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Inflating Away the Public Debt? An Empirical Assessment
Hilscher, Jens; Reis, Ricardo; Raviv, Alon - National Bureau of Economic Research (NBER) - 2014
-expected inflation can lower the real value of outstanding government debt. Looking forward, we derive a formula for the debt burden that …-adjusted probability distributions for inflation at different horizons. The estimates suggest that it is unlikely that inflation will lower … the US fiscal burden significantly, and that the effect of higher inflation is modest for plausible counterfactuals. If …
Persistent link: https://www.econbiz.de/10010821740
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Evaluating Conditions in Major Chinese Housing Markets
Gyourko, Joseph; Deng, Yongheng; Wu, Jing - National Bureau of Economic Research (NBER) - 2010
High and rising prices in Chinese housing markets have attracted global attention, as well as the interest of the Chinese government and its regulators. Housing markets look very risky based on the stylized facts we document. Price-to-rent ratios in Beijing and seven other large markets across...
Persistent link: https://www.econbiz.de/10008631072
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Land Reform and Sex Selection in China
Li, Hongbin; Almond, Douglas; Zhang, Shuang - National Bureau of Economic Research (NBER) - 2013
Following the death of Mao in 1976, abandonment of collective farming lifted millions from poverty and heralded sweeping pro-market policies. How did China's excess in male births respond to rural land reform? In newly-available data from over 1,000 counties, a second child following a daughter...
Persistent link: https://www.econbiz.de/10010950798
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Incentives and Outcomes: China's Environmental Policy
Deng, Yongheng; Morck, Randall; Wu, Jing; Huang, Jun; … - National Bureau of Economic Research (NBER) - 2013
In generating fast economic growth, China is also generating growing concern about its environmental record. Using 2000-2009 data, we find that, while spending on environmental infrastructure has visible positive environmental impact, city spending is strongly tilted towards transportation...
Persistent link: https://www.econbiz.de/10010950924
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"Loans for Shares" Revisited
Treisman, Daniel - National Bureau of Economic Research (NBER) - 2010
The "loans for shares" scheme of 1995-6--in which a handful of well-connected businessmen bought stakes in major Russian companies--is widely considered a scandal that slowed subsequent Russian economic growth. Fifteen years later, I reexamine the details of the program. In light of evidence...
Persistent link: https://www.econbiz.de/10008601668
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Institutional Adaptability and Economic Development: The Property Rights Revolution in Britain, 1700 to 1830
Richardson, Gary; Bogart, Dan - National Bureau of Economic Research (NBER) - 2008
Adaptable property-rights institutions, we argue, foster economic development. The British example illustrates this point. Around 1700, Parliament established a forum where rights to land and resources could be reorganized. This venue enabled landholders and communities to take advantage of...
Persistent link: https://www.econbiz.de/10005720679
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Federal Institutions and the Democratic Transition: Learning from South Africa
Inman, Robert P.; Rubinfeld, Daniel L. - National Bureau of Economic Research (NBER) - 2008
We present a model of a peaceful transition from autocracy to democracy using federal governance as a constitutional means to protect the economic interests of the once ruling elite. Under "democratic federalism" the constitution creates an annual policy game where the new majority and the elite...
Persistent link: https://www.econbiz.de/10005575696
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After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies
Hoff, Karla; Stiglitz, Joseph E. - National Bureau of Economic Research (NBER) - 2002
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/10005580346
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Property Rights and Parliament in Industrializing Britain
Bogart, Daniel; Richardson, Gary - National Bureau of Economic Research (NBER) - 2010
During Britain's industrialization, Parliament operated a forum where rights to land and resources could be reorganized. This venue enabled landholders and communities to exploit economic opportunities that could not be accommodated by the inflexible rights regime inherited from the past. In...
Persistent link: https://www.econbiz.de/10008610965
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Estate Acts, 1600 to 1830: A New Source for British History
Bogart, Dan; Richardson, Gary - National Bureau of Economic Research (NBER) - 2008
A new database demonstrates that between 1600 and 1830, Parliament passed thousands of acts restructuring rights to real and equitable estates. These estate acts enabled individuals and families to sell, mortgage, lease, exchange, and improve land previously bound by landholding and inheritance...
Persistent link: https://www.econbiz.de/10005722975