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The author examines the impact of incomplete risk-sharing on growth and welfare. The source of market incompleteness in the economy is private information: a household's idiosyncratic productivity shock is not observable by others. Risk-sharing between households occurs through long-term...
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. Our hypothesis is that inadequate contract enforcement has hindered investment and, in consequence, indirectly has had a … measure the quality of contract enforcement. We then introduce one measure that has the advantages of being measurable into … the past and not depending on subjective judgments; namely, the “contract intensive money” (CIM) indicator proposed by …
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one of such policies, i.e. the network contract. Network Contracts are an innovative policy introduced in Italy with Law 9 … April 2009, N. 33. This policy fosters the creation of firm aggregations with an ad hoc contract, without resorting on … mergers. Network contracts are meant to increase economic efficiency for all firms involved in the contract. The paper employs …
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