Contemporary Economic Policy articles from July 1996

Contemporary Economic Policy archives from July 1996

A simplistic general equilibrium theory of corruption.
July 1, 1996... I do not think corruption can exist without government regulations or controls. From this standpoint, economists essentially hold two points of view toward corruption. One is what I would call the naive view, which is partial equilibrium, and the...

Corruption theory and practice.
July 1, 1996... After completing law school, I spent a few months practicing law in Chicago, which at that time was ruled by the Kelly-Nash machine. One of my duties was to bribe minor officials in the records branch of the government, so I was fully aware that...

Corruption and Schumpeterian growth in different economic environments.
July 1, 1996... I. INTRODUCTION The process of industrial mutation... incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one... The problem that is usually being visualized is how...

Three aspects of corruption.
July 1, 1996... Corruption is a value-loaded term, defined in many different ways in the literature (e.g., see Klitgaard, 1988, and Gong, 1994). Rather than add to the long list of definitions, this paper identifies salient characteristics of corruption and...

Dollarization in developing countries: rational remedy or domestic dilemma?
July 1, 1996... I. INTRODUCTION In the late 1980s, a common joke in Poland was: "What do America and Poland have in common? In America, you can buy everything for dollars and nothing for zlotys. In Poland, it is exactly the same." The Polish experience with...

Deposit guarantees and the burst of the Japanese bubble economy.
July 1, 1996... I. INTRODUCTION This paper describes the current status of deposit insurance systems in Japan and reviews the history of deposit guarantees in the past several years. During this period, some of the Japanese financial institutions have faced...

Has the quality of immigrants declined? evidence from the labor market attachment of immigrants and natives.
July 1, 1996... I. INTRODUCTION Proposition 187 and the uptick of U.S. Congressional initiatives demonstrate renewed debate on the merits of many U.S. immigration policies. Reformers challenge the levels of legal immigration and the criteria for admission as...

Comparing the New England and Southern California regional recessions.
July 1, 1996... I. INTRODUCTION The recent economic downturn of the early 1990s produced particularly severe regional recessions in New England and Southern California. A deep regional recession began in New England about a year prior to the 1990 national...

Environmental commodities markets: 'messy' versus 'ideal' worlds.
July 1, 1996... I. INTRODUCTION Tradable or marketable permits, quotas, or licenses have become increasingly popular for addressing a wide range of policy problems. Economists have long theorized that allowing decentralized individual choice should achieve...

Energy-efficient lighting: market data, market imperfections, and policy success.
July 1, 1996... I. INTRODUCTION When Galileo first investigated the motion of falling bodies, he conducted what the Aristotelian clerics regarded as a heretical thought experiment. He imagined a world in which friction did not exist, and he interpreted the...

Salmon stock variability and the political economy of the Pacific Salmon treaty.
July 1, 1996... I. INTRODUCTION Despite long standing efforts to preserve and enhance West Coast salmon stocks and to forge workable international agreements governing harvests, the Pacific salmon fishery is in a state of crisis. Runs of many salmon stocks...