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Constitutions, Corporations, and Corruption : American States and Constitutional Change
Wallis, John Joseph - 2021
During the 1840s, twelve American states adopted new constitutions. Eleven of the twelve states adopted new procedures for issuing government debt and for chartering corporations through general incorporation acts. These institutional innovations were American inventions, and today hard budget...
Persistent link: https://www.econbiz.de/10013218542
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The Guarantees of Freedom
La Porta, Rafael; Lopez de Silanes, Florencio; … - 2021
Hayek (1960) distinguishes the institutions of English freedom, which guarantee the independence of judges from political interference in the administration of justice, from those of American freedom, which allow judges to restrain law-making powers of the sovereign through constitutional...
Persistent link: https://www.econbiz.de/10013224310
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Consequences of Constitutions
Persson, Torsten - 2021
electoral rules and forms of government for fiscal policy and rent extraction, even when non-random constitution selection is …
Persistent link: https://www.econbiz.de/10013233041
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The U.S. Constitution and Monetary Powers : An Analysis of the 1787 Constitutional Convention and Constitutional Transformation of the Nation'S Monetary System Emerged
Grubb, Farley - 2021
The monetary powers embedded in the U.S. Constitution were revolutionary and led to a watershed transformation in the …
Persistent link: https://www.econbiz.de/10013240577
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Constitutions, Politics and Economics : A Review Essay on Persson and Tabellini'S "the Economic Effect of Constitutions"
Acemoglu, Daron - 2021
In this essay I review the new book by Torsten Persson and Guido Tabellini, The Economic Effects of Constitutions, which investigates the policy and economic consequences of different forms of government and electoral rules. I also take advantage of this opportunity to discuss the advantages and...
Persistent link: https://www.econbiz.de/10013212917
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Constitution or Conflict?
Grossman, Herschel I. - 2021
A self-enforcing constitution creates a political process that provides an alternative to civil conflict for resolving … possible to design such a self-enforcing constitution. The paper is also concerned with discovering generic features of a self …-enforcing constitution. The analysis yields the following theoretical propositions: If and only if (1) none of the parties to a dispute …
Persistent link: https://www.econbiz.de/10013228226
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Free vs. Controlled Migration : Bilateral Country Study
Razin, Assaf - 2011
This paper tests the differential effects of the generosity of the welfare state under free migration and under policy-controlled migration, distinguishing between source developing and developed countries. We utilize free-movement within the EU to examine the free migration regime and compare...
Persistent link: https://www.econbiz.de/10013129125
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Safety-Net Benefits Conferred on Difficult-to-Fail-And-Unwind Banks in the Us and EU Before and During the Great Recession
Carbo-Valverde, Santiago - 2011
This paper models and estimates ex ante safety-net benefits at a sample of large banks in US and Europe during 2003-2008. Our results suggest that difficult-to-fail and unwind (DFU) banks enjoyed substantially higher ex ante benefits than other institutions. Safety-net benefits prove...
Persistent link: https://www.econbiz.de/10013130253
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Capital-Market Effects of Securities Regulation : Prior Conditions, Implementation, and Enforcement
Christensen, Hans Bonde - 2011
We examine the capital-market effects of changes in securities regulation in the European Union (EU) aimed at reducing market abuse and increasing transparency. To estimate causal effects for the population of EU firms, we exploit that for plausibly exogenous reasons, like national legislative...
Persistent link: https://www.econbiz.de/10013130969
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Stochastic Growth in the United States and Euro Area
Ireland, Peter N. - 2011
This paper estimates, using data from the United States and Euro Area, a two-country stochastic growth model in which both neutral and investment-specific technology shocks are nonstationary but cointegrated across economies. The results point to large and persistent swings in productivity, both...
Persistent link: https://www.econbiz.de/10013131508