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Leadership Contestability, Monopolistic Rents and Growth

Piazza, Roberto - 2011

I construct an endogenous growth model where R&D is carried out at the industry level in a game of innovation between leaders and followers. Innovation costs for followers are assumed to increase with the technological lag from leaders. We obtain three results that contrast with standard...

Persistent link: https://www.econbiz.de/10014400811

Oil Rents, Corruption, and State Stability : Evidence From Panel Data Regressions

International Monetary Fund - 2009

We examine the effects of oil rents on corruption and state stability exploiting the exogenous within-country variation of a new measure of oil rents for a panel of 31 oil-exporting countries during the period 1992 to 2005. We find that an increase in oil rents significantly increases...

Persistent link: https://www.econbiz.de/10014402218

Noise Traders and Herding Behavior

Redding, Lee Scott - 1996

Recent developments in financial economics have included many explorations into market microstructure, that is, the internal functioning of markets and the ways in which they provide liquidity to traders. An important contribution of this literature is that prices can deviate from their...

Persistent link: https://www.econbiz.de/10014396062

A Political Agency Theory of Central Bank Independence

Eggertsson, Gauti B. - 2003

We propose a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks … to an independent agency. We apply this theory to monetary policy by extending a standard dynamic ""New …-Keynesian"" stochastic general equilibrium model. This model gives a new theory of central bank independence that is unrelated to the …

Persistent link: https://www.econbiz.de/10014400234

Dynamic Incentives and the Optimal Delegation of Political Power

Le Borgne, Eric - 2007

This paper proposes a theory to explain why a politician delegates policy tasks to a technocrat in an independent … opinion. One natural application of the theory is in the field of monetary policy where the model provides a new theory of …

Persistent link: https://www.econbiz.de/10014400341

The Impact of Corporate Governance Structureson the Agency Cost of Debt

Chan-Lau, Jorge A. - 2001

This paper uses a stochastic continuous time model of the firm to study how different corporate governance structures affect the agency cost of debt. In the absence of asymmetric information, it shows that control of the firm by debtholders with a minority stake delays the exit decision and...

Persistent link: https://www.econbiz.de/10014401371

Towards a Principal-Agent Based Typology of Risks in Public-Private Partnerships

Palma, André de - 2009

analyzed using standard tools in economics (incentives and principal-agent theory). We discuss the implications of our approach …

Persistent link: https://www.econbiz.de/10014403060

IMF Conditionality and Country Ownership of Programs

Khan, Mohsin S. - 2001

The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to …

Persistent link: https://www.econbiz.de/10014403611

A Principal-Agent Theory Approach to Public Expenditure Management Systems in Developing Countries

Leruth, Luc E. - 2006

countries using an analytical framework based on principal-agent theory. This simple model can be applied to various PEM systems …

Persistent link: https://www.econbiz.de/10014402932

In search of information : use of Google trends' data to narrow information gaps for low-income developing countries

Narita, Futoshi; Yin, Rujun - 2018

Timely data availability is a long-standing challenge in policy-making and analysis for low-income developing countries. This paper explores the use of Google Trends' data to narrow such information gaps and finds that online search frequencies about a country significantly correlate with...

Persistent link: https://www.econbiz.de/10011978712