منابع مشابه
The Domestic Political Origins of Global Financial Standards: The Agrarian Roots of American Securities Regulations
America’s securities markets constitute a central distinguishing feature of its brand of capitalism. What are their political origins? In contrast to arguments which point to business owners as determining the institutional foundations of America’s political economy, this paper argues that farmers played a leading role. Indeed, the rules and regulations governing U.S. securities markets were cr...
متن کاملTotalitarian Origins and Outcomes of Political Orthodoxy
DEMANDS FOR POLITICAL ORTHODOXY seem to appear, at least in the twentieth century, in thirty-year cycles. Thus, in the 1930s, we witnessed the rise of Hitlerism and Stalinism, both of which were aimed as much on purging their respective parties of differences as providing the “masses” with ideological guidance. In the 1960s, politics shifted its ground from parties to movements, and hence the d...
متن کاملPolitical Connections and Financial Stability
Do political connections increase bank risk-taking, or do they work as a financial safety net ex post? Using a data set of lobbying activities by US financial institutions, this paper provides empirical evidence that lobbying activities reduce banks’ risks under the presence of government bailouts. First, I uncover from an event study the fact that political connections and government bailouts ...
متن کاملFinancial Crises and Political Crises∗
The simultaneous determination of financial default and political crises is studied in an open economy model. Political crises accompany default in equilibrium because of an information transmission conflict between the government and the public. Multiple equilibria are possible: if foreign lenders are pessimistic about the country’s stability, they demand a high interest on the debt, exacerbat...
متن کاملFinancial sector origins of economic growth delusion∗
After financial crises, GDP is typically persistently weak compared to pre-crisis trends. We build a simple competitive general equilibrium model to highlight role that the financial sector may have in boosting GDP to unsustainable, undesirable levels before financial crises. Allowing banks to freely trade in financial securities exacerbates the problem. Because loans generate collateral, banks...
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ژورنال
عنوان ژورنال: Journal of Comparative Economics
سال: 2013
ISSN: 0147-5967
DOI: 10.1016/j.jce.2013.05.009