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World Affairs Online
Sales and monetary policy
In: Discussion paper series 6940
In: International macroeconomics
Currency crisis triggers: sunspots or thresholds?
In: Discussion paper series 6487
In: International macroeconomics
Optimal external debt and default
In: Discussion paper series 6035
In: International macroeconomics
Dynamics of currency crises with asset market frictions
In: Journal of international economics, Band 68, Heft 1, S. 141-158
ISSN: 0022-1996
International lending of last resort and moral hazard: A model of IMF's catalytic finance
In: Journal of Monetary Economics, Band 53, Heft 3, S. 441-471
Institutional specialization
In: https://hdl.handle.net/10438/27735
This paper presents a theory of institutional specialization in which some countries uphold the rule of law while others choose extractive institutions, even though they are ex-ante identical.This is borne out of two key insights: for incumbents in each country, (i) the first steps to the rule of law are more costly; and (ii) the rule of law is more attractive when other countries have extractive institutions. The world equilibrium features a symbiotic relationship between countries with opposite institutions. Using the transition from sail to steam-powered vessels in the nineteenth century, we find empirical evidence consistent with the model.
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