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The Economics of Time-Limited Development Options : The Case of Oil and Gas Leases
Herrnstadt, Evan; Kellogg, Ryan; Lewis, Eric - 2022
Oil and gas leases between mineral owners and extraction firms ubiquitously include royalty and primary term clauses. The royalty denotes the share of revenue that is paid to the mineral owner, and the primary term specifies the date by which the firm must complete a well, lest it lose the...
Persistent link: https://www.econbiz.de/10013296175
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Trust in Large Organizations
La Porta, Rafael; Lopez de Silanes, Florencio; … - 2010
Several authors suggest that trust is an important determinant of cooperation between strangers in a society, and therefore of performance of social institutions. We argue that trust should be particularly important for the performance of large organizations. In a cross-section of countries,...
Persistent link: https://www.econbiz.de/10014222386
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An Institutional Theory of Public Contracts : Regulatory Implications
Spiller, Pablo T. - 2010
The fundamental feature of private contracting is its relational nature. When faced with unforeseen or unexpected circumstances, private parties, as long as the relation remains worthwhile, adjust their required performance without the need for costly renegotiation or formal recontracting....
Persistent link: https://www.econbiz.de/10012758508
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Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard
Mitchener, Kris James - 2010
We test whether fixed exchange rate regimes are ever credible in emerging markets by analyzing the behavior of short-term domestic trade bills across countries during the classical gold standard period, the most widely used hard peg in modern financial history. We exploit the fact that global...
Persistent link: https://www.econbiz.de/10013150729
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The Transformation and Performance of Emerging Market Economies Across the Great Divide of the Global Financial Crisis
Bordo, Michael D. - 2019
credibility). We then use panel VARs based on both factor models and observed data to ascertain the impact of global shocks …, financial shocks, trade shocks and credibility shocks on the EMEs versus the AEs.We find that although some EMEs did maintain … resilience to shocks and in the quality of their governance. Moreover it appears that CB credibility in EMEs was more fragile …
Persistent link: https://www.econbiz.de/10012861733
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Why Clashes between Internal and External Stability Goals End in Currency Crises, 1797-1994
Bordo, Michael D.; Schwartz, Anna J. - 2021
crises in the historical record under metallic monetary regimes and of crises post-World War II under Bretton Woods, and …
Persistent link: https://www.econbiz.de/10013216858
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Why Should Emerging Economies Give Up National Currencies : A Case for 'Institutions Substitution'
Mendoza, Enrique G. - 2021
explosive mix of lack of policy credibility and world capital market imperfections that afflict emerging economies with national … emerging countries' vulnerability to these crises. The credibility of their financial policies would be greatly enhanced by the …
Persistent link: https://www.econbiz.de/10013223310
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Returns to Regionalism : An Evaluation of Non-Traditional Gains from Rtas
Fernández, Raquel - 2022
their partners, including credibility, signaling, bargaining power, insurance, and coordination. It assesses the necessary …
Persistent link: https://www.econbiz.de/10013323465
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The Democratic Transition
Murtin, Fabrice - 2011
Over the last two centuries, many countries experienced regime transitions toward democracy. We document this democratic transition over a long time horizon. We use historical time series of income, education and democracy levels from 1870 to 2000 to explore the economic factors associated with...
Persistent link: https://www.econbiz.de/10013120286
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Regulation and Distrust
Aghion, Philippe - 2010
In a cross-section of countries, government regulation is strongly negatively correlated with social capital. We document this correlation, and present a model explaining it. In the model, distrust creates public demand for regulation, while regulation in turn discourages social capital...
Persistent link: https://www.econbiz.de/10012757998