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Rent Seeking and the Unveiling of &Apos;De Facto&Apos; Institutions: Development and Colonial Heritage within Brazil 寻租与“事实”的揭示机构:巴西的发展和殖民遗产
Pub Date : 2007-10-01 DOI: 10.3386/W13545
Joana Naritomi, R. Soares, J. Assunção
This paper analyzes the roots of variation in de facto institutions, within a constant de jure institutional setting. We explore the role of rent-seeking episodes in colonial Brazil as determinants of the quality of current local institutions, and argue that this variation reveals a de facto dimension of institutional quality. We show that municipalities with origins tracing back to the sugar-cane colonial cycle -- characterized by a polarized and oligarchic socioeconomic structure -- display today more inequality in the distribution of land. Municipalities with origins tracing back to the gold colonial cycle -- characterized by an over-bureaucratic and heavily intervening presence of the Portuguese state -- display today worse governance practices and less access to justice. The colonial rent-seeking episodes are also correlated with lower provision of public goods and lower income per capita today, and the latter correlation seems to work partly through worse institutional quality at the local level.
本文在恒定的法律制度背景下,分析了事实上的制度变化的根源。我们探讨了殖民时期巴西寻租事件作为当前当地制度质量决定因素的作用,并认为这种变化揭示了制度质量的事实上的维度。我们表明,起源于甘蔗殖民周期的城市——其特征是两极分化和寡头政治的社会经济结构——在今天的土地分配中表现出更多的不平等。起源于黄金殖民周期的市政当局——其特点是葡萄牙政府的过度官僚主义和大量干预——如今表现出更糟糕的治理做法,诉诸司法的机会也更少。殖民时期的寻租事件也与今天公共产品供应的减少和人均收入的降低有关,而后者的相关性似乎在一定程度上是通过地方一级较差的制度质量来发挥作用的。
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引用次数: 36
Fiscal Freedom in Transition Economies and the OECD: A Comparative Study 转型经济体的财政自由与经合组织:比较研究
Pub Date : 2007-10-01 DOI: 10.2139/SSRN.1019120
Robert W. McGee
Each year the Heritage Foundation and The Wall Street Journal publish the Index of Economic Freedom. This major study compiles economic data on more than 150 countries. The compilers divide the data into ten categories, ranging from business freedom to labor freedom. One of the ten categories is fiscal freedom. The variables for fiscal freedom include individual income and corporate income taxation and tax revenues as a percentage of GDP. These three variables are weighted equally. The range for each variable is 0 to 100. Table 1 shows the extent of fiscal freedom for the transition economies that were included in the study. The figures are for the 2007 study. The perfect score is 100. The scoring of fiscal freedom is computed using a quadratic cost function where each component is converted to a 100-point scale, using the following equation: FFij = 100 - 200(Componentij)2 where FFij represents fiscal freedom in country i for component j and Componentij represents the raw percentage value, which is between 0 and 1, in country i for component j. The present study analyzes the scores and compares them between countries and between years for 28 transition countries. A comparison is also made with OECD countries to determine how well or how poorly transition economies are doing in the total scheme of things.
每年,传统基金会和《华尔街日报》都会发布经济自由指数。这项主要研究汇编了150多个国家的经济数据。编制者将数据分为十类,从商业自由到劳动自由。十项指标之一是财政自由。财政自由的变量包括个人收入和企业所得税以及税收占GDP的百分比。这三个变量的权重相等。每个变量的取值范围是0到100。表1显示了纳入研究的转型经济体的财政自由程度。这些数据来自2007年的研究。满分是100分。财政自由的得分是使用二次成本函数计算的,其中每个组成部分都转换为100分量表,使用以下公式:FFij = 100- 200(Componentij)2,其中FFij代表组成部分j在i国的财政自由,Componentij代表组成部分j在i国的原始百分比值,介于0和1之间。本研究分析了分数,并比较了28个转型国家的国家之间和年份之间的分数。还与经合组织国家进行了比较,以确定转型经济体在总体方案中的表现好坏。
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引用次数: 1
Franchising Microfinance 特许经营小额贷款
Pub Date : 2007-09-27 DOI: 10.2139/ssrn.890667
Amit Bubna, B. Chowdhry
Financial intermediaries worldwide are seeking mechanisms for participating in micro lending. We consider a simple model where a bank may use informed local capitalists as intermediaries for on-lending. But the availability of multiple credit sources provides borrowers with an incentive to default voluntarily, making the bank's on-lending mechanism a non-starter. We explore whether a coalition of local capitalists, effectively limiting borrower's opportunity for defaulting multiple times, might be sufficient to facilitate on-lending. Instead, we find that a monopoly moneylender with superior enforcement technology can out-compete the local capitalist coalition if the moneylender also enjoys the smallest transactions costs of lending. We how that a credible competitive threat to the monopoly moneylender can only arise if the local capitalist coalition can also be made cost-effective either by direct subsidies or by measures such as standardization, economies of scale and implementation of best practices. We argue that Franchising is one potential mechanism that could deliver both cost-efficiencies as well as ability for local capitalists to form a coalition.
世界各地的金融中介机构正在寻求参与小额贷款的机制。我们考虑了一个简单的模型,即银行可以使用知情的当地资本家作为转贷的中介。但是,多种信贷来源的可用性为借款人提供了自愿违约的动机,使银行的非贷款机制无法发挥作用。我们探讨了当地资本家的联盟,有效地限制了借款人多次违约的机会,是否足以促进转贷。相反,我们发现,如果垄断性放贷者享有最小的贷款交易成本,那么具有优越执行技术的垄断性放贷者可以胜过当地资本主义联盟。我们认为,只有通过直接补贴或通过标准化、规模经济和实施最佳实践等措施,使地方资本主义联盟具有成本效益,才会出现对垄断放贷者的可信竞争威胁。我们认为,特许经营是一种潜在的机制,既能提高成本效益,又能让当地资本家组建联盟。
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引用次数: 8
Does Political Disintegration Lead to Trade Disintegration? Evidence from Transition Countries 政治解体会导致贸易解体吗?来自转型国家的证据
Pub Date : 2007-09-26 DOI: 10.1111/j.1468-0351.2007.00310.x
José De Sousa, Olivier Lamotte
Recent studies have found that political disintegration is a cause of severe and rapid trade disintegration in former Eastern European countries. This finding somewhat conflicts with another strand of the literature highlighting the fact that trade patterns change relatively slowly. This article aims at reconciling the apparent inconsistency between these two results. Using a theoretically grounded gravity equation, we evaluate the intensity of trade between successor states of three former countries (Czechoslovakia, the Soviet Union and Yugoslavia) in the period 1993–2001. We find no clear evidence that political disintegration leads to systematic and severe trade disintegration. This result is consistent with the patterns displayed by using simple descriptive statistics, is robust to sensitivity checks, and supports the idea of hysteresis in trade.
最近的研究发现,政治解体是前东欧国家严重和迅速的贸易解体的一个原因。这一发现与另一种强调贸易模式变化相对缓慢的文献有些冲突。本文旨在调和这两种结果之间明显的不一致。本文利用一个基于理论的引力方程,对1993-2001年间三个前国家(捷克斯洛伐克、苏联和南斯拉夫)的继承国之间的贸易强度进行了评估。我们没有发现明确的证据表明政治解体会导致系统性和严重的贸易解体。该结果与使用简单描述性统计显示的模式一致,对敏感性检查具有鲁棒性,并支持贸易滞后的观点。
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引用次数: 31
Good Governance Provisions Shelter Investors from Contagion? Evidence from the Russian Crisisdo 良好的治理规定保护投资者免受危机蔓延?来自俄罗斯危机的证据
Pub Date : 2007-09-26 DOI: 10.1111/j.1468-0351.2007.00298.x
Anete Pajuste
This paper studies how the Russian crisis of 1998 affected listed firms in transition economies. The data cover 394 companies that were listed before the Russian crisis, and include financial, industry, ownership and stock market information. Results show that in the short term (within one month of the crisis) good governance did not shelter investors from contagion. On the contrary, stock returns during the crisis period were lower for the largest and most liquid stocks and markets in the region irrespective of their direct exposure to Russia. The paper also documents that in the longer term (one year after the crisis) recovery was faster in firms without direct trade exposure to Russia, as well as in firms with better firm-level governance as proxied by the presence of a foreign blockholder. The paper presents evidence that both firm- and country-level characteristics are important in overcoming the effects of a crisis. Firm-specific characteristics, however, play a bigger role for companies operating in countries with weaker corporate governance.
本文研究了1998年俄罗斯金融危机对转型经济体上市公司的影响。这些数据涵盖了俄罗斯危机前上市的394家公司,包括金融、工业、所有权和股市信息。结果表明,在短期内(危机发生后一个月内),良好的治理并不能使投资者免受危机蔓延的影响。相反,在危机期间,该地区规模最大、流动性最强的股票和市场的股票回报率较低,无论它们对俄罗斯的直接敞口如何。该论文还证明,从长期来看(危机后一年),与俄罗斯没有直接贸易往来的公司,以及由外国大股东代表的公司层面治理较好的公司,复苏速度更快。本文提供的证据表明,企业和国家层面的特征在克服危机的影响方面都很重要。然而,对于在公司治理较弱的国家经营的公司来说,公司特有的特征发挥着更大的作用。
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引用次数: 3
The CIS - Does the Regional Hegemon Facilitate Monetary Integration? 独联体——地区霸权会促进货币一体化吗?
Pub Date : 2007-07-16 DOI: 10.2139/ssrn.1002574
D. Mayes, V. Korhonen
We consider the likely economic impact and prospects for monetary integration among Belarus, Kazakhstan, the Russian Federation and Ukraine as part of the Single Economic Space they have agreed to set up. A monetary union among these countries poses three interesting issues for the structure and process of integration: they have already been members of a wider currency union that collapsed, so it is necessary to handle the problems of history; secondly the union would be of very unequal size with the Russian Federation outweighing the others taken together, so we must consider how the national interests would be balanced; lastly natural resources, particularly oil and gas pose problems for dependence and for the determination of the external exchange rate.
我们考虑到在白俄罗斯、哈萨克斯坦、俄罗斯联邦和乌克兰同意建立的单一经济空间框架内货币一体化可能产生的经济影响和前景。这些国家之间的货币联盟对一体化的结构和进程提出了三个有趣的问题:它们已经是一个更广泛的货币联盟的成员,但该联盟已经解体,因此有必要处理历史问题;其次,这个联盟的规模将非常不均衡,俄罗斯联邦的规模将超过其他国家的总和,因此我们必须考虑如何平衡国家利益;最后,自然资源,特别是石油和天然气,给依赖和确定对外汇率带来了问题。
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引用次数: 8
Labor Market Institutions Around the World 全球劳动力市场制度
Pub Date : 2007-07-01 DOI: 10.3386/W13242
R. Freeman
The paper documents the large cross-country differences in labor institutions that make them a candidate explanatory factor for the divergent economic performance of countries and reviews what economists have learned about the effects of these institutions on economic outcomes. It identifies three ways in which institutions affect economic performance: by altering incentives, by facilitating efficient bargaining, and by increasing information, communication, and trust. The evidence shows that labor institutions reduce the dispersion of earnings and income inequality, which alters incentives, but finds equivocal effects on other aggregate outcomes, such as employment and unemployment. Given weaknesses in the cross-country data on which most studies focus, the paper argues for increased use of micro-data, simulations, and experiments to illuminate how labor institutions operate and affect outcomes.
本文记录了劳动制度的巨大跨国差异,这些差异使它们成为各国经济表现差异的候选解释因素,并回顾了经济学家对这些制度对经济结果的影响的了解。它确定了制度影响经济绩效的三种方式:通过改变激励机制,通过促进有效的讨价还价,以及通过增加信息、沟通和信任。有证据表明,劳动制度减少了收入分散和收入不平等,这改变了激励机制,但对其他总体结果(如就业和失业)的影响并不明确。鉴于大多数研究关注的跨国数据存在缺陷,本文主张增加微观数据、模拟和实验的使用,以阐明劳动制度如何运作和影响结果。
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引用次数: 204
Cross-Monitoring and Corporate Governance 交叉监察及公司管治
Pub Date : 2007-04-27 DOI: 10.2139/ssrn.914229
Joanna M. Shepherd, Frederick Tung, Albert H. Yoon
We take the view that corporate governance must involve more than corporate law. Despite corporate scholars' nearly exclusive focus on corporate law mechanisms for controlling managerial agency costs, shareholders are not the only constituency concerned with such costs. Given the thick web of firms' contractual commitments, it should not be a surprise that other financial claimants may also attempt to control agency costs in their contracts with the firm. We hypothesize that this cross-monitoring by other claimants has value for shareholders. We examine bank loans for empirical evidence of the value of cross-monitoring. Our approach builds on prior empirical work on the value of good corporate governance, to which we add data on the presence of bank loans and their interactions with free cash flow, governance indices, and individual corporate governance provisions. To our knowledge, ours is the first study to measure the performance effects of bank debt as a device for reducing managerial agency costs, and the first study on the interaction of ongoing bank monitoring with corporate governance arrangements. We find strong evidence that bank monitoring adds value. In effect, bank monitoring can counteract somewhat the value-decreasing effects of managerial entrenchment. Bank monitoring may substitute for good corporate governance.
我们认为,公司治理必须不仅仅涉及公司法。尽管企业学者几乎只关注控制管理代理成本的公司法机制,但股东并不是唯一关注此类成本的群体。考虑到公司合同承诺的庞大网络,其他财务索赔人也可能试图在与公司的合同中控制代理成本,这不足为奇。我们假设,其他索赔人的这种交叉监督对股东有价值。我们检查银行贷款的经验证据交叉监测的价值。我们的方法建立在先前关于良好公司治理价值的实证工作的基础上,我们在此基础上增加了银行贷款的存在及其与自由现金流、治理指数和个别公司治理条款的相互作用的数据。据我们所知,我们的研究是第一个衡量银行债务作为降低管理代理成本的手段对绩效影响的研究,也是第一个关于银行持续监测与公司治理安排相互作用的研究。我们发现强有力的证据表明,银行监控可以增加价值。实际上,银行监督可以在某种程度上抵消管理堑壕的价值下降效应。银行监督可能取代良好的公司治理。
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引用次数: 6
Fiscal Policy Rules in Practice 财政政策规则的实践
Pub Date : 2007-04-04 DOI: 10.2139/ssrn.977971
Andreas Thams
This paper analyzes German and Spanish fiscal policy using simple policy rules. We choose Germany and Spain, as both are Member States in the European Monetary Union (EMU) and underwent considerable increases in public debt in the early 1990s. We focus on the question, how fiscal policy behaves under rising public debt ratios. It is found that both Germany and Spain generally exhibit a positive relationship between government revenues and debt. Using Markov-switching techniques, we show that both countries underwent a change in policy behavior in the light of rising debt/output ratios at the end of the 1990s. Interestingly, this change in policy behavior differs in its characteristics across the two countries and seems to be non-permanent in the case of Germany.
本文用简单的政策规则分析了德国和西班牙的财政政策。我们选择德国和西班牙,因为它们都是欧洲货币联盟(EMU)的成员国,在20世纪90年代初经历了公共债务的大幅增加。我们关注的问题是,在公共债务比率不断上升的情况下,财政政策如何表现。研究发现,德国和西班牙的政府收入与债务之间普遍存在正相关关系。利用马尔可夫转换技术,我们表明,鉴于20世纪90年代末债务/产出比率的上升,两国的政策行为都发生了变化。有趣的是,这种政策行为的变化在两个国家的特点不同,在德国似乎不是永久性的。
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引用次数: 12
The Iceberg Theory of Campaign Contributions: Political Threats and Interest Group Behavior 竞选捐款的冰山理论:政治威胁与利益集团行为
Pub Date : 2007-04-01 DOI: 10.2139/ssrn.978508
E. Kaplan
This paper presents a model of campaign contributions where a special interest group can condition its contributions not only on the receiving candidate's support but also on that of her opponent. This allows the interest group to obtain support both from contributions as well as from the implicit threat of contributing to the opponent. These out-of-equilibrium contributions can help explain the "missing money" puzzle in the empirical literature. Our framework contradicts standard models in predicting that interest groups do not give to both sides of a same race. It also predicts that stronger candidates get more money from special interest groups primarily because more contributors give to lop-sided winners, not because more money is given per contribution. Both of these predictions are strongly supported in FEC data for U.S. House Elections from 1984-2004. Our theory also predicts that special interest groups will mainly target lop-sided winners whereas general (partisan) interest groups will contribute mainly to candidates in close races. This is also verified empirically. Finally, our framework implies that stricter campaign finance rules will always lower special interest influence but may lead to an increase in equilibrium contributions, making the latter a poor measure of effectiveness.
本文提出了一个竞选捐款模型,在该模型中,特殊利益集团不仅可以根据候选人的支持情况,还可以根据其对手的支持情况来决定其捐款。这使得利益集团既可以从捐款中获得支持,也可以从向对手捐款的隐性威胁中获得支持。这些非均衡贡献有助于解释实证文献中的“货币缺失”之谜。我们的框架在预测利益集团不会向同一种族的双方让步方面与标准模型相矛盾。该研究还预测,实力较强的候选人从特殊利益集团那里获得更多资金,主要是因为更多的捐款者会给一边倒的获胜者,而不是因为每笔捐款会给更多的钱。这两种预测都得到了联邦选举委员会1984-2004年美国众议院选举数据的有力支持。我们的理论还预测,特殊利益集团将主要针对一边倒的赢家,而一般(党派)利益集团将主要向势均力敌的候选人提供资金。这也得到了实证的验证。最后,我们的框架表明,更严格的竞选资金规则总是会降低特殊利益的影响,但可能导致均衡贡献的增加,使后者成为衡量有效性的不良指标。
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引用次数: 66
期刊
Institutional & Transition Economics eJournal
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