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Tintelnot, Felix - 2016

Most international commerce is carried out by multinational firms, which use their foreign affiliates both to serve the market of the host country and to export to other markets outside the host country. In this paper, I examine the determinants of multinational firms' location and production...

Persistent link: https://www.econbiz.de/10012992631

Scale, Scope, and the International Expansion Strategies of Multiproduct Firms

Yeaple, Stephen R. - 2013

A growing literature seeks to understand how the characteristics of firms shape the manner in which they serve foreign markets. We consider an environment in which multiproduct firms can sell their products in multiple countries from multiple locations. We show that there are strong empirical...

Persistent link: https://www.econbiz.de/10013079762

The Limits of Financial Globalization

Stulz, René M. - 2005

impact of financial globalization has been remarkably limited. I argue that country attributes are still critical to … ability of a country to take advantage of financial globalization. The twin agency problems help explain why the impact of … financial globalization has been limited and why financial globalization can lead to capital flight and financial crises. The …

Persistent link: https://www.econbiz.de/10012784989

Equity Depletion from Government-Guaranteed Debt

Hall, Robert E. - 2009

Government guarantees of private debt deplete equity. The depletion is greatest during periods when the probability of a guarantee payoff is highest. In a setting otherwise subject to Modigliani-Miller neutrality, firms issue guaranteed debt up to the limit the government permits. Declines in...

Persistent link: https://www.econbiz.de/10012765575

Markets Versus Governments : Political Economy of Mechanisms

Acemoglu, Daron - 2009

We study the optimal Mirrlees taxation problem in a dynamic economy with idiosyncratic (productivity or preference) shocks. In contrast to the standard approach, which implicitly assumes that the mechanism is operated by a benevolent planner with full commitment power, we assume that any...

Persistent link: https://www.econbiz.de/10012767334

The Political Risks of Fighting Market Failures : Subversion, Populism and the Government Sponsored Enterprises

Glaeser, Edward L. - 2012

There are many possible ways of reforming the Government-Sponsored Enterprises that insure mortgages against default, including a purely public option, complete privatization or a hybrid model with private firms and public catastrophic insurance. If the government is sufficiently capable and...

Persistent link: https://www.econbiz.de/10013106080

Macroprudential Regulation Versus Mopping Up after the Crash

Jeanne, Olivier - 2013

We study the interplay of optimal ex-ante (macroprudential) and ex-post (monetary or fiscal stimulus) measures to respond to systemic financial crises in a tractable model of fire sales. We find that it is generally optimal to use both, rejecting the Greenspan doctrine to only intervene ex post....

Persistent link: https://www.econbiz.de/10013089016

Generational Risk - is it a Big Deal? : Simulating an 80-Period OLG Model with Aggregate Shocks

Hasanhodzic, Jasmina - 2013

The theoretical literature presumes generational risk is large enough to merit study and that such risk can be meaningfully shared via appropriate government policies. This paper assesses these propositions. It develops an 80-period OLG model to directly measure generational risk and the extent...

Persistent link: https://www.econbiz.de/10013079749

Bailouts, Time Inconsistency, and Optimal Regulation

Chari, Varadarajan V.; Kehoe, Patrick J. - 2021

We develop a model in which, in order to provide managerial incentives, it is optimal to have costly bankruptcy. If benevolent governments can commit to their policies, it is optimal not to interfere with private contracts. Such policies are time inconsistent in the sense that, without...

Persistent link: https://www.econbiz.de/10013311917

Politics and Economics in Weak and Strong States

Acemoglu, Daron - 2021

While much research in political economy points out the benefits of "limited government," political scientists have long emphasized the problems created in many less developed nations by "weak states," which lack the power to tax and regulate the economy and to withstand the political and social...

Persistent link: https://www.econbiz.de/10013231869

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