Career Concerns, Incentive Contracts, and Contract Renegotiation in the Chinese Political Economy PDF Download

Author: Li-An Zhou
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 138

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Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 564

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Author: Kirsten Bindemann
Publisher:
ISBN: 9781901795158
Category : Oil and gas leases
Languages : en
Pages : 93

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Author: Richard Holden
Publisher: Cambridge University Press
ISBN: 100902017X
Category : Political Science
Languages : en
Pages : 94

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A vexing problem in contract law is modification. Two parties sign a contract but before they fully perform, they modify the contract. Should courts enforce the modified agreement? A private remedy is for the parties to write a contract that is robust to hold-up or that makes the facts relevant to modification verifiable. Provisions accomplishing these ends are renegotiation-design and revelation mechanisms. But implementing them requires commitment power. Conventional contract technologies to ensure commitment – liquidated damages – are disfavored by courts and themselves subject to renegotiation. Smart contracts written on blockchain ledgers offer a solution. We explain the basic economics and legal relevance of these technologies, and we argue that they can implement liquidated damages without courts. We address the hurdles courts may impose to use of smart contracts on blockchain and show that sophisticated parties' ex ante commitment to them may lead courts to allow their use as pre-commitment devices.

Author:
Publisher:
ISBN:
Category : Dissertation abstracts
Languages : en
Pages : 776

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Author: Robert S. Gibbons
Publisher: Princeton University Press
ISBN: 0691132798
Category : Business & Economics
Languages : en
Pages : 1248

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(E-book available via MyiLibrary) In even the most market-oriented economies, most economic transactions occur not in markets but inside managed organizations, particularly business firms. Organizational economics seeks to understand the nature and workings of such organizations and their impact on economic performance. The Handbook of Organizational Economics surveys the major theories, evidence, and methods used in the field. It displays the breadth of topics in organizational economics, including the roles of individuals and groups in organizations, organizational structures and processes, the boundaries of the firm, contracts between and within firms, and more.

Author: Manal Fouad
Publisher: International Monetary Fund
ISBN: 1513576569
Category : Business & Economics
Languages : en
Pages : 61

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Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.

Author: World Bank
Publisher: World Bank Publications
ISBN: 1464814414
Category : Business & Economics
Languages : en
Pages : 241

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Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.

Author: Yingyi Qian
Publisher: MIT Press
ISBN: 026253424X
Category : Business & Economics
Languages : en
Pages : 414

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A noted Chinese economist examines the mechanisms behind China's economic reforms, arguing that universal principles and specific implementations are equally important. As China has transformed itself from a centrally planned economy to a market economy, economists have tried to understand and interpret the success of Chinese reform. As the Chinese economist Yingyi Qian explains, there are two schools of thought on Chinese reform: the “School of Universal Principles,” which ascribes China's successful reform to the workings of the free market, and the “School of Chinese Characteristics,” which holds that China's reform is successful precisely because it did not follow the economics of the market but instead relied on the government. In this book, Qian offers a third perspective, taking certain elements from each school of thought but emphasizing not why reform worked but how it did. Economics is a science, but economic reform is applied science and engineering. To a practitioner, it is more useful to find a feasible reform path than the theoretically best way. The key to understanding how reform has worked in China, Qian argues, is to consider the way reform designs respond to initial historical conditions and contemporary constraints. Qian examines the role of “transitional institutions”—not “best practice institutions” but “incentive-compatible institutions”—in Chinese reform; the dual-track approach to market liberalization; the ownership of firms, viewed both theoretically and empirically; government decentralization, offering and testing hypotheses about its link to local economic development; and the specific historical conditions of China's regional-based central planning.

Author: J. Luis Guasch
Publisher: World Bank Publications
ISBN: 9780821357927
Category : Business & Economics
Languages : en
Pages : 212

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During the 1990s, infrastructure concessions were hailed as the solution to Latin America's endemic infrastructure deficit, by combining private sector efficiency with rent dissipation brought about by competition. This publication examines the design and implementation of over 1,000 examples of concession contracts, in order to identify the problems that have occurred in the process. It goes on to highlight lessons to be learned for the future, in order to realise the potential benefits of infrastructure reform and to contribute to economic growth and poverty reduction.