Showing 1 - 10 of 26
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10013316266
-and-mortar stores. Using data collected before and after a transparency regulation went into effect in the Israeli food retail market … in price dispersion and a 4% to 5% drop in prices following the transparency regulation. The price drop varied across …
Persistent link: https://www.econbiz.de/10012919244
We use a change in the voting procedures of one of the two chambers of the Swiss parliament to explore how transparency …
Persistent link: https://www.econbiz.de/10012999777
This paper studies the factors driving changes in judicial independence (JI) as incorporated in constitutions. Two indicators of constitutionally safeguarded JI are constructed. Variations in these indicators are identified based on changes in the constitutions of as many as 100 countries that...
Persistent link: https://www.econbiz.de/10013089169
It is hypothesized that prosecution agencies that are dependent on the executive have less incentives to prosecute crimes committed by government members which, in turn, increases their incentives to commit such crimes. Here, this hypothesis is put to an empirical test focusing on a particular...
Persistent link: https://www.econbiz.de/10012772555
Economists draw important lessons for modern development from the medieval Maghribi traders who, according to Greif, enforced contracts multilaterally through a closed, private-order ‘coalition’. We show that this view is untenable. The Maghribis used formal legal mechanisms and entered...
Persistent link: https://www.econbiz.de/10005766208
We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex-ante) legal system and a flexible one (law set after observing current technology). The flexible system dominates in terms of welfare, amount of innovation and output growth at...
Persistent link: https://www.econbiz.de/10009150639
The medieval Champagne fairs are widely used to draw lessons about the institutional basis for long-distance impersonal exchange. This paper re-examines the causes of the outstanding success of the Champagne fairs in mediating international trade, the timing and causes of the fairs’ decline,...
Persistent link: https://www.econbiz.de/10009020795
We distinguish between three sets of rights – property rights, political rights, and civil rights – and provide a taxonomy of political regimes. The distinctive nature of liberal democracy is that it protects civil rights (equality before the law for minorities) in addition to the other two....
Persistent link: https://www.econbiz.de/10012955747
The medieval Champagne fairs are widely used to draw lessons about the institutional basis for long-distance impersonal exchange. This paper re-examines the causes of the outstanding success of the Champagne fairs in mediating international trade, the timing and causes of the fairs' decline, and...
Persistent link: https://www.econbiz.de/10013125358