Search results for " and Performance of Government"
showing 3 items of 3 documents
How significant is yardstick competition among governments? Three reasons to dig deeper
2013
22 pages; The significance of yardstick competition among governments is now confirmed with regard to fiscal variables. This is an important result but the significance of the mechanism must also be sought in a context broader than that of fiscal federalism and without limitation to relations and processes fully observable. Three points are made. Even in the case of governments trying to mimic each other over a single variable, additional variables are involved in an important way. Yardstick competition can be latent without being ineffective. Its major effect, then, is to set bounds to the choices that office-holders could think of making. Finally, the mechanism is a hidden albeit essentia…
Quantifying Structural Subsidy Values for Systemically Important Financial Institutions
2013
Abstract Claimants to Systemically Important Financial Institutions (SIFIs) would receive transfers when governments are forced into bailouts. Ex ante, this bailout expectation lowers SIFIs’ daily funding costs. The funding cost advantage reflects both the structural level of the government support and the time-varying market valuation for such a support. Based on a large worldwide sample of banks, we estimate the value of the structural subsidy, by exploiting expectations of state support embedded in credit ratings and by applying the long-run average value of the rating bonus. The value of the structural subsidy was already sizable, 60 basis points (bp), as of the end-2007, before the cri…
Social capital, public expenditure and the quality of provision. The Sicilian experience
2013
L'articolo si inserisce all’interno del dibattito sul divario nella qualità dei servizi fra Nord e Sud d’Italia che recentemente è tornato a concentrarsi sul tema del capitale sociale, con lo scopo di ricostruire i processi attraverso i quali il capitale sociale influenza i rendimenti istituzionali, di qualificare la natura del nesso esistente, la sua variabilità nel tempo e fra diversi settori di intervento. A questo scopo l'articolo sviluppa una analisi fra i settori della sanità e della formazione professionale negli ultimi dieci anni in Sicilia. Questo articolo si inserisce all'interno del dibattito sul divario nella qualità dei servizi fra Nord e Sud d'Italia che recentemente è tornato…