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We develop a framework that examines the organizational challenges faced by central rulers governing large territories, where administrative power needs to be delegated to local elites. We describe how economic change can motivate rulers to empower different elites and emphasize the interaction...
Persistent link: https://www.econbiz.de/10014576570
of centralization stressed in the existing literature disappear, suggesting that the case for decentralization must be … driven by political economy considerations. Our political economy analysis assumes that under decentralization public goods …
Persistent link: https://www.econbiz.de/10012471712
should behave as if they have less risk aversion than the institution as a whole. In fact, a given manager should be more … risk averse the greater the value of his portfolio. Finally, we note that the efficiency concept employed in this paper is … efficient decentralization of investment decisions permits the institution to economize on the information which must be passed …
Persistent link: https://www.econbiz.de/10012478396
The paper provides a theoretical framework for analyzing policy formation among independent authorities operating in an interdependent environment. This is then applied to the analysis of optimal monetary policy in a stochastic two-country model with rational expectations. The main conclusions...
Persistent link: https://www.econbiz.de/10012478604
The paper studies asset pricing in informationally decentralized markets. These markets have two key frictions: trading is decentralized (bilateral), and some agents have private information. We analyze how uninformed agents acquire information over time from their bilateral trades. In...
Persistent link: https://www.econbiz.de/10012463136
between the federal and state governments in such a scheme of partial decentralization. Our model suggests that the …
Persistent link: https://www.econbiz.de/10012465415
response. In this paper, we explore the effect that competition for residents induced by fiscal decentralization has on 'waste … an additional advantage of fiscal decentralization …
Persistent link: https://www.econbiz.de/10012470537
We revisit the classic problem of tax competition in the context of federal nations, and derive a positive theory of … partial decentralization. A capital poor median voter wants to use capital taxes to provide public goods. This results in …. Decentralization provides such a commitment: local governments avoid using capital taxes due to the pressure of tax competition. We …
Persistent link: https://www.econbiz.de/10011986893
The purpose of this paper is to study why decentralized economies often fail to achieve national objective in the presence of externalities. The paper employs a two-period, open economy framework in which the central government allocates its tax revenues among a larger number of individual...
Persistent link: https://www.econbiz.de/10012475365
for the complementarity of performance pay and decentralization of decision-making from principals to employees … employees, as opposed to a general movement towards more decentralization throughout the organization. Finally, we find that …
Persistent link: https://www.econbiz.de/10012457821