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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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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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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 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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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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Endogenous Political Institutions
Aghion, Philippe; Alesina, Alberto F.; Trebbi, Francesco - 2021
Political institutions influence economic policy, but they are themselves endogenous since they are chosen, in some way, by members of the polity. An important aspect of institutional design is how much society chooses to delegate unchecked power to its leaders. If, once elected, a leader cannot...
Persistent link: https://www.econbiz.de/10013216485
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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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When Fast Growing Economies Slow Down : International Evidence and Implications for China
Eichengreen, Barry - 2011
Using international data starting in 1957, we construct a sample of cases where fast-growing economies slow down. The evidence suggests that rapidly growing economies slow down significantly, in the sense that the growth rate downshifts by at least 2 percentage points, when their per capita...
Persistent link: https://www.econbiz.de/10013127765
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The U.S. Left Behind : The Rise of IPO Activity Around the World
Doidge, Craig - 2011
During the past two decades, there has been a dramatic change in IPO activity around the world. Though vibrant IPO … the U.S. has fallen compared to the rest of the world and U.S. firms go public less than expected based on the economic …
Persistent link: https://www.econbiz.de/10013127767
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Sovereign Default Risk and Bank Fragility in Financially Integrated Economies
Bolton, Patrick - 2011
We analyze contagious sovereign debt crises in financially integrated economies. Under financial integration banks optimally diversify their holdings of sovereign debt in an effort to minimize the costs with respect to an individual country's sovereign debt default. While diversification...
Persistent link: https://www.econbiz.de/10013127984