Showing 1 - 10 of 165
self-destruction of the financial system. This law-finance paradox tends to be resolved by suspending the full force of law …This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally …, financial markets exhibit dynamics that frequently put them in direct tension with commitments enshrined in law or contracts …
Persistent link: https://www.econbiz.de/10011084310
We investigate how the assumption that individuals are characterized by some recent forms of behavioural preferences changes the analysis of an otherwise classical welfare problem, namely the optimal allocation of a scarce resource among a finite number of claimants. We consider two preference...
Persistent link: https://www.econbiz.de/10005497756
We analyse different forms of international debt mutualisation in a simple framework with a political distortion and (partial) default under adverse economic circumstances. One form is a debt repayment guarantee, which can be "unlimited" or "limited", i.e. only be invoked when the guarantee...
Persistent link: https://www.econbiz.de/10011083437
This paper compares constraints on the public debt with constraints on the primary deficit. The analysis takes into account how an optimizing government reacts to the different constraints when deciding on a spending and borrowing plan. We find that the economy behaves similarly under both...
Persistent link: https://www.econbiz.de/10005662084
In a competitive two-country overlapping generations model with perfect capital mobility, a plan that is individually Pareto optimal (that is Pareto optimal with respect to individual preferences) can be sustained without coordination of national fiscal policies where the fiscal arsenal is...
Persistent link: https://www.econbiz.de/10005662314
The literature on new goods and social welfare generally assumes that manufacturers develop innovations. But innovation by users has been found to also be an important part of innovative activity in the economy. In this Paper we explore the impact of users as a source of innovation on product...
Persistent link: https://www.econbiz.de/10005666650
migrants' average education even if one allows for endogenous schooling decisions and education policies at origin. Still, more …
Persistent link: https://www.econbiz.de/10008854467
Crowding-out during the British Industrial Revolution has long been one of the leading explanations for slow growth during the Industrial Revolution, but little empirical evidence exists to support it. We argue that examinations of interest rates are fundamentally misguided, and that the...
Persistent link: https://www.econbiz.de/10005504267
A stable international monetary system has emerged since the early 1990s. A large number of industrial and a growing number of developing countries now have domestic inflation targets administered by independent and transparent central banks. These countries place few restrictions on capital...
Persistent link: https://www.econbiz.de/10005497858
The economic history of Argentina presents one of the most dramatic examples of divergence in the modern era. What happened and why? This paper reviews the wide range of competing explanations in the literature and argues that, setting aside deeper social and political determinants, the various...
Persistent link: https://www.econbiz.de/10011083510