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Free-Riding or Internalizing? An Opportunistic View on Decentralization versus Centralization
Fiorillo, Fabio - 2011
comparing decentralized and centralized system. As in the recent Second Generation Theory (SGT) of fiscal federalism (Seabright … production cost of the public good in each region, a different trade-off - from the traditional and new theory of fiscal …
Persistent link: https://www.econbiz.de/10013130419
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Electoral cycles in macroprudential regulation
Müller, Karsten - 2019
Do politics matter for macroprudential policy? I show that changes to macroprudential regulation exhibit a predictable …
Persistent link: https://www.econbiz.de/10012135983
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Banking behaviour and political business cycle in Africa : the role of independent regulatory policies of the central bank
Ofori-Sasu, Daniel; Agbloyor, Elikplimi Komla; Nsafoah, … - 2024
This study examines the effect of regulatory independence of the central bank in shaping the impact of electoral cycles on bank lending behaviour in Africa. It employs the dynamic system Generalized Method of Moments (SGMM) Two-Step estimator for a panel dataset of 54 African countries over the...
Persistent link: https://www.econbiz.de/10014514254
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The European Central Bank and EU procurement law : a comparative outlook
Lindeiner, Fabian von; Bitti, Giuseppe; Hermans, Michelle - 2019
summarises public procurement rules of other EU institutions, namely, the Financial Regulation and the procurement guide of the …Procurement law is rising in importance year after year. According to the European Commission, public procurement now … accounts for over 14% of the EU's gross domestic product. Also at the ECB, spending through procurement is growing, and the …
Persistent link: https://www.econbiz.de/10012026205
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The political economy of a managed float : special interests, monetary authorities, and regime choice
Lim, Jamus Jerome - 2010
With heterogeneous productivity and sticky prices in the short run, exchange rate changes can generate real effects on agents in the economy; the result is that the currency regime becomes a policy variable amenable to political competition. This paper discusses how special interests and...
Persistent link: https://www.econbiz.de/10008698375
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How should large and small countries be represented in a currency union?
Berger, Helge; Müller, Till - 2004
The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...
Persistent link: https://www.econbiz.de/10009303502
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One country, one vote? : labor market structure and voting rights in the ECB
Berger, Helge; Hefeker, Carsten - 2004
The pending enlargement of the European Monetary Union (EMU) has brought to the fore the discussion of the voting right distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary consequences of wage setting, deviating from a...
Persistent link: https://www.econbiz.de/10009303509
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Vote buying or (political) business (cycles) as usual?
Aidt, Toke; Asatryan, Zareh; Badalyan, Lusine; … - 2015
We study the short-run effect of elections on monetary aggregates in a sample of 85 low and middle income democracies (1975 - 2009). We find an increase in the growth rate of M1 during election months of about one tenth of a standard deviation. A similar effect can neither be detected in...
Persistent link: https://www.econbiz.de/10011342347
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Vote buying or (political) business (cycles) as usual?
Aidt, Toke; Asatryan, Zareh; Badalyan, Lusine; … - 2015
We provide new evidence on the short-run effect of elections on monetary aggregates. We study month-to-month fluctuations in the growth rate of M1 in a sample of 85 low and middle income democracies from 1975 to 2009. The evidence shows an increase in the growth rate of M1 during election months...
Persistent link: https://www.econbiz.de/10010491768
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Goal-Independent Central Banks : Why Politicians Decide to Delegate
Crowe, Christopher - 2007
A motivation for central bank independence (CBI) is that policy delegation helps politicians manage diverse coalitions. This paper develops a model of coalition formation that predicts when delegation will occur. An analysis of policy preferences survey data and CBI indicators supports the...
Persistent link: https://www.econbiz.de/10012777903