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The Size and Timing of Devaluations in Capital-Controlled Developing Countries

Flood, Robert P.; Marion, Nancy Peregrim - 2021

A developing country often pegs its exchange rate to a single currency, such as the U.S. dollar, even though it faces a higher inflation rate than the country to which it is pegged. As a consequence, it experiences real exchange-rate misalignments and a series of easily-anticipated devaluations....

Persistent link: https://www.econbiz.de/10013219189

After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies

Hoff, Karla; Stiglitz, Joseph E. - 2021

When Russia launched mass privatization, it was widely believed that it would create a powerful constituency for the rule of law. That didn't happen. We present a dynamic equilibrium model of the political demand for the rule of law and show that beneficiaries of mass privatization may fail to...

Persistent link: https://www.econbiz.de/10013233844

The Creation of the Rule of Law and the Legitimacy of Property Rights : The Political and Economic Consequences of a Corrupt Privatization

Stiglitz, Joseph E.; Hoff, Karla - 2021

How does the lack of legitimacy of property rights affect the dynamics of the creation of the rule of law? We investigate the demand for the rule of law in post-Communist economies after privatization under the assumption that theft is possible, that those who have "stolen" assets cannot be...

Persistent link: https://www.econbiz.de/10013233892

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

Constitution or Conflict?

Grossman, Herschel I. - 2021

A self-enforcing constitution creates a political process that provides an alternative to civil conflict for resolving disputes among the constituent groups of the polity. This paper is concerned with discovering the conditions under which it is possible to design such a self-enforcing...

Persistent link: https://www.econbiz.de/10013228226

Living with the Trilemma Constraint : Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries

Aizenman, Joshua - 2013

This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...

Persistent link: https://www.econbiz.de/10013075864

Capital Flows, Foreign Direct Investment, and Debt-Equity Swaps in Developing Countries

Edwards, Sebastian - 2021

One of the nest serious consequences of the debt crisis of 1982 has been the reduction in the accessibility to the world capital market for most developing countries. This situation has proved to be particularly serious for Latin American nations. At this juncture, a key question is how to...

Persistent link: https://www.econbiz.de/10013218528

Trade Policy Making in a Model of Legislative Bargaining

Celik, Levent - 2011

In democracies, trade policy is the result of interactions among many agents with different agendas. In accordance with this observation, we construct a dynamic model of legislative trade policy-making in the realm of distributive politics. An economy consists of different sectors, each of which...

Persistent link: https://www.econbiz.de/10013121949

The Dynamics of Firm Lobbying

Kerr, William - 2014

We study the determinants of the dynamics of firm lobbying behavior using a panel data set covering 1998-2006. Our data … exhibit three striking facts: (i) few firms lobby, (ii) lobbying status is strongly associated with firm size, and (iii …) lobbying status is highly persistent over time. Estimating a model of a firm's decision to engage in lobbying, we find …

Persistent link: https://www.econbiz.de/10013067182

Coasean Bargaining to Address Environmental Externalities

Libecap, Gary D. - 2016

for the costs of political bargaining and lobbying that arise from implementing and administering government regulation …

Persistent link: https://www.econbiz.de/10013000533

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