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Malcomson, James - CESifo - 2003

Incentive contracts for gatekeepers who control patient access to specialist medical services provide too weak … incentives to investigate cost further when expected cost of treatment is greater than benefit. Making gatekeepers residual … claimants with a fixed fee from which treat-ment costs must be met (as with full insurers who are themselves gatekeepers …

Persistent link: https://www.econbiz.de/10005406244

Labour Disputes and the Game of Legal Representation

Fraisse, Henri - CESifo - 2010

This paper explores the prisoner’s dilemma that may result when workers and firms are involved in labour disputes and must decide whether to hire a lawyer to be represented at trial. Using a representative data set of labour disputes in the UK and a large population of French unfair dismissal...

Persistent link: https://www.econbiz.de/10008572509

Medieval Universities, Legal Institutions, and the Commercial Revolution

Cantoni, Davide - 2013

We present new data documenting medieval Europe's “Commercial Revolution” using information on the establishment of markets in Germany. We use these data to test whether medieval universities played a causal role in expanding economic activity, examining the foundation of Germany's first...

Persistent link: https://www.econbiz.de/10013073085

What Explains Sovereign Debt Litigation?

Schumacher, Julian; Trebesch, Christoph; Enderlein, Henrik - CESifo - 2015

We study the occurrence of holdout litigation in the context of sovereign defaults. The number of creditor lawsuits against foreign governments has strongly increased over the past decades, but there is a large variation across crisis events. Why are some defaults followed by a “run to the...

Persistent link: https://www.econbiz.de/10011268666

External Sovereign Debt in a Monetary Union: Bailouts and the Role of Corruption

Achury, Carolina; Koulovatianos, Christos; Tsoukalas, … - CESifo - 2011

We build a tractable stylized model of external sovereign debt and endogenous international interest rates. In corrupt economies with rent-seeking groups stealing public resources, a politico-economic equilibrium is characterized by permanent fiscal impatience which leads to excessive issuing of...

Persistent link: https://www.econbiz.de/10009228617

The Greek Debt Restructuring: An Autopsy

Zettelmeyer, Jeromin; Trebesch, Christoph; Gulati, Mitu - CESifo - 2013

The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50 per cent of 2012 GDP – with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector...

Persistent link: https://www.econbiz.de/10010679378

Credibility for Sale

Dellas, Harris; Niepelt, Dirk - CESifo - 2013

We develop a sovereign debt model with official and private creditors where default risk depends on both the level and the composition of liabilities. Higher exposure to official lenders improves incentives to repay but carries extra costs, such as reduced ex-post flexibility. The model implies...

Persistent link: https://www.econbiz.de/10010681218

Budget Institutions and Government Effectiveness

Dahan, Momi - 2017

Do budget institutions play a role in explaining why government effectiveness is higher in some advanced countries than in others? Employing an original panel dataset that spans four different years (1991, 2003, 2007 and 2012) we find that budget centralization has a negative and significant...

Persistent link: https://www.econbiz.de/10012965640

Can the Central Bank Alleviate Fiscal Burdens?

Reis, Ricardo - 2017

Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal...

Persistent link: https://www.econbiz.de/10012948206

Public Debt Sustainability and Defaults

Guillard, Michel - 2017

We offer a new methodology for the assessment of public debt sustainability in a stochastic economy when sovereign default taken into account. The default threshold differs from the no-Ponzi condition and depends on the post-default debt recovery rule. We distinguish sustainability and...

Persistent link: https://www.econbiz.de/10012950605

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