We examine how three sources of asymmetric information affect the supply of entrepreneurs and unemployment. In the first case, banks cannot observe entrepreneurs' risk of failure so ration credit. This increases the number of entrepreneurs and the level of unemployment. In the second case, firms...

New businesses face constraints in the form of limited access to capital and managerial expertise. Many governments have developed public venture capital programs for the purpose of easing these constraints and assisting young firms in generating growth in output and employment. The paper...

We examine how three sources of asymmetric information affect the supply of entrepreneurs and unemployment. In the first case, banks cannot observe entrepreneurs' risk of failure so ration credit. This increases the number of entrepreneurs and the level of unemployment. In the second case, firms...

The study has reviewed the experience of foreign countries in the sphere of implementation of respective measures designed to prevent the emergence of soft budget constraints imposed on subnational authorities in a situation of fiscal decentralization. Also, a number of theoretic simulation...

Our paper identifies a potential problem with decentralization at a time when its virtues are widely extolled. We show that responsibility for equalization at multi-levels within a decentralized federation creates an overlapping equalization policy that can worsen fiscal discipline. Contrary to...

Our paper identiï¬es a potential problem with decentralization at a time when its virtues are widely extolled. We show that responsibility for equalization at multi-levels within a decentralized federation creates an overlapping equalization policy that can worsen ï¬scal discipline. Contrary...