Some Political Aspects of Unemployment

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 1994

We study a number of mechanisms through which an economy can be stuck at a high unemployment equilibrium because a poor labour market is associated with support for poor policy. These mechanisms are consistent with the relative scarcity of measures that have been undertaken to cure unemployment....

Persistent link: https://www.econbiz.de/10005661453

Banking Crises: An Equal Opportunity Menace

Reinhart, Carmen M.; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2009

The historical frequency of banking crises is quite similar in high- and middle-to-low-income countries, with … subprime mortgage defaults in the United States. Banking crises dramatically weaken fiscal positions in both groups, with … us to show that the real estate price cycles around banking crises are similar in duration and amplitude to those in …

Persistent link: https://www.econbiz.de/10005661505

An Imperfectly Competitive Open Economy with Sequential Bargaining in the Labour Market

Dixon, Huw David; Santoni, Michele - C.E.P.R. Discussion Papers - 1994

We consider a three sector small open economy, with a monopolistic non-traded sector, a competitive traded good sector, and a capital goods sector. In both the consumer good sectors, there are enterprise unions that bargain sequentially over wages and employment as in Manning (1987). This...

Persistent link: https://www.econbiz.de/10005661715

Intertemporal Distortions in the Second Best

Albanesi, Stefania; Armenter, Roc - C.E.P.R. Discussion Papers - 2007

We consider a very general class of public finance problems that encompasses the Ramsey model of optimal taxation as well as economies with limited commitment, private information, and political economy frictions, and allows for incomplete markets. We identify a sufficient condition to rule out...

Persistent link: https://www.econbiz.de/10005661986

Democracy and Reforms

Giuliano, Paola; Mishra, Prachi; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2009

Empirical evidence on the relationship between democracy and economic reforms is scarce, limited to few reforms and countries and for few years. This paper studies the impact of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital, public, and...

Persistent link: https://www.econbiz.de/10005662186

Population Ageing, Government Budgets, and Productivity Growth in Politico-Economic Equilibrium

Gonzalez-Eiras, Martin; Niepelt, Dirk - C.E.P.R. Discussion Papers - 2007

We analyze the effect of changes in fertility and longevity on taxes, the composition of government spending, and productivity. To that purpose, we introduce politics in an OLG economy with endogenous growth due to human and physical capital accumulation. Population ageing shifts political power...

Persistent link: https://www.econbiz.de/10005666587

Why is Spanish Unemployment so High?

Dolado, Juan J.; Jimeno, Juan F - C.E.P.R. Discussion Papers - 1995

In this paper we analyse the underlying causes behind Spanish unemployment which is now at 24%. We interpret this unfortunate outcome as the result of a series of adverse shocks, compounded by disinflationary policies and by a flawed system of labour market institutions. Our aim is to explain...

Persistent link: https://www.econbiz.de/10005667046

Red Tape and Delayed Entry

Ciccone, Antonio; Papaioannou, Elias - C.E.P.R. Discussion Papers - 2006

Does cutting red tape foster entrepreneurship in industries with the potential to expand? We address this question by combining the time needed to comply with government entry procedures in 45 countries with industry-level data on employment growth and growth in the number of establishments...

Persistent link: https://www.econbiz.de/10005667111