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This paper empirically studies the role of fiscal constraints for disaster vulnerability and investment decisions in a … exposures to fiscal constraints realize higher returns, use higher discount rates in investment decisions, and invest less in …
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Motivated by insufficient fiscal discipline in democracy, we introduce and examine “Catenarian Discipline Rules”. An office-holder decides in each period whether to use available resources for his/her own personal consumption or for providing public goods for the population. In the unique...
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