Search Results - subject:"Budget constraints"

Democratic Republic of São Tomé and Príncipe; Fifth Review Under the Three-Year Arrangement under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criterion: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Democratic Republic of São Tomé and Príncipe

International Monetary Fund (IMF); International … - 2008

Economic activity continues to be robust in 2007, driven by foreign investment in tourism-related construction and services. The central bank (BCSTP) strengthened its efforts to control liquidity growth. Progress on structural reforms has been mixed. The authorities intend to accelerate public...

Persistent link: https://www.econbiz.de/10011245063

Managing the Oil Revenue Boom; The Role of Fiscal Institutions

Villafuerte, Mauricio; Ossowski, Rolando; Thomas, Theo; … - International Monetary Fund (IMF) - 2008

Oil-producing countries have benefited from rising oil prices in recent years. The increase in oil exports and oil revenues has had major implications for these countries. These developments have revealed how governments manage their fiscal policies in light of changing oil-market conditions and...

Persistent link: https://www.econbiz.de/10011245905

State ownership, soft-budget constraints, and cash holdings: Evidence from China’s privatized firms

Megginson, William L.; Ullah, Barkat; Wei, Zuobao - In: Journal of Banking & Finance 48 (2014) C, pp. 276-291

We study the relation between state ownership and cash holdings in China’s share-issue privatized firms from 2000 to 2012. We find that the level of cash holdings increases as state ownership declines. For the average firm in our sample, a 10 percentage-point decline in state ownership leads...

Persistent link: https://www.econbiz.de/10011077992

Corporate Bankruptcy, Soft Budget Constraints, and Business Group Affiliation: Evidence from Indian Firms

Komera, Surenderrao; Jijo Lukose P. J. - In: Review of Pacific Basin Financial Markets and Policies … 17 (2014) 03, pp. 1450016-1

expenditure in the case of state controlled firms and business group affiliated firms, indicating the presence of "soft budget … constraints" among the sample firms. Logistic regression, estimating firm level distress probabilities offer indirect evidence for …

Persistent link: https://www.econbiz.de/10010887056

On the continuous equilibria of affiliated-value, all-pay auctions with private budget constraints

Kotowski, Maciej H.; Li, Fei - In: Games and Economic Behavior 85 (2014) C, pp. 84-108

We consider all-pay auctions in the presence of interdependent, affiliated valuations and private budget constraints … bidders. Budget constraints encourage more aggressive bidding among participants with large endowments and intermediate … valuations. We extend our results to the war of attrition where we show that budget constraints lead to a uniform amplification …

Persistent link: https://www.econbiz.de/10010906697

The war of attrition and the revelation of valuable information

Kotowski, Maciej H.; Li, Fei - In: Economics Letters 124 (2014) 3, pp. 420-423

private budget constraints can decrease expected revenue. Our example suggests that information non-revelation can counteract … the adverse revenue impact of budget constraints and almost counterbalance their otherwise negative impact. …

Persistent link: https://www.econbiz.de/10010930710

Firm growth and productivity in Belarus: New empirical evidence from the machine building industry

Crespo Cuaresma, Jesus; Oberhofer, Harald; Vincelette, … - In: Journal of Comparative Economics 42 (2014) 3, pp. 726-738

differences in firm growth between private and state-controlled firms. Our results indicate that labor hoarding and soft budget … constraints play a particularly important role in explaining differences in performance between these two groups of firms. …

Persistent link: https://www.econbiz.de/10010931326

Sub-national deficits in European countries: The impact of fiscal rules and tax autonomy

Foremny, Dirk - In: European Journal of Political Economy 34 (2014) C, pp. 86-110

This paper empirically examines how fiscal rules and tax autonomy influence deficits of sub-national sectors across European countries. I use a new panel-data set to measure tax autonomy and the stringency of fiscal rules for EU15 regional and local government sectors over the period 1995 to...

Persistent link: https://www.econbiz.de/10010931428

Optimal auctions with financially constrained buyers

Pai, Mallesh M.; Vohra, Rakesh - In: Journal of Economic Theory 150 (2014) C, pp. 383-425

We study the sale of an indivisible good to liquidity constrained buyers: they cannot pay more than their “budget” regardless of their valuation. Both valuation and budget are private information. We derive the symmetric revenue maximizing and constrained efficient auctions in this setting....

Persistent link: https://www.econbiz.de/10011042937

Reprioritizing Government Spending on Health: Pushing an Elephant Up the Stairs?

Tandon, Ajay; Fleisher, Lisa; Li, Rong; Yap, Wei Aun - Economics Research, World Bank Group - 2014

Countries vary widely with respect to the share of government spending on health, a metric that can serve as a proxy for the extent to which health is prioritized by governments. World Health Organization (WHO) data estimate that, in 2011, health's share of aggregate government expenditure in...

Persistent link: https://www.econbiz.de/10010754596