Economists seem quasi unanimous about the fact that Adam Smith would have had the intuition of the existence of public goods and market failures. Musgrave-1985, among others, perfectly summarizes this widely held position in modern economic thought. In a normative sense, Smith would have...

The aim of the paper is to examine the hypothesis of rent dissipation in the case of the Italian banking system during the suspension of gold convertibility. The major bank of the new born state of Italy – the Banca Nazionale nel regno d’Italia – experienced over the period 1866-1881 a...

The development of the banking sector as well as the recent macro-economic stability in Bulgaria fostered credit. There are signs of a credit boom and all the conditions for the development of credit to small and medium enterprises are met. Such a boom is the root of the future development of...

The general aim of this paper is to contribute to the study of factors that decrease corruption in the public sector and especially in tax administration. A matter of particular interest will be the effects of raising civil servants’ wages and penalties on the behavior of agents in case of tax...

This article explores the different and sometimes conflicting explanations of the success of the collective enterprises (town-village-enterprise) in China during the first phase of transition (1979-1995). It is argued that explanations, relying on cultural variables are not sustainable and this...