In an environment in which bureaucratic burden and delay are exogenous, an individual firm may find bribes helpful to reduce the effective red tape it faces. The “efficient grease” hypothesis asserts therefore that corruption can improve economic efficiency and that fighting bribery would be...

This paper studies the impact of corruption on inward foreign direct investment using a unique firm-level data set. It examines two effects of corruption simultaneously: a reduction in the volume of foreign investment and a shift in the ownership structure. Corruption makes local bureaucracy...

This paper studies the effect of corruption on foreign direct investment. The sample covers bilateral investment from fourteen source countries to forty-five host countries during 1990-91. There are three central findings. (1) A rise in either the tax rate on multinational firms or the...

This paper investigates whether foreign institutional investors in emerging markets can enhance shareholder value. We pay special attention to two dimensions of investor heterogeneity: whether an investor declares itself as an activist, and whether an investor comes from a country with a strong...

We investigate whether the adoption of the euro was accompanied by an increase in prices in member countries, and whether it promoted goods market arbitrage in the form of faster convergence to a common price. By comparing the experience of eurozone countries to non-euro European countries in a...

This study provides a detailed quantitative analysis of a transition to inflation targeting with a focus on the role of expectations. I investigate the impact of the Turkish central bank's inflation reduction programs on inflation in Turkey from 1996 to 2005. Over this period there was a...

This study contributes to the scarce empirical literature on dollarization by investigating the short and long-run effects of dollarization on the dynamics of prices at the macro and the micro level. This study also presents a survey of the available literature.This study examines the short-run...

My dissertation evaluates technology adoption and transfer both theoretically and empirically, with the goal of providing new insights into the consequences of technology adoption -- an area that remains understudied in the macroeconomic literature. The first chapter introduces and summarizes...