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The Eurocrisis : Muddling Through, or on the Way to a More Perfect Euro Union?
Aizenman, Joshua - 2014
institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … to achieve a number of design objectives, and this may continue, as long as Germany does not shirk its growing … responsibility for the euro's future. Germany's resilience and dominant size within the EU may explain its "muddling …
Persistent link: https://www.econbiz.de/10013052139
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Deputization
Carlin, Bruce; Umar, Tarik; Yi, Hanyi (Livia) - 2022
A policy of deputization asks agents to monitor others without providing explicit incentives. It is often used to prevent dangerous activities. To calibrate whether and why it works, we study recent laws that deputized financial professionals to help fight elder financial abuse. We show...
Persistent link: https://www.econbiz.de/10014241950
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Young, Restless and Creative : Openness to Disruption and Creative Innovations
Acemoglu, Daron - 2015
This paper argues that openness to new, unconventional and disruptive ideas has a first-order impact on creative innovations-innovations that break new ground in terms of knowledge creation. After presenting a motivating model focusing on the choice between incremental and radical innovation,...
Persistent link: https://www.econbiz.de/10013034169
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Heterogeneous Impact Dynamics of a Rural Business Development Program in Nicaragua
Carter, Michael - 2016
We study the impacts of a rural development program designed to boost the income of the smallfarm sector in Nicaragua. Exploiting the random assignment of treatment, we find statistically and economically significant impacts on gross farm income and investment in productive farm capital. Using...
Persistent link: https://www.econbiz.de/10012983428
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The Consequences of Radical Reform : The French Revolution
Acemoglu, Daron; Cantoni, Davide; Johnson, Simon; … - 2022
The French Revolution of 1789 had a momentous impact on neighboring countries. The French Revolutionary armies during the 1790s and later under Napoleon invaded and controlled large parts of Europe. Together with invasion came various radical institutional changes. French invasion removed the...
Persistent link: https://www.econbiz.de/10014209326
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Institutions vs. Policies : A Tale of Two Islands
Henry, Peter Blair - 2010
Recent work emphasizes the primacy of differences in countries' colonially-bequeathed property rights and legal systems for explaining differences in their subsequent economic development. Barbados and Jamaica provide a striking counter example to this long-run view of income determination. Both...
Persistent link: https://www.econbiz.de/10012758058
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Initial Public Offering and Corporate Governance in China's Transitional Economy
Chen, Chien-Hsun - 2010
This paper empirically investigates the performance of Chinese initial public offerings (IPOs). The data used covers the period from mid-1995 to mid-1999 with the sample including 884 companies (both in the A- and B-share markets). In an examination of growth, profitability and stability of...
Persistent link: https://www.econbiz.de/10012762840
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On the Joint Evolution of Culture and Institutions
Bisin, Alberto - 2017
Explanations of economic growth and prosperity commonly identify a unique causal effect, e.g., institutions, culture, human capital, geography. In this paper we provide instead a theoretical modeling of the interaction between culture and institutions and their effects on economic activity. We...
Persistent link: https://www.econbiz.de/10012957362
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A Conceptual Framework for Understanding Critical Transitions
Alston, Lee J. - 2016
Critical transitions for a country are historical periods when the powerful organizations in a country shift from one set of beliefs about how institutions (the formal and informal rules of the game) will affect outcomes to a new set of beliefs. Critical transitions can lead a country toward...
Persistent link: https://www.econbiz.de/10012994897
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The Diffusion of New Institutions : Evidence from Renaissance Venice's Patent System
Comino, Stefano - 2017
What factors affect the diffusion of new economic institutions? This paper examines this question by exploiting the introduction of the first regularized patent system, which appeared in the Venetian Republic in 1474. We begin by developing a model that links patenting activity of craft guilds...
Persistent link: https://www.econbiz.de/10012941168