Regulatory Cycles: A Political Economy Model

Almasi, Pooya; Dagher, Jihad; Prato, Carlo

doi:10.2139/ssrn.3136027

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Data and Stylised Facts1

The Model1

Calibrated Parameters and Steady State1

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2021

2024

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Cited by 7 publications

(4 citation statements)

References 60 publications

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“…2 We obtained qualititatively similar result for the remaining 28 reporting countries in the BIS database. We omit these results for brevity but they are available upon request.…”

supporting

confidence: 66%

“…Our exposition for entrepreneurs and local banks focuses on the domestic economy, but the foreign economy is modeled analogously. 2…”

Section: The Modelmentioning

confidence: 99%

“…Bernanke et al, 1999). 6 Setting the variance of the idiosyncratic returns to capital shock, 2 ! , to 0.118 implies that the regulatory cost parameter and the cut-o¤ value of the idiosyncratic shock !…”

Section: Calibrated Parameters and Steady Statementioning

confidence: 99%

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Regulatory arbitrage and economic stability

Aysun

Alpanda

2022

Journal of International Money and Finance

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“…2 We obtained qualititatively similar result for the remaining 28 reporting countries in the BIS database. We omit these results for brevity but they are available upon request.…”

supporting

confidence: 66%

“…Our exposition for entrepreneurs and local banks focuses on the domestic economy, but the foreign economy is modeled analogously. 2…”

Section: The Modelmentioning

confidence: 99%

See 1 more Smart Citation

Regulatory arbitrage and economic stability

Aysun

Alpanda

2022

Journal of International Money and Finance

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“…His qualitative evidence is consistent with our findings. Almasi et al (2018) also point at the pro-cyclical nature of regulation.…”

Section: Data and Stylised Factsmentioning

confidence: 96%

Policies in Hard Times: Assessing the Impact of Financial Crises on Structural Reforms

Gokmen

Onorato

Nannicini

et al. 2021

The Economic Journal

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It is commonly argued that crises open up a window of opportunity to implement policies that otherwise would not have the necessary political backing. The argument goes that the political cost of economic and social reforms declines as crises unravel structural problems that need to be urgently rectified and the public is more willing to bear the pains associated with such reforms. This paper casts doubt on this prevalent view by showing that not only is the crises-reforms nexus unfounded in the data, but rather crises are associated with a reversal of liberalization interventions depending on the institutional environment. In particular, we look at measures of liberalization in international trade, agriculture, network industries, and financial markets. We find that, in democratic countries, crises occurrences have no significant impact on liberalization measures. On the contrary, after a crisis, autocracies reduce liberalization in multiple economic sectors, which we interpret as the fear of regime change leading non-democratic rulers to please vested economic interests.

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