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A Tale of Politically-Failing Single-Currency Area
Razin, Assaf - 2012
The global financial crisis which erupted in the United States instantaneously swept across Europe. Like the United States, the European Monetary Union (EMU) was ripe for a crash. It had its own real estate bubble, specifically in Ireland and Spain, indulged in excessive deficit spending,...
Persistent link: https://www.econbiz.de/10012460307
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Do Debt Flows Crowd Out Equity Flows Or the Other Way Round?
Razin, Assaf - 2000
In the presence of asymmetric information, the stage at which financing decisions are made about investment projects in a small open economy is crucial for the composition of international capital inflows as well as for the efficiency of channeling savings into investment. This paper compares...
Persistent link: https://www.econbiz.de/10012471014
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Excessive FDI Flows Under Asymmetric Information
Razin, Assaf - 1999
In Razin, Sadka and Yuen (1998, 1999a), we explored the policy implications of the home-bias in international portfolio investment as a result of asymmetric information problems in which domestic savers, being 'close' to the domestic market, have an informational advantage over foreign portfolio...
Persistent link: https://www.econbiz.de/10012471385
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Reconsidering Contractual Liability and the Incentive to Reveal Information
Bebchuk, Lucian Arye - 1999
In an earlier work, we analyzed how the legal rules governing contractual liability affect the transfer of information between the parties to the contract. In particular, we showed how limitations on contractual liability might lead high valuation buyers to reveal their valuation of performance,...
Persistent link: https://www.econbiz.de/10012471688
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Any Non-Individualistic Social Welfare Function Violates the Pareto Principle
Kaplow, Louis - 1999
The public at large, many policymakers, and some economists hold views of social welfare that attach some importance to factors other than individuals' utilities. This note shows that any such non-individualistic notion of social welfare conflicts with the Pareto principle
Persistent link: https://www.econbiz.de/10012471750
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Unskilled Migration : A Burden or a Boon for the Welfare State
Razin, Assaf - 1999
In a static setup, migration of unskilled labor may be resisted by the entire native-born population because, being relatively low earners, migrants are net beneficiaries of the fiscal system. However, the paper shows that with a pay-as-you-go pension, an important pillar of the welfare state,...
Persistent link: https://www.econbiz.de/10012471787
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The Economic Theory of Public Enforcement of Law
Polinsky, A. Mitchell - 1999
This article surveys the theory of the public enforcement of law -- the use of public agents (inspectors, tax auditors …, police, prosecutors) to detect and to sanction violators of legal rules. We first present the basic elements of the theory … examine a variety of extensions of the central theory, concerning accidental harms, costs of imposing fines, errors, general …
Persistent link: https://www.econbiz.de/10012471807
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Economic Analysis of Law
Kaplow, Louis - 1999
This is a survey of the field of economic analysis of law, focusing on the work of economists. The survey covers the three central areas of civil law liability for accidents (tort law), property law, and contracts as well as the litigation process and public enforcement of law
Persistent link: https://www.econbiz.de/10012471847
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Rewards versus Intellectual Property Rights
Shavell, Steven - 1999
This paper compares reward systems to intellectual property rights (patents and copyrights). Under a reward system, innovators are paid for innovations directly by government (possibly on the basis of sales), and innovations pass immediately into the public domain. Thus, reward systems engender...
Persistent link: https://www.econbiz.de/10012471851
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The Limited Viability of Dual Exchange-Rate Regimes
Frenkel, Jacob A. - 1986
This paper examines the viability of dual exchange-rate regimes. Typically, under such a regime the exchange rates applicable to current-account(commercial) transactions and to capital-account (financial) transactions differ from each other. This difference may be determined in the free market...
Persistent link: https://www.econbiz.de/10012477173