Suchergebnisse

This paper uses OLS and GMM estimations to test for convergence in income distribution. Convergence tests are performed using a high-quality U.S. cross-state panel. The results strongly support the hypothesis of convergence in income distribution across American states.

This paper explores the links between political rules & institutional quality, concentrating on two political measures: the presence of checks & balances in the political system & an index of political particularism that measures the incentives for politicians to build personal support bases. The paper finds a positive correlation between checks & balances & institutional quality. It also finds that intermediate levels of particularism are associated with higher institutional quality. 10 Tables, 1 Appendix, 40 References. Adapted from the source document.

This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic costs are generally significant but short-lived, and sometimes do not operate through conventional channels. The political consequences of a debt crisis, by contrast, seem to be particularly dire for incumbent governments and finance ministers, broadly in line with what happens in currency crises

The doctrine of state succession requires that governments honor the international commitments of their predecessors. Even if a dictator borrows to oppress his own citizens, future generations are required to service the debts and commitments contracted by the dictator. This paper starts by briefly describing possible exceptions to this doctrine by focusing on war and hostile debts. Next, the paper reviews the literature on odious debt and discusses two proposals that could address this issue by using domestic legal principles.