Showing 1 - 10 of 17
Economists draw important lessons for modern development from the medieval Maghribi traders who, according to Greif, enforced contracts multilaterally through a closed, private-order ‘coalition’. We show that this view is untenable. The Maghribis used formal legal mechanisms and entered...
Persistent link: https://www.econbiz.de/10005766208
We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex-ante) legal system and a flexible one (law set after observing current technology). The flexible system dominates in terms of welfare, amount of innovation and output growth at...
Persistent link: https://www.econbiz.de/10009150639
The medieval Champagne fairs are widely used to draw lessons about the institutional basis for long-distance impersonal exchange. This paper re-examines the causes of the outstanding success of the Champagne fairs in mediating international trade, the timing and causes of the fairs’ decline,...
Persistent link: https://www.econbiz.de/10009020795
. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic …
Persistent link: https://www.econbiz.de/10010877697
Central bank independence and transparency have become best practice in monetary policy. This paper cautions that … transparency about economic information may not be beneficial in the absence of central bank independence. The reason is that it …
Persistent link: https://www.econbiz.de/10005765657
In currency exchange markets, there is a conflict between individual decisions and the socially optimal solution. Whereas agents have a coordination motive to take the same position, at the social level effective market coordination per se is not socially valuable, and the central bank aims at...
Persistent link: https://www.econbiz.de/10005765918
This paper reports the results of a survey among private sector economists about credibility and transparency of …
Persistent link: https://www.econbiz.de/10005094291
Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank … communication practices and is the first to systematically analyze transparency trends throughout the world and across monetary … inflation and economic development have undergone larger increases in transparency. Moreover, it shows that greater transparency …
Persistent link: https://www.econbiz.de/10005051564
This paper investigates the effects on tacit collusion of increased market transparency on the consumer side of a … market in a differentiated Hotelling duopoly. Increasing market transparency increases the benefits to a firm from … sustain. In the limiting homogeneous market, the effect vanishes. Here market transparency does not affect the possibilities …
Persistent link: https://www.econbiz.de/10005051568
two signals depends on the transparency of the country. Greater transparency reduces risk premia. The empirical results … markets are unsure about the true extent of creative accounting. Fiscal transparency reduces risk premia. …
Persistent link: https://www.econbiz.de/10005196330