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Egorov, Georgy - 2013

We develop a dynamic game to explore the interaction between regulation and private policies, such as self-regulation by firms and activism. Without a public regulator, the possibility of self-regulation is bad for the firm, but good for activists who are willing to maintain a costly boycott to...

Persistent link: https://www.econbiz.de/10013071787

Private and Public Supply of Liquidity

Holmström, Bengt R. - 2008

This paper addresses a basic yet unresolved question: Do claims on private assets provide sufficient liquidity for an efficient functioning of the productive sector? Or does the State have a role in creating liquidity and regulating it either through adjustments in the stock of government...

Persistent link: https://www.econbiz.de/10012774968

Contracting for Government Services : Theory and Evidence from U.S. Cities

Levin, Jonathan - 2010

Local governments can provide services with their own employees or by contracting with private or public sector providers. We develop a model of this quot;make-or-buyquot; choice that highlights the trade-off between productive efficiency and the costs of contract administration. We construct a...

Persistent link: https://www.econbiz.de/10012759893

The Regulation of Private Money

Gorton, Gary B. - 2019

Financial crises are bank runs. At root the problem is short-term debt (private money), which while an essential feature of market economies, is inherently vulnerable to runs in all its forms (not just demand deposits). Bank regulation aims at preventing bank runs. History shows two approaches...

Persistent link: https://www.econbiz.de/10012869236

Public Debt as Private Liquidity : Optimal Policy

Angeletos, George-Marios - 2016

We study the Ramsey policy problem in an economy in which public debt contributes to the supply of assets that private agents can use as buffer stock and collateral, or as a vehicle of liquidity. Issuing more debt eases the underlying financial friction. This raises welfare by improving the...

Persistent link: https://www.econbiz.de/10012979778

Opting Out of Social Security and Adverse Selection

Kotlikoff, Laurence J.; Smetters, Kent A.; Walliser, Jan - 2021

This paper compares two general methods of privatization social security: forced participation in the new privatized … payroll tax rate is better at shifting the burden to future workers who benefit from privatization …

Persistent link: https://www.econbiz.de/10013217931

Privatization of Social Security : How it Works and Why it Matters

Kotlikoff, Laurence J. - 2021

effects of privatizing social security, and a simple privatization proposal, the Personal Security System, to discuss other … issues associated with privatization. According to the AK Model, privatizing social security can create major long … compensated for losses from privatization. The precise size of the efficiency gain depends on the existing tax structure, linkage …

Persistent link: https://www.econbiz.de/10013218318

Market Provision of Public Goods : The Case of Broadcasting

Anderson, Simon P.; Coate, Stephen - 2021

This paper studies the market provision of a specific type of public good: radio and television broadcasts. Its main focus is to explore the ability of the market to provide broadcasting efficiently in a world in which broadcasters earn revenues by selling time to advertisers and advertisements...

Persistent link: https://www.econbiz.de/10013219689

Private Versus Public Enforcement of Fines

Polinsky, A. Mitchell - 2021

The present paper analyzes the competitive, monopolistic, and public enforcement of fines allowing for the costs of enforcement to differ by the choice of the enforcer. There are a number of reasons to expect such differences. First, the benefits from coordinating enforcement -- for example,...

Persistent link: https://www.econbiz.de/10013224885

After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies

Hoff, Karla; Stiglitz, Joseph E. - 2021

When Russia launched mass privatization, it was widely believed that it would create a powerful constituency for the … show that beneficiaries of mass privatization may fail to demand the rule of law even if it is the Pareto efficient rule of …

Persistent link: https://www.econbiz.de/10013233844