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The Economic History of Sovereignty: Communal Responsibility, the Extended Family, and the Firm
Börner, Lars; Ritsch, Albrecht - Institut für Empirische Wirtschaftsforschung <Zürich>; … - 2008
Economic institutions encompassing increasingly sophisticated concepts of risk-sharing and liability flourished in Europe since the High Middle Ages. These innovations occurred in an environment of fragmented local jurisdictions, not within the framework of the territorial state. In this short...
Persistent link: https://www.econbiz.de/10005870503
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The Overhang Hangover
Imbs, Jean; Ranciere, Romain - Institut für Schweizerisches Bankwesen <Zürich> - 2005
We revisit the debt overhang question. We first use non-parametric techniques to isolate a panel of countries on the downward sloping section of a debt Laffer curve. In particular, overhang countries are ones where a threshold level of debt is reached in sample, beyond which (initial) debt ends...
Persistent link: https://www.econbiz.de/10005858241
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Monetary Policy with Foreign Currency Debt
Bacchetta, Philippe - 2000
A major feature characterizing recent currency crises in emerging markets has been the large proportion of private foreign currency debt. This feature has made the conduct of monetary policy particularly difficult. This paper proposes a simple model to better understand these issues where firms...
Persistent link: https://www.econbiz.de/10011430013
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Optimal debt dynamics, issuance costs, and commitment
Benzoni, Luca; Garlappi, Lorenzo; Goldstein, Robert S.; … - 2020
limited liability. The optimal policy without commitment provides almost as much tax benefits to debt as does the global …
Persistent link: https://www.econbiz.de/10012653018
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Nonlinear pricing with self-control preferences
Esteban, Susanna; Miyagawa, Eiichi; Shum, Matthew - 2003
consumers from self-control and extracts consumers' commitment surplus. When some consumers are tempted by cheaper, lower …
Persistent link: https://www.econbiz.de/10010293447
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Pledges of commitment and cooperation in partnerships
Deer, Lachlan; Bayer, Ralph-C. - 2015
We use experimental methods to investigate whether pledges of commitment can improve cooperation in endogenously formed … findings show that pledges of commitment increase cooperation in committed partnerships when costs to dissolve them are shared … break up, pledges of commitment fail to improve cooperation and instead decrease cooperation. …
Persistent link: https://www.econbiz.de/10011420551
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Pledges of commitment and cooperation in partnerships
Deer, Lachlan; Bayer, Ralph-C. - 2015
We use experimental methods to investigate whether pledges of commitment can improve cooperation in endogenously formed … findings show that pledges of commitment alone can increase cooperation and welfare in committed partnerships. The introduction … partnerships fall solely on the individual choosing to break up, pledges of commitment fail to improve cooperation and welfare. …
Persistent link: https://www.econbiz.de/10011420562
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Indirect Evolution versus Strategic Delegation: A Comparison of Two Approaches to Explaining Economic Institutions
Dufwenberg, Martin; Güth, Werner - 1998
, yet similar in the sense that both allow certain kinds of commitment. We show that when the two models are set up in …
Persistent link: https://www.econbiz.de/10010321706
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Some Economic Consequences of India's Institutions of Governance: A Conceptual Framework
Singh, Nirvikar - 2003
analyzed along three dimensions: (1) the degree of commitment or durability of laws and rules, (2) the degree of enforcement of …
Persistent link: https://www.econbiz.de/10010322692
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Testing out contractual incompleteness : evidence from soccer
Carbonell-Nicolau, Oriol; Comin, Diego - 2005
optimal contracts with and without commitment and derive an exclusion restriction that is useful to identify the relevant … commitment scenario. The empirical analysis takes advantage of a data set from Spanish soccer player contracts. Our test rejects … the commitment hypothesis, which entails the acceptance of the existence of contractual incompleteness in the data. We …
Persistent link: https://www.econbiz.de/10010263264