This study provides evidence that culture understood as values and beliefs moves very slowly. Despite massive institutional change, values and beliefs in transition countries have not changed much over the last 20 years. Evidence suggests that culture is affected by the long run historical past,...

How do corruption and the state apparatus interact, and how are they connected to the political and economic dimensions of state capacity? Motivated by historians' analysis of powerful empires, we build a model that emphasizes the corrosive effect of corruption on state power. Under general...

This paper examines the relationship between differences in civil society development under communism and the political, economic and institutional change and transformation after 1989. We collected a unique dataset on nature and intensity of dissident activities in 27 former communist countries...

This paper integrates the problem of designing corporate bankruptcy rules into a theory of optimal debt structure. We show that, in an incomplete contract framework with imperfect renegotiation, having multiple creditors increases a firm's debt capacity while increasing its incentives to default...

This paper integrates the problem of designing corporate bankruptcy rules into a theory of optimal debt structure. We show that, in an incomplete-contracts framework with imperfect renegotiation, having multiple creditors increases a firm's debt capacity while increasing its incentives to...

A tanulmány javaslatot tesz a puha költségvetési korlát fogalmának tisztázására. A fogalmat széles körben alkalmazzák mind a szocialista és posztszocialista, mind pedig a piaci gazdaságok elemzése során. A szerzők által megfogalmazott értelmezés fel öleli a puha...

A tanulmány javaslatot tesz a puha költségvetési korlát fogalmának tisztázására. A fogalmat széles körben alkalmazzák mind a szocialista és posztszocialista, mind pedig a piaci gazdaságok elemzése során. A szerzők által megfogalmazott értelmezés fel öleli a puha...