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The Proper Measurement of Government Budget Deficits : Comprehensive Wealth Accounting or Permanent Income Accounting for the Public Sector

Buiter, Willem H. - 2021

The paper studies budgetary, financial and monetary policy evaluationand design using a comprehensive wealth or permanent income accounting framework. A set of stylized balance sheets and permanent income accountsis constructed for the public, private and overseas sectors.These are then...

Persistent link: https://www.econbiz.de/10013234088

Transparency, Risk Management and International Financial Fragility

Draghi, Mario - 2003

Discussions of financial risk often fail to distinguish between risks that are consciously borne and those that are not. To understand the breeding conditions for financial crises the prime focus of concern should not be simply on large risk-taking per se, but on the unintended, or unanticipated...

Persistent link: https://www.econbiz.de/10012786498

A Q-Theory of Banks

Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2022

We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and market equity values diverge, especially during crises;...

Persistent link: https://www.econbiz.de/10013290998

Property Rights and Financial Development : The Legacy of Japanese Colonial Institutions

Yoo, Dongwoo - 2010

Several studies link modern economic performance to institutions transplanted by European colonizers and here we extend this line of research to Asia. Japan imposed its system of well-defined property rights in land on some of its Asian colonies, including Korea, Taiwan and Palau. In 1939 Japan...

Persistent link: https://www.econbiz.de/10013135762

Monetization and Growth in Colonial New England, 1703-1749

Rousseau, Peter L. - 2010

We examine econometrically the real effects of paper money's introduction into colonial New England over the 1703-1749 period. Departing from earlier analyses that focus primarily on the depreciation of paper money in the region, we show that expansion of the money stock promoted growth in...

Persistent link: https://www.econbiz.de/10013141002

The Long-Run Effects of the Scramble for Africa

Michalopoulos, Stelios - 2011

We examine the long-run consequences of ethnic partitioning, a neglected aspect of the Scramble for Africa, and uncover the following regularities. First, apart from the land mass and presence of water bodies, historical homelands of split and non-split groups are similar across many observable...

Persistent link: https://www.econbiz.de/10013118126

Economic Growth in the Mid Atlantic Region : Conjectural Estimates for 1720 to 1800

Mancall, Peter C. - 2011

We employ the conjectural approach to estimate the growth of GDP per capita for the colonies and states of the mid-Atlantic region (Del., NJ, NY and Penn). In contrast to previous studies of the region's growth that relied heavily on the performance of the export sector, the conjectural method...

Persistent link: https://www.econbiz.de/10013122468

Divide and Rule or the Rule of the Divided? Evidence from Africa

Michalopoulos, Stelios - 2011

We investigate jointly the importance of contemporary country-level institutional structures and local ethnic-specific pre-colonial institutions in shaping comparative regional development in Africa. We utilize information on the spatial distribution of African ethnicities before colonization...

Persistent link: https://www.econbiz.de/10013122873

Hither Thou Shalt Come, But No Further : Reply to "the Colonial Origins of Comparative Development: An Empirical Investigation: Comment"

Acemoglu, Daron - 2011

David Albouy expresses three main concerns about the results in Acemoglu, Johnson and Robinson (2001) on the relationship between potential settler mortality and institutions. First, there is a general concern that there are high mortality outliers, potentially affecting this relationship, with...

Persistent link: https://www.econbiz.de/10013126216

Colonialism and Economic Development in Africa

Heldring, Leander - 2012

In this paper we evaluate the impact of colonialism on development in Sub-Saharan Africa. In the world context …, colonialism had very heterogeneous effects, operating through many mechanisms, sometimes encouraging development sometimes … the colonial period, but also to take a view on what might have happened without colonialism and also to take into account …

Persistent link: https://www.econbiz.de/10013097280

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