Showing 1 - 10 of 11,138
Persistent link: https://www.econbiz.de/10003428610
This paper explores the logic of amp;scal restraints in a political agency model with both moral hazard and adverse selection. The role of the political process is both to discipline incumbents who may act against the public interest and to sort in those politicians who are most likely act in...
Persistent link: https://www.econbiz.de/10012771348
Persistent link: https://www.econbiz.de/10013423739
This Paper analyses the impact of term limits in a political agency model. We find that term limits reduce the value of holding office. This reduction in the re-election incentive can induce politicians to implement policies that are closer to their own private preferences. Such ‘truthful’...
Persistent link: https://www.econbiz.de/10005661448
Recent events in several countries have underscored the importance of good governance in private occupational pension plans. The present Paper uses contract theory to analyse the interplay of residual claims and control rights in private pensions. The residual claimant is the plan sponsor in a...
Persistent link: https://www.econbiz.de/10005497828
This paper uses mortgage data to construct a measure of terms on which households access to external finance, and relates it to consumption at both the aggregate and cohort levels. The Household External Finance (HEF) index is based on the spread paid by risky borrowers in the mortgage market....
Persistent link: https://www.econbiz.de/10005498065
A rich array of institutional diversity makes the United States an excellent place to study the relationship between political institutions and public policy outcomes. This Paper has three main aims. First, it reviews existing empirical evidence on the relationship between institutional rules,...
Persistent link: https://www.econbiz.de/10005498200
The central question in taxation and development is: "how does a government go from raising around 10% of GDP in taxes to raising around 40%"? This paper looks at the economic and political forces that shape the way that fiscal capacity is created and sustained. As well as reviewing the...
Persistent link: https://www.econbiz.de/10011083455
There is a great deal of interest in the causes and consequences of conflict in Africa, one of the poorest areas of the world where only modest economic progess has been made. This paper asks whether post-colonial conflict is, at least in part, a legacy of historical conflict by examining the...
Persistent link: https://www.econbiz.de/10011083742
This paper exploits the 2008-09 stamp duty holiday in the United Kingdom to estimate the incidence of a transaction tax on housing. The average reduction in the after-tax sale price is found to be around £900 against the backdrop of an average tax reduction of about £1500. While we estimate an...
Persistent link: https://www.econbiz.de/10011084589