We analyze theoretically and empirically the impact of the shadow economy onentrepreneurial entry, utilising 1998-2005 individual-level Global Entrepreneurship Monitordata merged with macro level variables. A simple correlation coefficient suggests a positivelinear link between the size of the...

We explore the country-specific institutional characteristics likely to influence an individual’sdecision to become an entrepreneur. We focus on the size of the government, on freedomfrom corruption, and on ‘market freedom’ defined as a cluster of variables related toprotection of property...

In this paper we explore the relationship between the individual decision to become anentrepreneur and the institutional context. We pinpoint the critical roles of property rights andthe size of the state sector for entrepreneurial activity and test the relationships empirically bycombining...

In this paper we combine a wide range of country-level institutional indicators with surveydata taken from the Global Enterprise Monitor on potential and actual entrepreneurial entry,to investigate the role of the institutions as determinants of the entrepreneurial entry,controlling for...

This chapter develops a unified analytical framework, drawing on and extending the existing literatureon the subject, for studying the role of property rights in economic development. Itaddresses two fundamental and related questions concerning the relationship between propertyrights and...

In order to understand inefficient institutions, one needs to understand what mightcause the breakdown of a political version of the Coase Theorem. This paper considersan environment populated by ex-ante identical agents and develops a model of powerand distribution where institutions (the...

This article investigates economic performance when enforceable propertyrights are missing and basic needs matter for consumption. It suggests anew view of the so-called voracity eect according to which windfall gains inproductivity induce behavior that leads to lower economic growth. Takinginto...

This paper introduces wealth-dependent time preference into a simplemodel of endogenous growth. The model generates adjustment dynamics in linewith the historical facts on savings and economic growth in Europe from the HighMiddle Ages to today. Along a virtuous cycle of development more wealth...

This paper presents an account of the environment faced by entrepreneurs in Russia. Insection one we give a brief introduction to the country which is followed by theoverview of a public policy on small and medium enterprises in the next section. Thecurrent state of SMEs and some particularities...

We use a static framework characterized by both moral hazard and holdup problems. In the model the optimal allocation of bargaining power balances these frictions. We examine the impact of improved monitoring on that optimal allocation and its impact upon effort, investment, profits and rents....