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The vintage political business cycle framework of Nordhaus (1975) represents the idea that the macroeconomic business cycle is manipulated opportunistically by an incumbent government to achieve re-election. A key assumption in this prototypical framework is that voters discount their memories...
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Since 2004, China's industrial land price has remained constant while other land prices in China have increased to about six times their 2004 levels. This paper measures the degree of industrial land subsidy to a firm using the ratio of the market value of land in the neighborhood to the price...
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Political budget cycles are a well-established phenomenon in which opportunistic politicians systematically adjust public policies prior to elections in order to attract a higher number of votes. We show that corrupt behavior of politicians also follows certain patterns, which are driven by...
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Albania is among the most vulnerable countries to external energy shocks and climatic conditions, because of its high … dependency on hydropower for electricity. Given highly volatile international energy prices and expected global warming, it is … becoming increasingly important to manage the demand for electricity. However, the country has long been faced with a …
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