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L'expérience des années 1980 a montré que la "re-solvabilisation" d'un pays surendetté et en cessation de paiements impose souvent une réduction de dette importante. Tel a été le résultat principal des plans Brady négociés par près d'une vingtaine de pays depuis 1989 : des réductions...
Persistent link: https://www.econbiz.de/10010789228
L’Argentine a mené entre 1991 et 2001 une des expériences de currency board les plus remarquables de la période moderne. Comment rendre compte de cette expérience, prise dans son ensemble ? Qu’apprend-elle sur les avantages et les inconvénients des currency board ? Comment expliquer son...
Persistent link: https://www.econbiz.de/10010791573
Since the early 1997 paper by La Porta et al., a growing body of research has argued that ‘legal origins’ have a country-specific, time-invariant effect on property rights and economic development. Following the methodology of La Porta et al., an original database of 51 bankruptcy laws has...
Persistent link: https://www.econbiz.de/10010795523
The process of development is linked to the rise of an integrated and competitive economy and polity that allow a maximal division of labor and innovation. This process relies on two intertwined dynamics. First, in the establishment of the rule of law, legal instruments are appropriated by those...
Persistent link: https://www.econbiz.de/10010796524
Over the last fifteen years the trade negotiations agenda has come to include more and non-border issues, and on several occasions the first step has been to obtain a consensus between the involved parties as to its contents and scope. This broadening of the trade agenda has pushed political and...
Persistent link: https://www.econbiz.de/10010798331
This contribution first presents a brief outline of the economic logic of bankruptcy laws as of their historical development in Europe since the Middle-Ages. This experience is then compared with what an economy without a bankruptcy law would like, and three specific, intermediary examples are...
Persistent link: https://www.econbiz.de/10010764790
Coordination of cross-border bankruptcies between 1870 and World War II offers a puzzling image. On the one hand, diplomats, academic lawyers, and private lobbies repeatedly tried to bring regulations closer to the ideal of unity and universality of proceedings: all parties and assets should be...
Persistent link: https://www.econbiz.de/10010764811
The impact of FDI on total factor productivity in Hungary during the 1990s' is assessed with a large enterprise panel. Foreign equity is associated with higher productivity levels and has a substantial, positive spillover effect on aggregate TFP growth. However, this benefit is significant only...
Persistent link: https://www.econbiz.de/10010892172
Under high inflation, money experiences a process of institutional fragmentation: the unit of account and the unit of payment are split and transferred on alternate supports, either a foreign currency as for instance in Argentina, or domestic indices as in Brazil. Since the early 1970s’, this...
Persistent link: https://www.econbiz.de/10010892175
Under high inflation, money experiences a process of institutional fragmentation: the unit of account and the unit of payment are split and transferred on alternate supports, either a foreign currency as for instance in Argentina, or domestic indices as in Brazil. Since the early 1970s', this...
Persistent link: https://www.econbiz.de/10010892180