positions. In a probabilistic voting model, we show that a lack of financial institutions can lead to more corruption as more …In transition and developing countries, we observe rather high levels of corruption even if they have democratic … high corruption levels. Our model is based on the fact that corrupt offcials have to pay an entry fee to get lucrative …

institutions rather than with a poor level of institutional quality. Therefore, our results reconcile the importance of good … institutions and do not support the hopes that the countries can compensate for the poor institutional quality via undervaluation …

environment in which corruption occurs. Redistribution system theory can serve as a useful aid here because it reveals that the … and redistribution system theory to its methods of corruption analysis. …The article analyzes how economic theory usually investigates corruption. It describes the main traditional economic …