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A Portfolio Approach to a Cross-Sectoral and Cross-National Investment Strategy in Transition Economies
Buiter, Willem Hendrik; Rey, Helene; Lago, Ricardo - National Bureau of Economic Research (NBER) - 1997
This paper takes a systematic look at the portfolio choice problem faced by Investment Banks or Funds investing in transition economies. We relate the performance of projects in the transition economies to the broader macroeconomic and international environment, which affect the project through...
Persistent link: https://www.econbiz.de/10005718049
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Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market
Deng, Yongheng; Morck, Randall; Wu, Jing; Yeung, Bernard - National Bureau of Economic Research (NBER) - 2011
In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land...
Persistent link: https://www.econbiz.de/10008869238
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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 … Africa's transition from white, elite rule under apartheid to a multi-racial democracy. We calibrate our model to the South … preferences and rate of time preference ('impatience') of the new majority during the early years of the new democracy. The future …
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