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A currency attack fails on its own when the speculator suffers from her financial problem. This paper extends the existing models and argues that the monetary authority?s willingness to peg and the speculator?s cost of attack are private information. Our model thus accounts for the duration of...
Persistent link: https://www.econbiz.de/10005702738
Developing countries with low tax capacity may rely on predation to finance government functions. Government predation, in turn, is often accused of imposing a choking effect on state-owned enterprises (SOEs), contributing to the latter's poor performance. We formalize this choking effect as a...
Persistent link: https://www.econbiz.de/10010719886
Persistent link: https://www.econbiz.de/10011075270
Since the mid-1990s, China’s state leadership has adopted a policy of nurturing the competitiveness of large state-owned industrial enterprises. The implications of this policy have been a matter of debate in the literature. This paper seeks to provide some useful input into the debate....
Persistent link: https://www.econbiz.de/10011142336