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This paper endogenizes financial contagion and financial crises from financial institutions. We show that financial crises can emanate from financial institutions which generate soft-budget constraints (SBC). The prevailing SBC in an economy distort in-formation such that the interbank lending...
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This paper centres around the question of ownership of firms and managerial competition and how these affect manager and employees' incentives to invest in human capital. We argue that employee's incentives in human capital investment are affected by both ownership and competition since both...
Persistent link: https://www.econbiz.de/10012756575
It is widely accepted that only the protection of private property rights and competition by rival firms provide adequate incentives to perform for managers and employees. However, it is not entirely clear how ownership interacts with competition. This paper centres around the question of...
Persistent link: https://www.econbiz.de/10012757391
The fundamental importance of economic institutions for economic growth through their impact on technological change has been argued, reconfirmed by recent empirical studies, but not examined theoretically. This paper tries to fill that gap. In the model proposed, economic growth is affected by...
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The correlation between health and economic performance is extremely robust across communities and over time. Many factors exogenous to income play an important role in determining health status, including a number of geographical, environmental, and evolutionary factors. This suggests the...
Persistent link: https://www.econbiz.de/10005486867
This paper applies the inframarginal analysis, which is a combination of marginal and total cost-benefit analysis, to investigate the relationship between division of labor, the extent of the market, productivity, and inequality of income distribution. The model with transaction costs and...
Persistent link: https://www.econbiz.de/10005486868