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Credibility dynamics and disinflation plans
Kostadinov, Rumen; Roldán, Francisco - 2020
We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the Central banker faces a tradeoff between surprise inflation and building reputation, defined as the private sector's belief that the Central bank is committed to the plan. Some plans...
Persistent link: https://www.econbiz.de/10012251953
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A Political Agency Theory of Central Bank Independence
Eggertsson, Gauti B. - 2003
We propose a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks … to an independent agency. We apply this theory to monetary policy by extending a standard dynamic ""New …-Keynesian"" stochastic general equilibrium model. This model gives a new theory of central bank independence that is unrelated to the …
Persistent link: https://www.econbiz.de/10014400234
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Dynamic Incentives and the Optimal Delegation of Political Power
Le Borgne, Eric - 2007
This paper proposes a theory to explain why a politician delegates policy tasks to a technocrat in an independent … opinion. One natural application of the theory is in the field of monetary policy where the model provides a new theory of …
Persistent link: https://www.econbiz.de/10014400341
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A Principal-Agent Theory Approach to Public Expenditure Management Systems in Developing Countries
Leruth, Luc E. - 2006
countries using an analytical framework based on principal-agent theory. This simple model can be applied to various PEM systems …
Persistent link: https://www.econbiz.de/10014402932
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Towards a Principal-Agent Based Typology of Risks in Public-Private Partnerships
De Palma, André - 2009
analyzed using standard tools in economics (incentives and principal-agent theory). We discuss the implications of our approach …
Persistent link: https://www.econbiz.de/10014403060
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IMF Conditionality and Country Ownership of Programs
Khan, Mohsin S. - 2001
The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to …
Persistent link: https://www.econbiz.de/10014403611
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The Impact of Corporate Governance Structureson the Agency Cost of Debt
Chan-Lau, Jorge A. - 2001
affect the agency cost of debt. In the absence of asymmetric information, it shows that control of the firm by debtholders …
Persistent link: https://www.econbiz.de/10014401371
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Cashing in for growth : corporate cash holdings as an opportunity for investment in Japan
Sher, Galen - 2014
Persistent link: https://www.econbiz.de/10010479433
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Bankruptcy technology, finance, and entrepreneurship
Souza Sobrinho, Nelson Ferreira - 2017
Using an overlapping-generations growth model featuring financial intermediation, I find that inefficiencies in technology to deal with private debt distress (bankruptcy technology), and obstacles to entrepreneurship (high costs of doing business) have significant negative effects on the income...
Persistent link: https://www.econbiz.de/10011705385
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Deposit Insurance : A Survey of Actual and Best Practices
Garcia, G. G. - 1999
The paper surveys the characteristics of explicit systems of deposit insurance in 68 countries. It compares these actual practices with a set of best practices that has been adopted by IMF staff for their advice to member countries. These best practices seek to establish a system of deposit...
Persistent link: https://www.econbiz.de/10014400419