Recent research has dealt with questions of efficient coordination of economic activities. The considered alternatives range from (perfect) markets to (perfect) hierarchies with some hybrid forms in between. One of the main results of this research, especially of transaction cost theory, is that each alternative could be efficient, depending on certain characteristics of transactions and situat...

In the early and mid-1990s, most economists and policymakers supported rapid capital account liberalization for emerging markets. Liberalization was expected to have widespread benefits. It was predicted to increase capital inflows, thereby financing investment and raising growth. Capital inflows—especially in the form of direct investment—would provide improved technology and management techni...

The progress in modern information technology (IT) leads to changes in the organization of economic activity and enables new and innovative organizational structures. One example is the emergence of electronic markets. Electronic markets at the moment are primarily seen as a substitute for conventional markets. But there is also a tendency that electronic markets, because of sinking transaction...

mazandaran province is one of the most important agricultural areas in iran. researches findings show that the role of bank credits is really important due to the lack of available funds in agricultural sector. in this study, the relationship between allocation of agricultural bank credits of iran as professional bank section and agricultural employment was studied in the mazandaran province ba...

a number of theories about the hest method of allocating assets have been developed over the years, managers are concernd about allocating scarce resources, mainly capital, in most productive way. managers want to ensure that the return from the invested resources exceeds the cost of resources finanical theories and finanicial strategies try to facilitate creating optimum value for investors in...

one of the most important issues about production structure and measurement of factors utilization in industry is the study of substitutability among the production factors. while, energy, for its particular features like finite and the direct relationship between energy usage and air pollution; and specifically abundance of energy resources and allocation of subsidies to different energy carri...

This paper develops a two-period-two-country model in which an altruistic donor faces Samaritan’s Dilemma to address two important policy questions: (i) whether foreign aid can lead to efficient level of capital investment in the recipient country and (ii) how do the form (e.g. budgetary transfers, capital transfer) and the timing of aid affect the incentives of the recipient? It finds that the...

We study the effi ciency implications of bargaining in frictional capital markets in which firms match bilaterally with dealers in order to buy or sell capital. We show how two of the distinguishing characteristics of capital —ownership and the intertemporal nature of investment —give rise to a dynamic ineffi ciency. Firms that anticipate buying capital in the future overinvest because this inc...