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作者：Haaparanta, Pertti; Pirttila, Jukka
作者单位：Aalto University
摘要：We examine the choice of economic reforms when policymakers have present-biased preferences and can choose to discard information (maintain confidence) to mitigate distortions from excess discounting. The decisions of policymakers and firms are shown to be interdependent. Confident policymakers carry out welfare-improving reforms more often, which increases the probability that firms will invest in restructuring. While policymakers in different countries can be equally irrational, the conseque...
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作者：Platteau, Jean-Philippe; Seki, Erika
作者单位：University of Namur; University of Aberdeen
摘要：In the presence of individual heterogeneity, a major problem with egalitarian partnership, such as complete income pooling, is that individuals of comparatively high ability are induced to exit the arrangement. This is nevertheless ignoring the possible impact of social esteem considerations based on a comparison of members' performances. In this paper, drawing inspiration from pooling experiences in a Japanese fishery, we show that the exit problem can be surmounted if sensitivity to social e...
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作者：Marchesi, Silvia; Sabani, Laura
作者单位：University of Milano-Bicocca; University of Florence
摘要：In this paper we suggest that the dual role played by the IMF, as a creditor and as a monitor of economic reforms, might exp, lain the lack of credibility of the Fund threat of sanctioning non-compliance with conditionality. Specifically, we show that the IMF's desire to preserve its reputation as a good monitor may distort its lending decisions towards some laxity. Moreover, such distortionary incentives may be exacerbated by the length of the relationship between a country and the Fund. Esti...
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作者：Wang, Jianxin
作者单位：University of New South Wales Sydney
摘要：This paper documents a strong contemporaneous relationship between foreign equity trading and market volatility in Indonesia and Thailand. Although foreign selling accounts for only a small portion of daily trading, it has the highest explanatory power for market volatility in both countries. Trading within foreign and local investor groups is often negatively related to volatility. The findings are robust to different sub-periods and different measures for volatility and trading activities. W...
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作者：Eswaran, Mukesh; Kotwal, Ashok
作者单位：University of British Columbia
摘要：This paper examines the effect,of trade liberalization on the quality of industrial goods produced by a developing country. The intermediate goods used as inputs to industrial production are assumed to be non-traded and produced by firms with market power. It is shown here;that for a certain range of human capital levels, exposure to free trade, instead of resulting in de-industrialization, can raise welfare through an improvement in the quality of domestically produced industrial goods. (c) 2...
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作者：Mishra, Prachi
作者单位：International Monetary Fund
摘要：This paper examines empirically the effect of Mexican emigration to the United States on wages in Mexico using data from the Mexican and US censuses from 1970 to 2000. The main result in the paper is that emigration has a strong and positive effect on Mexican wages. There is also evidence for increasing wage inequality in Mexico due to emigration. Simple welfare calculations based on a labor demand-supply framework suggest that the aggregate welfare loss to Mexico due to emigration is small. H...
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作者：Arcand, Jean-Louis; Ai, Chunrong; Ethier, Francois
作者单位：Universite Clermont Auvergne (UCA); Centre National de la Recherche Scientifique (CNRS); State University System of Florida; University of Florida
摘要：We formalize the link between optimal cost-sharing contracts and the production technology in the presence of moral hazard by appealing to several well-known results from duality theory. Building on intuitions from the interlinkage literature, we show that optimal contractual structure is determined by the (i) substitution possibilities that exist between different observable factor inputs, as well as (ii) between these inputs and unobservable effort. We endogenize contractual choice using lan...
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作者：Kraay, Aart; Raddatz, Claudio
作者单位：The World Bank
摘要：This paper examines the empirical relevance of the poverty trap view of underdevelopment. We calibrate simple aggregate growth models in which poverty traps can arise due to either low saving or low technology at low levels of development. We then assess the empirical relevance of these specific mechanisms and their consequences for policy. We find little evidence of the existence of poverty traps based on these two mechanisms. When put to the task of explaining the persistence of low income i...
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作者：Chatterjee, Santanu; Turnovsky, Stephen J.
作者单位：University System of Georgia; University of Georgia; University of Washington; University of Washington Seattle
摘要：This paper examines the link between foreign aid, economic growth, and welfare in a small open economy. External transfers impinge on the recipient's macroeconomic performance by affecting resource allocation decisions and relative prices. The endogeneity of the labor-leisure choice plays a crucial role in the propagation of foreign aid shocks. The efficacy of foreign aid also depends on externalities associated with the public good that it helps finance. The impact of tied and untied aid on t...
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作者：Galindo, Arturo; Schiantarelli, Fabio; Weiss, Andrew
作者单位：Universidad de los Andes (Colombia); Boston College; IZA Institute Labor Economics; Boston University
摘要：Using firm level panel data from 12 developing countries we explore whether financial liberalization improves the efficiency with which investment funds are allocated. A summary index of the efficiency of investment allocation that measures whether investment funds are going to firms with a higher marginal return to capital is developed. We examine the relationship between this and various measures of financial liberalization and find that liberalization increases the efficiency with which inv...
