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The global surge in independent fiscal councils (IFCs) raises three related questions: How can IFCs improve the conduct of fiscal policy? Are they simultaneously desirable for voters and elected policymakers? And are they resilient to changes in political conditions? We build a model in which...
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I consider the role of firm transparency in shaping its capital structure. In a costly-state-verification model, the … optimally choose zero leverage and finance themselves with equity. If firms can increase their transparency at a cost – say by …
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provide guidance for improving transparency while maintaining trader confidentiality. In addition, we analyze liquidity in the …
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