Narrow search
Showing 1 - 10 of 649
Cover Image
Democracy and Reforms: Evidence from a New Dataset
Giuliano, Paola; Spilimbergo, Antonio; Mishra, Prachi - National Bureau of Economic Research (NBER) - 2012
Empirical evidence on the relationship between democracy and economic reforms is limited to few reforms, countries, and periods. This paper studies the effect of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital and banking sectors, product...
Persistent link: https://www.econbiz.de/10010951233
Cover Image
Assessing China's Top-Down Securities Markets
Allen, William T.; Shen, Han - National Bureau of Economic Research (NBER) - 2011
China's securities markets are unlike those of Amsterdam, London or New York. Those markets evolved over centuries from myriad interactions among those seeking finance on the one hand and savers seeking rewarding investments on the other. Such spontaneous securities markets did emerge throughout...
Persistent link: https://www.econbiz.de/10008805027
Cover Image
Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences
Nelson, Edward; McCallum, Bennett T. - National Bureau of Economic Research (NBER) - 2006
The fiscal theory of the price level (FTPL) has attracted much attention but disagreement remains concerning its defining characteristics. Some writers have emphasized implications regarding interest-rate pegging and determinacy of RE solutions, whereas others have stressed its capacity to...
Persistent link: https://www.econbiz.de/10005084751
Cover Image
Optimal Asset Taxes in Financial Markets with Aggregate Uncertainty
Scheuer, Florian - National Bureau of Economic Research (NBER) - 2012
This paper studies Pareto-optimal risk-sharing arrangements in a private information economy with aggregate uncertainty and ex ante heterogeneous agents. I show how to implement Pareto-optima as equilibria when agents can trade claims to consumption contingent on aggregate shocks in financial...
Persistent link: https://www.econbiz.de/10009652853
Cover Image
Entrepreneurial Taxation with Endogenous Entry
Scheuer, Florian - National Bureau of Economic Research (NBER) - 2013
This paper analyzes Pareto optimal non-linear taxation of profits and labor income in a private information economy with endogenous firm formation. Individuals differ in both their skill and their cost of setting up a firm, and choose between becoming workers and entrepreneurs. I show that a tax...
Persistent link: https://www.econbiz.de/10010785586
Cover Image
Optimal Taxation with Rent-Seeking
Rothschild, Casey; Scheuer, Florian - National Bureau of Economic Research (NBER) - 2011
Recent policy proposals have suggested taxing top incomes at very high rates on the grounds that some or all of the highest wage earners are engaged in socially unproductive or counterproductive activities, such as externality imposing speculation in the financial sector. To address this, we...
Persistent link: https://www.econbiz.de/10009019685
Cover Image
Asiaphoria Meets Regression to the Mean
Pritchett, Lant; Summers, Lawrence H. - National Bureau of Economic Research (NBER) - 2014
substantially shift towards Asia and especially towards the Asian Giants, China and India. While such forecasts may pan out, there … are substantial reasons that China and India may grow much less rapidly than is currently anticipated. Most importantly …
Persistent link: https://www.econbiz.de/10010950844
Cover Image
India's Patterns of Development: What Happened, What Follows
Kochhar, Kalpana; Rajan, Raghuram G.; Subramanian, Arvind; … - National Bureau of Economic Research (NBER) - 2006
India seems to have followed an idiosyncratic pattern of development, certainly compared to other fast-growing Asian … economies. While the emphasis on services rather than manufacturing has been widely noted, within manufacturing India has … they stem from the idiosyncratic policies adopted soon after India's independence. We then look to the future, using the …
Persistent link: https://www.econbiz.de/10005030905
Cover Image
Business Groups and the Big Push: Meiji Japan's Mass Privatization and Subsequent Growth
Morck, Randall; Nakamura, Masao - National Bureau of Economic Research (NBER) - 2007
Rosenstein-Rodan (1943) and others posit that rapid development requires a 'big push' -- the coordinated rapid growth of diverse complementary industries, and suggests a role for government in providing such coordination. We argue that Japan's zaibatsu, or pyramidal business groups, provided...
Persistent link: https://www.econbiz.de/10005579952
Cover Image
Market Distortions when Agents are Better Informed: The Value of Information in Real Estate Transactions
Levitt, Steven; Syverson, Chad - National Bureau of Economic Research (NBER) - 2005
Agents are often better informed than the clients who hire them and may exploit this informational advantage. Real-estate agents, who know much more about the housing market than the typical homeowner, are one example. Because real estate agents receive only a small share of the incremental...
Persistent link: https://www.econbiz.de/10005088960