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What is Wrong with Moral Hazard and Adverse Selection Problems in the Conventional Economic Theory

Lemennicier, Bertrand - International Centre for Economic Research (ICER) - 2014

The purpose of this paper is to challenge the conventional theory of moral hazard and adverse selection. Moral hazard … and adverse selection problems in contemporary economic theory are plagued with four major aws: 1) the alleged … Rothschild and Stiglitz's theory and their followers based on additive or non additive expected utility associated with the …

Persistent link: https://www.econbiz.de/10010941789

Optimal funding and asset allocation rules for defined-benefit pension plans

Harrison, J. Michael; Sharpe, William F. - In: Financial aspects of the United States pension system, (pp. 91-105). 1983

Persistent link: https://www.econbiz.de/10002653682

Macroeconomic Implications of Financial Dollarization; The Case of Uruguay

Gelos, Gaston; Mejía, Alejandro López; Piñón-Farah, … - International Monetary Fund (IMF) - 2008

Uruguay has experienced a remarkable recovery since the 2002 crisis, supported by sound policies and favorable external conditions. With the framework put in place in 2002, Uruguay abandoned an exchange rate peg in favor of a free float, adoped a monetary regime initially based on money targets,...

Persistent link: https://www.econbiz.de/10011245904

A New Theory of Capitalism: Key Moments and General Logic

Zheleznyak, Anatoliy - Volkswirtschaftliche Fakultät, … - 2013

A new theory of capitalism is suggested. Its key moments and general logic are presented. This theory is based on the …

Persistent link: https://www.econbiz.de/10011259286

Does Sequencing of Privatization Matter in Reforming Planned Economies?

Husain, Aasim M.; Sahay, Ratna - International Monetary Fund (IMF) - 1992

Although a centerpiece of the reform process in Central and Eastern Europe, large-scale privatization cannot be undertaken all at once and policymakers inevitably face the choice of privatizing some sectors before others. This paper analyzes the allocative efficiency implications of alternate...

Persistent link: https://www.econbiz.de/10005264168

Denmark; Selected Issues

International Monetary Fund (IMF); International … - 2004

This Selected Issues paper on Denmark underlies estimates of inefficiencies in the goods and labor markets. The IMFâ€™s new macroeconomic model, the global economic model (GEM), has been used to provide estimates of the impact of successfully implementing the European Councilâ€™s...

Persistent link: https://www.econbiz.de/10005768530

Impact of Structural Reformson Productivity Growth in Industrial Countries

Salgado, Ranil - International Monetary Fund (IMF) - 2002

This paper investigates the impact of structural reforms on productivity growth. A panel analysis of 20 OECD countries finds that the impact of structural reforms on productivity growth may be weak or negative in the short run, possibly due to adjustment costs and the need for firms to learn how...

Persistent link: https://www.econbiz.de/10005768737

Domestic Competition, Cyclical Fluctuations, and Long-Run Growth in Hong Kong Sar

Zitzewitz, Eric - International Monetary Fund (IMF) - 2000

This paper provides an empirical assessment of the degree of competition in Hong Kong SAR using industry-level data. Although due to data limitations only approximate measures of competitiveness can be estimated, the results do suggest that Hong Kong SAR is as competitive as a typical OECD...

Persistent link: https://www.econbiz.de/10005769040

Auction Quotas with a Foreign Duopoly

Tan, Ling Hui - International Monetary Fund (IMF) - 2000

This paper uses a partial equilibrium framework to compare the welfare consequences of different methods of quota administration relative to free trade under imperfect competition. It shows that a country importing a good from foreign duopolists may improve its welfare by setting a quota at the...

Persistent link: https://www.econbiz.de/10005605015

International Trade in Manufactured Products; A Ricardo-Heckscher-Ohlin Explanation with Monopolistic Competition

Choudhri, Ehsan U.; Hakura, Dalia - International Monetary Fund (IMF) - 2001

A large data set on trade in manufactured products is used to evaluate the performance of a model that combines both the Ricardian and Heckscher-Ohlin effects and incorporates monopolistic competition. The paper estimates a relation implied by the model to explain relative sectoral exports of...

Persistent link: https://www.econbiz.de/10005605158

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