between the supply of bonds by the financial sector and the precautionary demand for bonds by households produces significant … returns, debt, and leverage. The regime-switching generates i) multimodal distributions of the variables above; ii) time …-varying levels of volatility and skewness for the same variables; and iii) supercycles of borrowing and deleveraging. All of these …

Spanish household structure. Our results show that differences in household structure account for most of the differences in … the lower part of the distribution between the two countries, but mask even larger differences in the upper part of the … distribution. Imposing the Spanish household structure to the US wealth distribution has little effect on summary measures of …

competitivo ; This paper analyzes the problem of a benevolent planner wishing to control a population of heterogeneous agents … equation plus the law of motion of the distribution, and we introduce a new numerical algorithm to solve it. As an application …, we analyze the constrained-efficient allocation of an Aiyagari economy with a fat-tailed wealth distribution. We find …

–, corruption also has adverse distributional effects as it hurts the poor disproportionately. For a given level of government … unemployment. High levels of corruption in African countries constitute one of the factors explaining not only slow growth but also …There is growing consensus on the view that corruption hurts economic performance by reducing private investment, by …

feature of corruption. We also investigate implications of the stability of the corrupt regime for the dynamic extortion and …This paper provides a simple model of repeated extortion. In particular, we ask whether corrupt government officials … allocations. We show that the inability of government officials to commit to future demands does not distort entry decisions any …

institutional learning from past instances of corporate corruption. … executive-level ethical lapses continue to come to light. This article examines the work of Professor Dunfee and his co …-authors on corruption, ethical leadership, and social contracts theory, and relates that literature to corrupt activities by …

This paper studies the impact of corruption on inward foreign direct investment using a unique firm-level data set. It … examines two effects of corruption simultaneously: a reduction in the volume of foreign investment and a shift in the ownership …, corruption affects the decision to take on a local partner. On the one hand, corruption increases the value of using a local …

payoffs to the client’s decision. We test this frame work using a new data set on bribery of Peruvian public officials by … empirically that both bribery incidence and value are increasing in household income. However, 65% of the relation between bribery … incidence and income is explained by greater use of officials by high–income households, and by their use of more corrupt types …

Most empirical research examines how the institutional environment of corruption shapes the behavior of MNCs. In this … environment of corruption over time. We propose three avenues through which the MNC may have an impact on its host institutions … FDI and corruption for a large sample of countries over the last 30 years, the empirical results are consistent with our …

This paper argues for a model of a corruption constraint on organizational growth and development in the form of a … business ethics glass ceiling. Although the problem of corruption‘s negative impact on economic growth is well documented, this … of that region, but corruption makes it difficult for them to grow, overcome a financing gap, and become stronger …