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State Capacity and American Technology : Evidence from the 19th Century
Acemoglu, Daron - 2016
conduct an empirical investigation of the impact of one key set of institutions, the capacity of the US state as proxied by … the way in which the US created an immensely capable and effective state …
Persistent link: https://www.econbiz.de/10012999991
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The Direct Substitution between Government and Private Consumption in East Asia
Kwan, Yum K. - 2006
We investigate empirically the extent to which government consumption substitutes for private consumption in nine East Asia countries. Panel cointegrating regression uncovers a significantly positive elasticity of substitution between government and private consumption, implying on average...
Persistent link: https://www.econbiz.de/10012779586
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The Capital Structure of Nations
Bolton, Patrick - 2017
When a nation can finance its investments via foreign-currency denominated debt or domestic-currency claims, what is the optimal capital structure of the nation? Building on the functions of fiat money as both medium of exchange, and store of value like corporate equity, our model connects...
Persistent link: https://www.econbiz.de/10012951347
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Investing in the Presence of Massive Flows : The Case of MSCI Country Reclassifications
Burnham, Terence - 2017
Almost $10 trillion is benchmarked to Morgan Stanley Capital International's Developed, Emerging, Frontier, and standalone market indexes. Reclassifications from one index to another require thousands of investors to decide how to react. We study a comprehensive sample of past reclassifications...
Persistent link: https://www.econbiz.de/10012952509
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Why are Saving Rates so High in China?
Yang, Dennis Tao - 2011
In this paper, we define "The Chinese Saving Puzzle" as the persistently high national saving rate at 34-53 percent of gross domestic product (GDP) in the past three decades and a surge in the saving rate by 11 percentage points from 2000-2008. Using data from the Flow of Funds Accounts (FFA)...
Persistent link: https://www.econbiz.de/10013130270
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Conflict, Evolution, Hegemony, and the Power of the State
Levine, David K. - 2013
inefficiently high taxes, high compensation for state officials, and low welfare …
Persistent link: https://www.econbiz.de/10013079202
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Redistributive Public Employment
Alesina, Alberto F.; Easterly, William; Baqir, Reza - 2021
Politicians may use disguised' redistributive policies in order to circumvent opposition to explicit tax-transfer schemes. First, we present a theoretical model that formalizes this hypothesis; then we provide evidence that in US cities, politicians use public employment as such a redistributive...
Persistent link: https://www.econbiz.de/10013224320
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Government Gains from Self-Restraint : A Bargaining Theory of Inefficient Redistribution
Drazen, Allan; Limão, Nuno - 2021
We present a bargaining model of the interaction between a government and interest groups in which, unlike most existing models, neither side is assumed to have all the bargaining power. The government finds it optimal to constrain itself in the use of transfer policies to improve its bargaining...
Persistent link: https://www.econbiz.de/10013229064
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Politics and Economics in Weak and Strong States
Acemoglu, Daron - 2021
regulate the economy and to withstand the political and social challenges from non-state actors. I construct a model in which … the state apparatus is controlled by a self-interested ruler, who tries to divert resources for his own consumption, but … who can also invest in socially productive public goods. Both weak and strong states create distortions. When the state is …
Persistent link: https://www.econbiz.de/10013231869
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Coping with Disasters : Two Centuries of International Official Lending
Horn, Sebastian; Reinhart, Carmen; Trebesch, Christoph - 2022
governments, central banks, and multilateral institutions in the period 1790-2015. Historically, wars have been the main catalyst …
Persistent link: https://www.econbiz.de/10013296621