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During the 1840s, twelve American states adopted new constitutions. Eleven of the twelve states adopted new procedures for issuing government debt and for chartering corporations through general incorporation acts. These institutional innovations were American inventions, and today hard budget...
Persistent link: https://www.econbiz.de/10013218542
Hayek (1960) distinguishes the institutions of English freedom, which guarantee the independence of judges from political interference in the administration of justice, from those of American freedom, which allow judges to restrain law-making powers of the sovereign through constitutional...
Persistent link: https://www.econbiz.de/10013224310
electoral rules and forms of government for fiscal policy and rent extraction, even when non-random constitution selection is …
Persistent link: https://www.econbiz.de/10013233041
The monetary powers embedded in the U.S. Constitution were revolutionary and led to a watershed transformation in the …
Persistent link: https://www.econbiz.de/10013240577
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
A self-enforcing constitution creates a political process that provides an alternative to civil conflict for resolving … possible to design such a self-enforcing constitution. The paper is also concerned with discovering generic features of a self …-enforcing constitution. The analysis yields the following theoretical propositions: If and only if (1) none of the parties to a dispute …
Persistent link: https://www.econbiz.de/10013228226
Following its opening to trade and foreign investment in the mid-1980s, Mexico's economic growth has been modest at … that the relation between openness and growth is not a simple one. Using standard trade theory, we find that Mexico has … continuing reforms, Chinese growth is likely to slow down sharply, perhaps leaving China at a level less than Mexico's real GDP …
Persistent link: https://www.econbiz.de/10013135399
stress in Mexico and this retards the growth of skills of its workforce. (2) The informal sector is large, mostly due to the …
Persistent link: https://www.econbiz.de/10013135761
illustrative example, I estimate that migration from Mexico to the United States raises global income by an amount equivalent to …
Persistent link: https://www.econbiz.de/10013137010
Over the last three decades, Mexico has aggressively reformed its economy, opening to foreign trade and investment … been lackluster, trailing that of many other developing nations. In this paper, I review arguments for why Mexico hasn …. These are factors internal to Mexico. One possible external factor is that the country has the bad luck of exporting goods …
Persistent link: https://www.econbiz.de/10013137012