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Full-Text Articles in Social and Behavioral Sciences
Intergovernmental Competition, Voice And Exit Options And The Design Of Fiscal Structure, Michael L. Marlow
Intergovernmental Competition, Voice And Exit Options And The Design Of Fiscal Structure, Michael L. Marlow
Economics
Taxpayers may reveal their assessment of policy through exercise of available voice and exit options within the fiscal constitution. The voice option is utilized when taxpayers remain within political boundaries and attempt to communicate their assessments regarding the institutionalstatus quo to policymakers. Exercise of the exit option occurs when taxpayers signal discontent with thestatus quo by purchasing from another government supplier. This paper discusses and contrasts theconventional andconstitutional economics views toward fiscal design and argues that a major difference exists regarding the issue of who should be awarded primary responsibility in the policy process: taxpayers or policymakers? Because voice and …
Sustained Growth In The Model Of Overlapping Generations, Eric O'N. Fisher
Sustained Growth In The Model Of Overlapping Generations, Eric O'N. Fisher
Economics
This paper analyzes endogenous economic growth in the model of overlapping generations. There is no bequest motive, nor are there any externalities. If the technology is convex, per capita growth can occur only if the economy has at least two sectors. This paper shows that the limiting marginal efficiency of investment determines the potential for growth and that the rate of growth depends upon the share of the capital stock devoted to investment. Sustained consumption growth can occur only under a fairly restrictive set of assumptions. There is an equilibrium with growth only if the marginal propensity to save is …
The International Effects Of U.S. Farm Subsidies, Eric O'N. Fisher, Harry De Gorter
The International Effects Of U.S. Farm Subsidies, Eric O'N. Fisher, Harry De Gorter
Economics
Using dynamic programming, this paper examines effects of farm subsidies on U.S. exports of corn, cotton, rice, and wheat. The six policy simulations described here explore alternative proposals in the current round of the General Agreement on Tariffs and Trade. The analysis leads to two conclusions. First, abolishing domestic subsidies lowers world prices of these crops. Second, imposing tighter supply controls may not actually decrease exports in the short run.
Empirical Models Of Debt-Rescheduling With Sovereign Immunity, Robert B. Avery, Eric O'N. Fisher
Empirical Models Of Debt-Rescheduling With Sovereign Immunity, Robert B. Avery, Eric O'N. Fisher
Economics
The purpose of this chapter is to review the literature on empirical models of debt-rescheduling in international financial markets. The discussion focuses primarily on the statistical techniques that have been developed. These fall into two areas: discriminant-analysis and probabilistic-choice models. We also present other methods that might prove useful in future empirical research in this area. In particular, we discuss debt-rescheduling from the point of view of an explicitly dynamic economic analysis. This chapter is divided into three sections. In the first section, we review the applied literature on international debt-rescheduling. We focus primarily on empirical studies and give only …