Competition reduces rent extraction in private-sector firms. In this article, we empirically assess whether it similarly disciplines politicians by evaluating local-level governments' performance in Flanders. The results indicate that <italic>electoral</italic> competition -- measured via the number of parties...

This paper uses recent advances in the development of testable implications of the Cagan model of hyperinflation. It extends the range of candidate functional forms of the demand for real balances in hyperinflations to include nonstandard versions in which the absolute inflation elasticity is a...