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The Political Economy of Privatization
Political incentives appear to affect the likelihood of privatization. Provinces in Argentina whose governors belonged to a fiscally conservative party were more likely to privatize, and fiscal and economic crises increased the likelihood of privatization. Clarke and Cull study the political economy of bank privatization in Argentina. The results of their study strongly support the hypothesis that political incentives affect the likelihood of privatization. They find that: * Provinces whose governors belonged to the fiscally conservative Partido Justicialista were more likely to privatize. * Fiscal and economic crises increased the likelihood of privatization. * Poorly performing banks were ...
Externalities and Production Efficiency
Environmental improvements should be sought from different polluters (public or private, producer or consumer, rich or poor) at the same cost, regardless of the nature of the polluting activity. Under a plausible structure of monitoring costs, emission standards play a central role.
Volatility and the Welfare Costs of Financial Market Integration
This paper examines the effect of volatility on the costs and benefits of financial market integration. The basic framework combines the costly state verification model and the contract enforceability approach. The welfare effects of financial market integration are assessed by comparing welfare under financial autarky and financial openness -- under which foreign banks, characterized by lower costs of intermediation and a lower markup rate, have free access to domestic capital markets. The analysis shows that financial integration may be welfare reducing if world interest rates under openness are highly volatile. The basic framework is then extended to consider the case of an upward-sloping domestic supply curve of funds and congestion externalities. It is shown, in particular, that opening the economy to unrestricted inflows of capital may magnify the welfare cost of existing distortions, such as congestion externalities or deposit insurance.
Protecting the Poor in Vietnam's Emerging Market Economy
September 1998 The very principles on which Vietnam's highly decentralized, community-based assistance and safety net system is built are threatened by the country's emerging market economy. Increasing household mobility, without which the market system cannot function, especially dictates a rethinking of the foundation of Vietnam's community-based safety net. Under Vietnam's former command economy, lack of household mobility ensured close community and family solidarity, and households belonged to local cooperatives that provided for the welfare of their members. Developing a reliable, effective system of redistributive transfers and safety nets to replace such faltering local institutions ...
Banking on Crises
The historical frequency of banking crises is quite similar in high- and middle-to-low-income countries, with quantitative and qualitative parallels in both the run-ups and the aftermath. We establish these regularities using a unique dataset spanning from Denmark's financial panic during the Napoleonic War to the ongoing global financial crisis sparked by subprime mortgage defaults in the United States.Banking crises dramatically weaken fiscal positions in both groups, with government revenues invariably contracting, and fiscal expenditures often expanding sharply. Three years after a financial crisis central government debt increases, on average, by about 86 percent. Thus the fiscal burden...
