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Constitutional scholars emphasize the importance of an enduring, stable constitutional order. North and Weingast (1989) argue that it consistent with credible commitments to sustainable fiscal policies. However, this view is controversial and has received little empirical study. We use...
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Conventional monetary theory suggests that a closed system banking regime may lead to in-concert overexpansions of circulation by its banks. However, Selgin (2001, 2010) argues that this is unlikely as long as there are enough banks to ensure (i) routine interbank settlement and (ii) no...
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