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credit enforcement is prohibitively costly. The theory helps to explain how the three observed phenomena of output decline …
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Since the fall of communism, the former Soviet Union experienced a strong output decline and a dramatic increase in arrears and barter. We develop a model which explains how these three phenomena are connected. We introduce liquidity and credit constraints into a model of disorganization and...
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credit enforcement is prohibitively costly. The theory helps to explain how the three observed phenomena of output decline …
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countries will negotiate treaties with higher tax rates. This theory is then tested using 1997 data from U.S. bilateral tax …
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