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作者：Genicot, Garance; Ray, Debraj
作者单位：New York University; Georgetown University; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：In a credit market with enforcement constraints, we study the effects of a change in the outside options of a potential defaulter on the terms of the credit contract, as well as on borrower payoffs. The results crucially depend on the allocation of bargaining power between the borrower and the lender. We prove that there is a crucial threshold of relative weights such that if the borrower has power that exceeds this threshold, her expected utility must go up whenever her outside options come d...
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作者：Schmukler, SL; Vesperoni, E
作者单位：The World Bank; International Monetary Fund
摘要：This paper studies how financial globalization affects debt structure in emerging economies. We find that by accessing international markets, firms increase their long-term debt and extend their debt maturity. In contrast, with financial liberalization, long-term debt decreases and the maturity structure shifts to the short term for the average firm. These effects are stronger in economies with less developed domestic financial systems. The evidence is consistent with financial integration hav...
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作者：Keane, Michael P.; Prasad, Eswar S.
作者单位：International Monetary Fund; Yale University
摘要：We document changes in the structure of earnings during the economic transition in Poland. We find that inequality in labor earnings increased substantially from 1988 to 1996. A common view is that the reallocation of workers from a public sector with a compressed wage distribution, to a private sector with much higher wage inequality, accounts for the bulk of increased earnings inequality during transition (see, e.g., the models of Aghion and Commander (1999) [Aghion, Philippe, Commander, Sim...
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作者：Liviatan, Nissan; Frish, Roni
作者单位：Bank of Israel
摘要：The payment of interest on reserves has been a common practice in inflationary economies. This policy may seem paradoxical since it involves returning part of the seigniorage, generated by the inflation process, with the intention to finance the fiscal deficit. This paper argues that the motivation for this policy can be captured by the discretionary regime, where the policymaker pays interest on reserves because he is concerned with the erosion of real liquidity by inflation, which is in part...
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作者：Tedeschi, Gwendolyn Alexander
作者单位：Fordham University
摘要：This paper presents a model of microfinance lending to individuals that uses dynamic incentives, in the form of access to additional loans, to discourage borrowers from strategic default, or the unwillingness to repay a loan once a positive outcome is realized. We propose an improvement on contracts currently used by microfinance institutions (MFIs) by endogenizing the default penalty, while constraining the MFI to maintain sustainable lending operations. Furthermore, accounting for the risks ...
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作者：Robinson, James A.; Torvik, Ragnar; Verdier, Thierry
作者单位：Harvard University; Norwegian University of Science & Technology (NTNU)
摘要：In this paper we argue that the political incentives that resource endowments generate are the key to understanding whether or not they are a curse. We show: (1) politicians tend to over-extract natural resources relative to the efficient extraction path because they discount the future too much, and (2) resource booms improve the efficiency of the extraction path. However, (3) resource booms, by raising the value of being in power and by providing politicians with more resources which they ca...
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作者：Bell, C; Clemenz, G
作者单位：Ruprecht Karls University Heidelberg; University of Vienna
摘要：This paper deals with a setting in which borrowers and lenders place different values on an asset that can be used as collateral. Under adverse selection, lenders may rationally choose credit contracts with the object of attracting a relatively risky group of clients, so raising their chances of gaining possession of the asset through default. Contracts of differing attractiveness to borrowers can also coexist in equilibrium. When an 'inside' and an 'outside' lender compete, the latter placing...
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作者：Bruemmer, B.; Glauben, T.; Lu, W.
作者单位：University of Gottingen; Zhejiang University
摘要：Agricultural policy reform has been an important source of change in the Chinese agricultural sector. The reforms led to productivity growth and helped China to pursue its self-sufficiency goal especially in the grain sector. In order to analyze whether observable productivity growth stems from technologically induced components or from the market induced parts, a multi-input-multi-output model is derived by using an econometric distance function framework. A decomposition allows to distinguis...
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作者：Jayadev, Arjun; Bowles, Samuel
作者单位：University of Massachusetts System; University of Massachusetts Boston; University of Siena
摘要：We explore the economic importance of the private and public exercise of power in the execution of contracts and defense of property rights. We define power and represent it in a model of growth in a modem capitalist economy, borrowing themes from the classical economists (unproductive labor, profit-driven investment), Marx (the labor disciplining effect of unemployment), and the contemporary theory of incomplete contracts (the role of monitoring and enforcement rents). We use this model to id...
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作者：Lichtenberg, Erik
作者单位：University System of Maryland; University of Maryland College Park
摘要：Bulte and van Soest [Bulte, E., van Soest, D. 1999. A note on soil depth, failing markets and agricultural pricing. Journal of Development Economics 58, 245-254.] argue that higher agricultural output prices result in greater soil conservation when labor markets function well but have ambiguous effects when labor markets are absent. The latter result is not attributable to labor market failure but rather occurs whenever labor supply is less than perfectly elastic. Consistent with the more gene...
