productive structure geared more toward services and agriculture than manufacturing—may make it easier to keep subsidy … subsidy expenditures …

welfare cost to this policy. It is shown analytically, as well as through simulations, that the optimal subsidy to private …

This paper studies the welfare consequences of a government regulation that forces a patented equipment to be supplied … by a number of independent producers. On the one hand, such a regulation hurts the value of a patent and therefore … reduces activities in the R&D sector. On the other hand, the enhanced competition for the equipment improves efficiency in the …

economic growth and efficiency, using panel data for 40 countries which reformed their financial systems. Financial sector … reform is hypothesized to affect economic growth and efficiency through three main channels: the real interest rate … representing the interest cost of capital, the volume of intermediation, and financial sector efficiency. The results indicate that …

This note examines the efficiency gains that might result from market-based debt reduction and alternative uses of … government investment or consumption. Given considerable uncertainty about the efficiency returns of alternative uses of …