This paper deals with a Niskanen type of public-procurement agency. We show that the procurement game should be separated into an investment game and a project game, the first game to be played before nature determines the actual realizations of benefit and costs of the project, the second game...

There is increasing recognition that corruption has substantial, adverse effects on economic growth. But if the costs of corruption are so high, why don't countries strive to improve their institutions and root out corruption? Why do many countries appear to be stuck in vicious circles of...

This research is devoted to political and economic aspects of closed democracy institutions afoot. The book describes basic approaches to contrastive analysis in this field, typical problems that cause deviations in democratic institutional system’s development and major conditions and ways to...

Mediante la exploración de 83 investigaciones teóricas y empíricas publicadas en países de Latinoamérica durante el siglo xxi, este trabajo pretende 2 objetivos principales. Primero, examinar la multidimensionalidad y las características fundamentales de las variables de clima...

Regulatory complexity and bureaucracy inefficiencies increase the time needed and the cost of starting a business and therefore reduce the competitiveness of a country. Since the early 1990s Italy, in the same way as other developed countries, has tried to introduce some reforms to boost the...

Fiscal transparency has been consistently identified as a key feature of efficient fiscal policy and a prerequisite for good public governance. However, measuring fiscal transparency remains an empirical challenge, and extant literature on developing countries is still sparse. To that end, this...

We build a theoretical model that describes the relationship between income inequality, fiscal redistribution and corruption in China. With between-group econometric model, using the provincial panel data of China from 1997 to 2006, this paper finds strong evidence in support of the propositions...

We study the effects of corruption on the capital structures of firms in 72 countries. Using the Corruption Perception Index, we show that corruption increases the costs of debt and equity. Interestingly, as the level of corruption decreases, these costs become more sensitive to changes in...

There is increasing recognition that corruption has an adverse influence on growth as it distorts both market economy and democracy. However, the existing literature has failed to address countries' characteristics as far as the process of sample selection is concerned. This paper empirically...