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Democracy and Reforms
Amin, Mohammad; Djankov, Simeon - C.E.P.R. Discussion Papers - 2009
We use a sample of 147 countries to investigate the link between democracy and reforms. Democracy may be conducive to … institutions. The results provide a robust support for the claim that democracy is good for growth-enhancing reforms. …
Persistent link: https://www.econbiz.de/10005124381
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Central Bank Reform, Liberalization and Inflation in Transition Economies - An International Perspective
Cukierman, Alex; Miller, Geoffrey; Neyapti, Bilin - C.E.P.R. Discussion Papers - 2001
This Paper develops extensive new indices of legal independence (Central Bank Independence, or CBI) for new central banks in 26 former socialist economies (FSEs). The indices reveal that central bank reform in the FSE during the 1990s has been quite ambitious. In spite of large price shocks,...
Persistent link: https://www.econbiz.de/10005656198
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A Critical Evaluation of Bail-in as a Bank Recapitalisation Mechanism
Avgouleas, Emilios; Goodhart, Charles A - C.E.P.R. Discussion Papers - 2014
Many of the world’s developed economies have introduced, or are planning to introduce, bank bail-in regimes. Both the planned EU resolution regime and the European Stability Mechanism Treaty involve the participation of bank creditors in bearing the costs of bank recapitalization via the...
Persistent link: https://www.econbiz.de/10011083962
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Elected Versus Appointed Regulators: Theory And Evidence
Besley, Timothy J.; Coate, Stephen - C.E.P.R. Discussion Papers - 2000
This paper contrasts direct election with political appointment of regulators. When regulators are appointed, regulatory policy becomes bundled with other policy issues for which the appointing politicians are responsible. Since regulatory issues are not salient for most voters, regulatory...
Persistent link: https://www.econbiz.de/10005662098
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The Structure of Corporate ownership in Privatized Utilities
Trillas, Francesco - C.E.P.R. Discussion Papers - 2002
The purpose of this Paper is to study the determinants of the concentration of ownership in a privatized, regulated firm. The discussion illustrates some aspects of the costs and benefits of different corporate systems. Privatized utilities are large firms with professional management: there is...
Persistent link: https://www.econbiz.de/10005123598
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Media versus Special Interests
Dyck, Alexander; Moss, David; Zingales, Luigi - C.E.P.R. Discussion Papers - 2008
We argue that profit-maximizing media help overcome the problem of "rational ignorance" highlighted by Downs (1957) and in so doing make elected representatives more sensitive to the interests of general voters. By collecting news and combining it with entertainment, media are able to inform...
Persistent link: https://www.econbiz.de/10005123807
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Regulatory Capture by Sophistication
Hakenes, Hendrik; Schnabel, Isabel - C.E.P.R. Discussion Papers - 2014
One explanation for the poor performance of regulation in the recent financial crisis is that regulators had been captured by the financial sector. We present a micro-founded model with rational agents in which banks capture regulators by their sophistication. Banks can search for arguments of...
Persistent link: https://www.econbiz.de/10011083329
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Crises, What Crises?
Campos, Nauro F; Hsiao, Cheng; Nugent, Jeffrey B - C.E.P.R. Discussion Papers - 2006
Recent research convincingly shows that crises beget reform. Although the consensus is that economic crises foster macroeconomic stabilization, it is silent on which types of crises cause which types of reform. Is it economic or political crises that are the most important drivers of structural...
Persistent link: https://www.econbiz.de/10005136426
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Inequality, Development, and the Stability of Democracy -Lipset and Three Critical Junctures in German History
Jung, Florian; Sunde, Uwe - C.E.P.R. Discussion Papers - 2011
there exists a distribution of resources such that democracy emerges in equilibrium, but there are distributions of … resources for which democracy is infeasible in equilibrium irrespective of the level of development. The model also delivers … results on the stability of democracy with regard to changes in the economic and demographic environment. The results are …
Persistent link: https://www.econbiz.de/10009493564
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Democracy, Property Rights, Redistribution and Economic Growth
Gradstein, Mark - C.E.P.R. Discussion Papers - 2005
between democracy and institutional quality. …
Persistent link: https://www.econbiz.de/10005666439