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Publications (5)
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– Evidence for Italian Public Enterprises' Investment
This study examines the effect of the hardening of the budget constraint on the investment behaviour of Italian state owned enterprises (SOEs). It carries out a natural experiment that exploits the 1987 shift of budget regimes due to the pressure of European Union economic policies on the Italian...
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– The Case of Italian State-Owned Firms and the European Union
This paper contributes to the literature on the role of decentralization in hardening the budget constraint of public enterprises. Following Qian and Roland the study adopts a ‘federalist’ approach. However, it interprets federalism as the upward devolution of domestic economic policies to a...
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– A Rent Seeking Model of China’s Township-Village Enterprises
I present a study of ownership of firms under government rent seeking. Using its control of regulated inputs, a government agency extracts rents from a manager who undertakes an investment. Such a government rent seeking activity leads to a typical hold-up problem. Government ownership is shown to...
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– Key Issues and Lessons from Vietnam
This paper examines the impact of the transition to a market economy on health and education outcomes in transitional Asia, with particular focus on the case of Vietnam. After examining a variety of empirical evidence, several lessons emerge. First, protecting and improving health and education...
Working Paper
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According to information issued at the World Food Summit held in Rome in 1996, about one fifth of the world's population is now living under the poverty line, and this number is increase by 25 million people in developing countries every year. For the purpose of maintaining social stability and...
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