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Despite the extensive international experience with the assignments of revenue sources to different levels of government, the public finance literature still lacks a general theory of revenue assignments. Two sets of arguments have been separately developed in the literature to explain and guide...
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Contract enforcement and institutional stability play an important role in determining the level and maturity of … international debt. Contract enforcement is modeled as a fixed cost that investors incur to obtain the contracted, gross returns on … international investments. Institutional stability is modeled as the probability that the same contract enforcement cost will …
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