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Based on a survey that we designed and that covers a stratified random sample of 12,400 firms in 120 cities in China with firm-level accounting information for 2002-2004, this paper examines the presence of systematic distortions in capital allocation that result in uneven marginal returns to...
Persistent link: https://www.econbiz.de/10014400359
The quality of institutions-meaning the quality of contract enforcement, property rights, shareholder protection, and the like-has received a great deal of attention in recent years. The purposes of this paper are twofold. First, it studies the consequences of trade when institutional...
Persistent link: https://www.econbiz.de/10014403908
government social insurance programs. This paper models the incentive effects of government subsidized private transfers and …
Persistent link: https://www.econbiz.de/10014403504
Tax or debt financing of a given rate of government expenditures would, according to the now well-known Ricardian … the possibility that the government and the private sector have different planning horizons. The paper finds no empirical …
Persistent link: https://www.econbiz.de/10014396483
One objective of government investment is to develop public infrastructure which may reduce private sector costs. In a …
Persistent link: https://www.econbiz.de/10014399662
fiscal variables, and in particular with government debt per capita. Using data from eighteen OECD countries the paper … behavior as government debt reaches high levels and as uncertainty about future taxes increases. Our results provide support … for this hypothesis, and also suggest that private and government consumption are substitutes in the household utility …
Persistent link: https://www.econbiz.de/10014402912
Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effects of these spillovers using firm-level data from 31 emerging market economies. We assess how sovereign risk affects corporate access to...
Persistent link: https://www.econbiz.de/10014404331
A government desiring support for its policy reform program, without coercion, behaves as if it faces a political … succeed and the outcome will be in their individual self-interest. Government behavior has implications for the program, whose … government uses various devices to mobilize support for its program. An informed expert could design a program acceptable to both …
Persistent link: https://www.econbiz.de/10014403279
We differentiate the effects of passive institutional investors, which mainly refer to index funds that adopt a passive portfolio strategy, on firms' innovation activities and innovation strategies. Relying on plausibly exogenous variation in passive institutional ownership generated by Russell...
Persistent link: https://www.econbiz.de/10012612334
This paper presents a model of a banking industry with heterogeneous banks that delivers predictions on the relationship between banks'' risk of failure, market structure, bank ownership, and banks'' screening and bankruptcy costs. These predictions are explored empirically using a panel of...
Persistent link: https://www.econbiz.de/10014400121