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Coase V. The Coasians
Johnson, Simon - 2008
The Coase theorem implies that, in a world of positive transaction costs, any of a number of strategies, including judicially enforced private contracts, judicially enforced laws, or even government regulation, may be the cheapest way to bring about efficient resource allocation. Unfortunately,...
Persistent link: https://www.econbiz.de/10012774804
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Inflation Targeting in Transition Countries : Experience and Prospects
Jonas, Jiri; Mishkin, Frederic S. - 2021
This paper examines the inflation targeting experience in three transition countries: the Czech Republic, Poland and Hungary. While the examined countries have missed inflation targets often by a large margin, they nevertheless progressed well with disinflation. A key lesson from the experience...
Persistent link: https://www.econbiz.de/10013225557
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Macroeconomic Policy and Institutions During the Transition to European Union Membership
Branson, William H.; Braga de Macedo, Jorge; von Hagen, … - 2021
A framework is developed for macroeconomic policy analysis in four countries of Central Europe (CE) in transition to EU membership (Czech Republic, Hungary, Poland, and Slovakia). A Multi-Annual Fiscal Adjustment Strategy (MAFAS) and a Pre-Pegging Exchange Rate Regime (PPERR) appropriate for...
Persistent link: https://www.econbiz.de/10013225816
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Winners and Losers from Sovereign Debt Inflows
Broner, Fernando; Martin, Alberto; Pandolfi, Lorenzo; … - 2022
We study the transmission of sovereign debt inflow shocks on domestic firms. We exploit episodes of large sovereign debt inflows in six emerging countries that are due to the announcements of these countries' inclusion in two major local-currency sovereign debt indexes. We show that these...
Persistent link: https://www.econbiz.de/10013289107
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On the Speed of Transition Central Europe
Aghion, Philippe; Blanchard, Olivier J. - 2003
Transition in Central Europe is four years old. State firms which dominated the economy are struggling with market forces. A new private sector quickly emerged and has taken hold. Unemployment, which did not exist, is high and still increasing. Will this process of transition accelerate, or slow...
Persistent link: https://www.econbiz.de/10014089271
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Reestablishing the Income-Democracy Nexus
Benhabib, Jess - 2011
that increases in income are conducive to increases in democracy levels. This doubt stems mainly from the fact that while a … strong positive correlation exists between income and democracy levels, the relationship disappears when one controls for …, such as institutional quality. In this paper, we reexamine the robustness of the income-democracy relationship. We extend …
Persistent link: https://www.econbiz.de/10013129124
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Non-Production Benefits of Education : Crime, Health, and Good Citizenship
Lochner, Lance - 2011
A growing body of work suggests that education offers a wide-range of benefits that extend beyond increases in labor market productivity. Improvements in education can lower crime, improve health, and increase voting and democratic participation. This chapter reviews recent developments on these...
Persistent link: https://www.econbiz.de/10013130984
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Shareholder Democracy in Canada
Morck, Randall - 2010
The federal government stands poised to exercise its constitutional right to regulate financial markets, an area traditionally left to competing provincial securities commissions. The current state of securities regulation renders impotent US-style takeover defences, such as poison pills and...
Persistent link: https://www.econbiz.de/10013135809
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Financing Direct Democracy : Revisiting the Research on Campaign Spending and Citizen Initiatives
de Figueiredo, John M. - 2010
The conventional view in the direct democracy literature is that spending against a measure is more effective than …
Persistent link: https://www.econbiz.de/10013138314
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Resource Windfalls, Political Regimes, and Political Stability
Caselli, Francesco - 2011
We study theoretically and empirically whether natural resource windfalls affect political regimes. We document the following regularities. Natural resource windfalls have no effect on the political system when they occur in democracies. However, windfalls have significant political consequences...
Persistent link: https://www.econbiz.de/10013117944