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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

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

Trade Policy with Heterogeneous Traders; Do Quotas Get a Bum Rap?

Krishna, Kala; Tan, Ling Hui - International Monetary Fund (IMF) - 2007

This paper considers the effects of trade policy-tariffs and quotas-when importing is done by competitive traders who are identical ex ante but differ ex post. We show that the standard equivalence results no longer hold and the conventional ranking of tariffs and quotas is turned on its head:...

Persistent link: https://www.econbiz.de/10005248181

Will a Regional Bloc Enlarge?

Albertin, Giorgia - International Monetary Fund (IMF) - 2007

This paper investigates whether a regional bloc would enlarge or remain stagnant in size using a model where enlargement is the endogenous outcome of the interaction between the supply of and demand for membership. We show that a maximum size of the bloc exists beyond which the regional...

Persistent link: https://www.econbiz.de/10005263932

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

Bank Competition and Financial Stability; A General Equilibrium Exposition

Lucchetta, Marcella; Nicoló, Gianni De - International Monetary Fund (IMF) - 2011

the lowest feasible level of bank risk. Conversely, if the intermediation technology exhibits constant returns to scale …

Persistent link: https://www.econbiz.de/10009401196

Trade Liberalization and Wage Inequality; Evidence From India

Mishra, Prachi; Kumar, Utsav - International Monetary Fund (IMF) - 2005

We evaluate empirically the impact of the dramatic 1991 trade liberalization in India on the industry wage structure. The empirical strategy uses variation in industry wage premiums and trade policy across industries and over time. In contrast to earlier studies on developing countries, we find...

Persistent link: https://www.econbiz.de/10005825907

Bank Efficiency and Competition in Low-Income Countries; The Case of Uganda

Hauner, David; Peiris, Shanaka J. - International Monetary Fund (IMF) - 2005

There is a concern that the state-dominated, inefficient, and fragile banking systems in many low-income countries, especially in sub-Saharan Africa, are a major hindrance to economic growth. This paper systematically analyzes the impact of the far-reaching banking sector reforms undertaken in...

Persistent link: https://www.econbiz.de/10005826275

Competition in the Financial Sector; Overview of Competition Policies

Claessens, Stijn - International Monetary Fund (IMF) - 2009

As in other sectors, competition in finance matters for allocative, productive and dynamic efficiency. Theory suggests …

Persistent link: https://www.econbiz.de/10005826668

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