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Capitalism and Democracy in 2040 : Forecasts and Speculations
Fogel, Robert W. - 2010
's global share of GDP means that liberal Asian nations will be poised to take up the role of promoting liberal democracy …
Persistent link: https://www.econbiz.de/10012760039
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Democratic Capital : The Nexus of Political and Economic Change
Persson, Torsten - 2010
years. Democratic capital -- measured by a nation's historical experience with democracy and by the incidence of democracy … in its neighborhood -- reduces the exit rate from democracy and raises the exit rate from autocracy. In democracies, a …, promoting economic development jointly with the consolidation of democracy …
Persistent link: https://www.econbiz.de/10012761656
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Incentive Conflict in Central-Bank Responses to Sectoral Turmoil in Financial Hub Countries
Kane, Edward J. - 2010
National safety nets are imbedded in country-specific regulatory cultures that encompass contradictory goals of nationalistic welfare maximization, merciful treatment of distressed institutions, and bureaucratic blame avoidance. Focusing on this goal conflict, this paper develops two hypotheses....
Persistent link: https://www.econbiz.de/10012759699
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Inadequacy of Nation-Based and Var-Based Safety Nets in the European Union
Kane, Edward J. - 2009
Considered as a social contract, a financial safety net imposes duties and confers rights on different sectors of the economy. Within a nation, elements of incompleteness inherent in this contract generate principal-agent conflicts that are mitigated by formal agreements, norms, laws, and the...
Persistent link: https://www.econbiz.de/10012767381
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Sizing Up Corporate Restructuring in the Covid Crisis
Greenwood, Robin M.; Iverson, Benjamin Charles; … - 2021
In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with a surge of financial distress in the business sector. Some firms will be able to survive, while others will face bankruptcy and thus need to be liquidated or reorganized. Many surviving firms will need to...
Persistent link: https://www.econbiz.de/10013233034
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Why Europe Should Love Tax Competition - and the U.S. Even More so
Janeba, Eckhard - 2010
Is global competition for mobile capital harmful (less public goods) or beneficial (less government waste)? This paper combines both aspects within a generalized version of the comparative public finance model (Persson, Roland and Tabellini, 2000) by introducing multiple countries and endogenous...
Persistent link: https://www.econbiz.de/10012762903
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Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts
Farhi, Emmanuel - 2009
The paper elicits a mechanism by which private leverage choices exhibit strategic complementarities through the reaction of monetary policy. When everyone engages in maturity transformation, authorities have little choice but facilitating refinancing. In turn, refusing to adopt a risky balance...
Persistent link: https://www.econbiz.de/10013158032
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Financial Restructuring in Banking and Corporate Sector Crises : What Policies to Pursue?
Claessens, Stijn - 2001
We review the literature on resolving bank and corporate sector crises to identify government policies that affect the depth of a crisis and the ease and sustainability of recovery, and to analyze their fiscal cost. A consistent framework - including sufficient resources for loss-absorption and...
Persistent link: https://www.econbiz.de/10012787643
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Turbulence, Firm Decentralization and Growth in Bad Times
Aghion, Philippe - 2017
managers prior to the Great Recession out-performed their centralized counterparts in sectors that were hardest hit by the …
Persistent link: https://www.econbiz.de/10012957377
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Fighting Crises
Gorton, Gary B. - 2016
In fighting a financial crisis, opacity (keeping the names of banks borrowing at emergency lending facilities secret) and stigma (the cost of having a bank's name revealed) are desirable to restore confidence. Lending facilities raise the perceived average quality of all banks' assets. Opacity...
Persistent link: https://www.econbiz.de/10012980183