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India's expansionary fiscal policy during the recent crisis resulted in higher government borrowing through 2008-09 and 2009-10. This borrowing requirement came in about 83% above the budget estimate in 2008-09, and 65% above the previous year in 2009-10. The debt-to-GDP ratio rose from 69%...
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notice function of patents. One can think of the mechanisms for providing that market information as “Transparency ….”To address transparency insufficiencies, one need not write on a blank slate. Rather, this article suggests borrowing from the …
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This paper considers a simple hidden action agency problem where the principal has hidden information concerning the agent's utility of cash flow or cash flow, the agent's effort productivity, or the agent's cost of effort. The question is whether the principal should precommit to disclosing...
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The paper empirically explores how more trade transparency affects market liquidity. The analysis takes advantage of a … unique setting in which the Shanghai Stock Exchange offered more trade transparency to market participants subscribing to a … more transparency need not improve market liquidity. Second, the paper finds a particularly strong immediate liquidity …
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Rising public debt everywhere has raised the question of how to reduce debt again in the future. High public debt also seems to be an impediment for the exit of central banks from ultra-low interest rates and quantitative easing. Historical precedents and proposals have included austerity,...
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