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Optimal Resource Extraction Contracts Under Threat of Expropriation

Engel, Eduardo - 2008

The government contracts with a foreign firm to extract a natural resource that requires an upfront investment and which faces price uncertainty. In states where profits are high, there is a likelihood of expropriation, which generates a social cost that increases with the expropriated value. In...

Persistent link: https://www.econbiz.de/10012464906

Mining and Quasi-Option Value

Costello, Christopher - 2015

damage. As expected, when the environmental damage from mining is known, the socially optimal timing will depend on the … mining until better information arrives. We show conditions under which it is optimal to postpone the mining decision … marginal mine owner is completely indifferent between mining immediately and at any point in the future. Thus, for our problem …

Persistent link: https://www.econbiz.de/10012457342

The Future of EMU : What Does the History of Monetary Unions Tell Us?

Bordo, Michael D. - 1999

monetary unions intact. Our main lesson from the history of monetary unions is that political factors will be the central …

Persistent link: https://www.econbiz.de/10012471419

Suppressing Asset Price Inflation : The Confederate Experience, 1861-1865

Weidenmier, Marc D. - 2002

Confederate monetary reforms encouraged holders of Treasury notes to exchange these notes for bonds by imposing deadlines on their convertibility. We show that Confederate funding acts aimed at precipitating the conversion of currency into bonds did temporarily suppress currency depreciation....

Persistent link: https://www.econbiz.de/10012469479

Why Not Taxation and Representation? A Note on the American Revolution

Galiani, Sebastian - 2016

Why did the most prosperous colonies in the British Empire mount a rebellion? Even more puzzling, why didn't the British agree to have American representation in Parliament and quickly settle the dispute peacefully? At first glance, it would appear that a deal could have been reached to share...

Persistent link: https://www.econbiz.de/10012455956

The Paradox of Civilization : Pre-Institutional Sources of Security and Prosperity

Dal Bó, Ernesto - 2015

The rise of civilizations involved the dual emergence of economies that could produce surplus ("prosperity") and states that could protect surplus ("security"). But the joint achievement of security and prosperity had to escape a paradox: prosperity attracts predation, and higher insecurity...

Persistent link: https://www.econbiz.de/10012456842

Corporate Governance and the Development of Manufacturing Enterprises in Nineteenth-Century Massachusetts

Hilt, Eric - 2014

This paper analyzes the use of the corporate form among nineteenth-century manufacturing firms in Massachusetts, from newly collected data from 1875. An analysis of incorporation rates across industries reveals that corporations were formed at higher rates among industries in which firm size was...

Persistent link: https://www.econbiz.de/10012458569

Acquisitions, Productivity, and Profitability : Evidence from the Japanese Cotton Spinning Industry

Braguinsky, Serguey - 2014

We explore how changes in ownership and managerial control affect the productivity and profitability of producers. Using detailed operational, financial, and ownership data from the Japanese cotton spinning industry at the turn of the last century, we find a more nuanced picture than the...

Persistent link: https://www.econbiz.de/10012458762

What is European Integration Really About? A Political Guide for Economists

Spolaore, Enrico - 2013

Europe's monetary union is part of a broader process of integration that started in the aftermath of World War II. In this "political guide for economists" we look at the creation of the euro within the bigger picture of European integration. How and why were European institutions established?...

Persistent link: https://www.econbiz.de/10012459539

The European Crisis in the Context of the History of Previous Financial Crises

Bordo, Michael D. - 2013

There are some striking similarities between the pre 1914 gold standard and EMU today. Both arrangements are based on fixed exchange rates, monetary and fiscal orthodoxy. Each regime gave easy access by financially underdeveloped peripheral countries to capital from the core countries. But the...

Persistent link: https://www.econbiz.de/10012459549