Natural disasters,growth and institutions: A tale of two earthquakes

We examine the impact of natural disasters on GDP per capita by applying the synthetic control approach and using a within-country perspective. Our analysis encompasses two large-scale earthquakes that occurred in two different Italian regions in 1976 and 1980. We show that the short-term effects are negligible in both regions, though they become negative if we simulate the GDP that would have been observed in absence of financial aid. In the long-term, our findings indicate a positive effect in one case and a negative effect in the other, largely reflecting divergent patterns of the TFP. Consistent with these findings, we offer further evidence suggesting that a quake and related financial aid might either increase technical efficiency via a disruptive creation mechanism or reduce it by stimulating corruption, distorting the markets and deteriorating social capital. Finally, we show that the bad outcome is more likely to occur in regions with lower pre-quake institutional quality. As a result, our evidence suggests that unanticipated local shocks are likely to change long run growth rates, exacerbating territorial disparities.     

行政垄断、寻租与腐败——转型经济的腐败机理分析

本文试图利用寻租经济学的方法，对中国渐进转型过程中所产生的特有的腐败形式——行政垄断的本质、成因、形式、特征进行了分析；基于现有对转型经济中腐败现象的研究，提出了转型经济中腐败现象的新的分类；并对行政垄断，主要是行业垄断的经济损失规模及租金的耗散等问题进行了初步的研究；最后，回顾了中国反垄断改革的进展，并提出了进一步改革的议程。     

Can inflation targeting reduce price information asymmetry and alleviate corruptive behavior? Evidence from developing countries

This paper examines the role of inflation targeting as a price signaling mechanism reducing price information asymmetry and potentially reducing incentives for corruptive actions through its direct control on the inflation rate, thus simultaneously increasing institutional quality. The obtained evidence suggests that adopting inflation targeting lowers corruption in a sample of 61 developing countries for the period between 1990 and 2018. Countries that have adopted inflation targeting experience lower corruption levels, as measured by the corruption perceptions (CP) index, controlling for other relevant determinants of corruption identified in the empirical literature, such as inflation, level of income, income distribution, trade openness and the rule of law. This result is sensitive to the type of inflation targeting adopted. Soft (unofficial) inflation targeting has no significant effect on the corruption level, giving support to the claim that strong institutional commitment, accompanied by transparency and constant communication with regards to inflation targets by the central bank, provides an adequate price signaling mechanism. In addition, the analysis provides evidence that an efficient rule of law reduces corruption levels significantly, although its effects are rather modest to support the claims that it can solely lessen corruptive behavior in the sample of developing countries.     

Theorizing the organization and management of non-governmental development organizations

This article uses a case study of public recruitment in Nepal as the vehicle for a discussion of the value of three current public management models: an anticorruption model, a psychometric selection model and the new public management (NPM) model. The political context of Nepal and the role and functions of the Public Service Commission (PSC) are described. The article argues that, in contrast to current NPM doctrine, preserving the current remit of the PSC as a central agency responsible for recruitment is necessary to preserve the integrity of recruitment, which is an important element in an anticorruption strategy. The article also reviews the case for selective introduction of psychometric methods of selection. The article implies an increased importance for public recruitment in development thinking, and argues for the vital role of Service Commissions in limiting corruption. While recognizing the reality of the problems which the NPM model was developed to tackle, the article provides evidence for rejecting its claim to universality.     

重商文化、腐败与企业创新投资

目前,关于企业创新投资决策的研究对正式制度关注较多,对非正式制度研究较少。检验了作为非正式制度的重商文化如何影响企业创新投入水平,以及重商文化与地区腐败在影响企业创新投入方面的相互关系。研究发现：相对于受重商文化影响较弱地区的上市公司,受重商文化影响较强地区的上市公司创新投入水平更高,且这一影响主要发生在非国有企业。同时,受腐败挤出效应和替代效应的影响,重商文化对企业创新投入的促进作用在腐败程度较低的地区更显著。     

Effects of subject pool culture and institutional environment on corruption: Experimental evidence from Albania

This research uses experimental methods to investigate whether subject pool culture and institutional environment have an effect on participants’ corrupt behavior in the laboratory. While we find that subject pool culture does not affect the overall magnitude of corruption of laboratory participants, it does affect the likelihood of corruption and its distribution. Additionally, we find that the effect on corrupt behavior differs with the framing of the experiment’s instructions. Interestingly, in the context of a weak rule of law and high levels of corruption, loaded negative instructions positively affect corrupt behavior of firms and public officials. Previous research in the context of a country exhibiting a strong rule of law and low levels of corruption finds no framing effects. We also find that increasing the probability of detection significantly reduces corruption as measured by the amount of the bribes offered/accepted and the probability of offering/accepting a bribe. Finally, we find that individual risk preferences negatively affect the level of corrupt behavior.     

商业银行监管与腐败关系研究

政府是商业银行监管的重要力量。本文讨论了监管权力与监管效率的关系,通过模型和数据的分析,指出监管部门的权力必须得到约束,并应进一步完善监管部门的行政架构和激励制度。另外,加强市场监管和促进信息披露对于完善监管体系具有重要意义。     

试论“消极腐败”

＂消极腐败＂是品行不端、作风不正的失职失德型的责任行为。＂消极腐败＂表现为奢靡主义、官僚主义、形式主义和好人主义。＂消极腐败＂源于体制不完善、亲情文化、社会监督乏力。＂消极腐败＂影响恶劣,克服＂消极腐败＂要坚持标本兼治、综合治理、惩防并举、注重预防的方针,深入开展党风廉政建设和反腐败斗争;要推进惩治和预防腐败体系建设;要用制度管权管事管人;要强化公共权力的行使者的廉政文化。     

Does corruption increase emerging market bond spreads?

We study the relationship between corruption and borrowing costs for governments and firms in emerging markets. Combining data on bonds traded in the global market with survey data on corruption compiled by Transparency International, we show that countries that are perceived as more corrupt must pay a higher risk premium when issuing bonds. The global bond market ascribes a significant cost to corruption: an improvement in the corruption score from the level of Lithuania to that of the Czech Republic lowers the bond spread by about one-fifth. This is true even after controlling for macroeconomic effects that are correlated with corruption. We find little evidence that investors became more sensitive to corruption in the wake of the Asian financial crisis.     

Natural resource dependence, non-tradables, and economic growth

I argue that the commonly used nominal measure of natural resource dependence – the share of exports of primary products in GNP – understates in growth regressions the negative link between natural resource dependence and per capita GDP growth. I show that using a purchasing power parity adjusted measure yields an economically much larger negative relationship between per capita GDP growth and natural resource dependence than what has been suggested by the nominal measure. Consistent with the rent-seeking literature, I show that the resource curse is a symptom of societies characterized by high levels of corruption and sluggish checks and balances on political decision-making.