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Politics and Economics in Weak and Strong States

Acemoglu, Daron - 2005

regulate the economy and to withstand the political and social challenges from non-state actors. I construct a model in which … the state apparatus is controlled by a self-interested ruler, who tries to divert resources for his own consumption, but … who can also invest in socially productive public goods. Both weak and strong states create distortions. When the state is …

Persistent link: https://www.econbiz.de/10012467409

The Anatomy of Cyber Risk

Jamilov, Rustam; Rey, Hélène; Tahoun, Ahmed - National Bureau of Economic Research - 2021

We construct novel text-based measures of firm-level cyber risk exposure based on quarterly earnings calls of 12,000+ firms from 85 countries over 20+ years. We categorize each cyber-related discussion into topics that capture sentiment, monetary loss, country names, etc. We document new facts...

Persistent link: https://www.econbiz.de/10012585390

Coping with Disasters : Two Centuries of International Official Lending

Horn, Sebastian - 2020

Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital flows, especially during disasters such as wars, financial crises and natural catastrophes. We assemble the first comprehensive long-run dataset of official...

Persistent link: https://www.econbiz.de/10012481537

Why Are Saving Rates so High in China?

Yang, Dennis Tao - 2011

In this paper, we define "The Chinese Saving Puzzle" as the persistently high national saving rate at 34-53 percent of gross domestic product (GDP) in the past three decades and a surge in the saving rate by 11 percentage points from 2000-2008. Using data from the Flow of Funds Accounts (FFA)...

Persistent link: https://www.econbiz.de/10012461886

The Direct Substitution Between Government and Private Consumption in East Asia

Kwan, Yum K. - 2006

We investigate empirically the extent to which government consumption substitutes for private consumption in nine East Asia countries. Panel cointegrating regression uncovers a significantly positive elasticity of substitution between government and private consumption, implying on average...

Persistent link: https://www.econbiz.de/10012466233

Government Gains from Self-Restraint : A Bargaining Theory of Inefficient Redistribution

Drazen, Allan - 2004

We present a bargaining model of the interaction between a government and interest groups in which, unlike most existing models, neither side is assumed to have all the bargaining power. The government finds it optimal to constrain itself in the use of transfer policies to improve its bargaining...

Persistent link: https://www.econbiz.de/10012468318

Redistributive Public Employment

Alesina, Alberto - 1998

Politicians may use disguised' redistributive policies in order to circumvent opposition to explicit tax-transfer schemes. First, we present a theoretical model that formalizes this hypothesis; then we provide evidence that in US cities, politicians use public employment as such a redistributive...

Persistent link: https://www.econbiz.de/10012472067

The Capital Structure of Nations

Bolton, Patrick - 2017

When a nation can finance its investments via foreign-currency denominated debt or domestic-currency claims, what is the optimal capital structure of the nation? Building on the functions of fiat money as both medium of exchange, and store of value like corporate equity, our model connects...

Persistent link: https://www.econbiz.de/10012455070

Investing in the Presence of Massive Flows : The Case of MSCI Country Reclassifications

Burnham, Terence C. - 2017

Almost $10 trillion is benchmarked to Morgan Stanley Capital International's Developed, Emerging, Frontier, and standalone market indexes. Reclassifications from one index to another require thousands of investors to decide how to react. We study a comprehensive sample of past reclassifications...

Persistent link: https://www.econbiz.de/10012455125

Like Me, Buy Me : The Effect of Soft Power on Exports

Rose, Andrew K. - 2015

In this paper I quantify a gain that a country receives when its global influence is considered to be admirable by others. I use a standard gravity model of bilateral exports, a panel of data from 2006 through 2013, and an annual survey conducted for the BBC by GlobeScan which asks people in up...

Persistent link: https://www.econbiz.de/10012457132