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Two prominent features of globalization in recent decades are the remarkable increase in trade and in migratory flows …
Persistent link: https://www.econbiz.de/10012465008
financial globalization. Poor governance has implications for corporate finance as well as for macroeconomics. I show that poor …
Persistent link: https://www.econbiz.de/10012466759
We identify the causal effect of trade-integration with China and Eastern Europe on voting in Germany from 1987 to 2009. Looking at the entire political spectrum, we find that only extreme-right parties respond significantly to trade integration. Their vote share increases with import...
Persistent link: https://www.econbiz.de/10012456858
The monetary powers embedded in the U.S. Constitution were revolutionary and led to a watershed transformation in the …
Persistent link: https://www.econbiz.de/10012466888
During the 1840s, twelve American states adopted new constitutions. Eleven of the twelve states adopted new procedures for issuing government debt and for chartering corporations through general incorporation acts. These institutional innovations were American inventions, and today hard budget...
Persistent link: https://www.econbiz.de/10012468242
electoral rules and forms of government for fiscal policy and rent extraction, even when non-random constitution selection is …
Persistent link: https://www.econbiz.de/10012468524
Hayek (1960) distinguishes the institutions of English freedom, which guarantee the independence of judges from political interference in the administration of justice, from those of American freedom, which allow judges to restrain law-making powers of the sovereign through constitutional...
Persistent link: https://www.econbiz.de/10012469956
A self-enforcing constitution creates a political process that provides an alternative to civil conflict for resolving … possible to design such a self-enforcing constitution. The paper is also concerned with discovering generic features of a self …-enforcing constitution. The analysis yields the following theoretical propositions: If and only if (1) none of the parties to a dispute …
Persistent link: https://www.econbiz.de/10012469982
We propose a framework to explain why some societies may end up with different constitutional solutions to the problem of maintaining order in the face of self-interested behavior. Though the salient intellectual tradition since Hobbes has focused on how institutional design is used to eradicate...
Persistent link: https://www.econbiz.de/10014322888
In this essay I review the new book by Torsten Persson and Guido Tabellini, The Economic Effects of Constitutions, which investigates the policy and economic consequences of different forms of government and electoral rules. I also take advantage of this opportunity to discuss the advantages and...
Persistent link: https://www.econbiz.de/10012467450