We present a model in which capital assets can only be owned by members of a relatively small politically connected elite ('the oligarchs'), each member of which faces a given risk of being expropriated, and we investigate the implications of such an imperfection of property rights for the...

Die Verfasser setzten sich kritisch mit dem Versagen der Schocktherapie bei der Transformation der russischen Wirtschaft auseinander. Die Ineffizienz eines selbsttragenden Übergangsprozesses von der Plan- zur Marktwirtschaft wird aus den vielfältigen institutionellen und strukturellen...

Foreign-owned firms from advanced countries carry the culture of transparency in business transactions that is orthogonal to the culture of hiding and insider dealing in many developing economies and economies in transition. In this paper, we document this using administrative data on reported...