Search results for "Market economy"
showing 10 items of 138 documents
The Legacy and the Tyranny of Time: Exit and Re-Entry of Sovereigns to International Capital Markets
2018
We use a novel continuous-time Weibull model (without and) with a change-point in the duration dependence parameter to investigate the duration of the exit and re-entry of sovereigns to international capital markets. Relying on annual data for a large panel of countries over the period 1970-2011, we find that, as the reputation of debtor countries as good (bad) borrowers solidifies over time, those episodes are more likely to end - i.e. the "legacy of time". Debtor countries can take advantage of the "benefit of doubt" of creditors during short exit spells. However, when exits are long and the reputation as a bad borrower emerges, no more "complacency" makes it more difficult for them to bo…
Asymmetric decentralisation, economic cycle, regional and local government’s borrowing in Spain
2014
This paper investigates the evolution of sub-central government borrowing in Spain over the period 1996–2011. The arguments and figures provided show that the intense process of political and fiscal decentralisation that took place over the 1990s and 2000s did not lead to higher debt ratios in terms of GDP at these tiers of government until 2007. Although a kind of overspending bias was in effect until the late 2000s, the paper shows that the evolution of GDP and tax revenues provided regional and local governments with enough resources to vigorously pursue their devolved public policy responsibilities and still keep their debt ratios under control. However, since 2008, when the world finan…
The price of improvements: agrarian contracts and agrarian development in nineteenth-century eastern Spain1
2011
Fixed-rent contracts do not free landlords from the need to supervise the land if it is of high value and fragile fertility, nor do they free them from the costs of monitoring farmers if they are poor peasants prone to fall into arrears. In such cases, however, compensation for improvements will encourage tenants to farm with care and act as a bond against non-payment of rent. This article studies the repercussions of these kinds of situations by analysing what happened in nineteenth-century Valencia, where being the owners of the improvements led to tenants eventually becoming the owners of the land.
Privatisation, decentralisation and production adjustment in the Russian defence industry
1998
PRIVATISATION IN THE DEFENCE INDUSTRY was until 1993 characterised by two features. Firstly, it affected a small number of organisations considered not too important within the sector. Nevertheless, one must point out that, at the end of 1992, some outstanding companies from the defence sector started to be privatised, which marked the first extension of the phenomenon to this sector of the economy. Secondly, the privatisation in this early period lacked organisation and control. Legislation was passed in 1993 with the aim of establishing some order in the privatisation process in the defence industry. From that time (until 1996) the idea was to foster a broad privatisation process with a v…
Restructuring the defence industry and arms production in Russia
2000
AT THE BEGINNING OF 1997, after five years of failed reforms in the defence industry, there took place a substantial change in the administrative structure running this sector. The Ministry of Economic Affairs took over the restructuring of the defence industry and thereby defined a new way of tackling reforms in this industrial sector. Three elements stand out in the new approach: intersectorality, a predominance of civilian elements and a greater realism. This approach, therefore, represents a break with the idea in force up to that moment of the best way to tackle problems related to the defence industry, which was greatly conditioned by its Soviet heritage. Although two years later this…
Typologie des cooperatives de credit espagnoles par la methode des groupes strategiques. Une etude empirique
1997
The objective is to apply the Strategic Groups approach to the sub-sector of credit cooperatives, organizations on which Strategic Groups analysis has not been applied yet although they are part of the banking sector. Therefore taking into account the theoretical arguments presented on SG, the authors apply them according to the following stages: identification of the group of banking organizations composing the object of the study (in this case, credit cooperatives) while analysing their main characteristics; choice of the subset of banking organizations forming the analysed sample; determination of key strategic variables to define credit cooperatives’ strategies; and application of the r…
More firms, more competition? The case of the fourth operator in France's mobile phone market
2010
Accepted, Forthcoming; International audience; To foster competition the French government authorized a fourth operator, ‘Free', to enter the country's mobile phone market at the end of 2009 alongside Orange, SFR and Bouygues Telecom (BT), who held respectively one-half, one-third and one-sixth of the market. By using a stylized model of France's phone market, we have examined what we call the regulator's nightmares and dreams. If Cournot competition is in place before Free's entry, minimizing the total profit fails to maximize the consumer surplus and the total surplus; the maximum most realistic price fall is 6.7% compared to three-way competition and could be 1.7% only; if Orange, SFR an…
Post-Soviet studies and the transition: the case of the Russian economy
2008
The disintegration of the Soviet Union meant that an essential object of study for research analysing centralised planning disappeared and the reference point for a lot of work dealing with the comparison of economic systems was lost. It could be assumed that such a structural alteration might lead to reduced interest in Russian studies and a crisis for the scientific community involved. The purpose of this study is to test this idea and to show how the scientific community interested in post-Soviet studies has changed during the transition period.
Tax authority to the European Parliament?
1995
In this paper we analyze whether countries of the EC community should plead for a decentralized system to finance the European funds rather than using a uniform tax imposed by the European parliament. The analysis is within a multistage game-theoretic framework in which the implication of the financing system of a confederation on the investment behavior in the respective states is considered. The paper is in the tradition of the literature which claims that from a view of global efficiency property-rights structures inducing ex-post efficient allocations may be worse than a system leading to an ex-post inefficient allocation. For this specific economic issue we elucidate the tradeoff betwe…
Trade Associations: Why Not Cartels?
2021
First published: 30 September 2020 The relevance of special interests lobbying in modern democracies can hardly be questioned. But if large trade associations can overcome the free riding problem and form effective lobbies, why do they not also threaten market competition by forming equally effective cartels? We argue that the key to understanding the difference lies in supply elasticity. The group discipline which works in the case of lobbying can be effective in sustaining a cartel only if increasing output is sufficiently costly ‐ otherwise the incentive to deviate is too great. The theory helps organizing a number of stylized facts within a common framework. This article has been accept…