English, Article, Journal or magazine article edition: Externalities, Incentives, and Economic Reforms Joshua Aizenman; Peter Isard

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Bookmark: http://trove.nla.gov.au/version/141367
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Externalities, Incentives, and Economic Reforms
Author
  • Joshua Aizenman
  • Peter Isard
Physical Description
  • preprint
Notes
  • The paper emphasizea the role of institurions and incentives in the presence of externalities. An economy with multiple public decision makers is likely to experience 'overspending," "undertaxing," "overborrowing," and "overinflation" unless effective institutions exist for overcoming coordination failure. External financing may weaken incentives for adjustment over the longer run unless assistance is made conditional on fundamental institutional reforms. The paper also analyses reforms that strengthen incentives to provide effort. Uncertainty regarding future taxes reduces present effort and the responsiveness of output to market signals. In addition, the paper addresses the adverse effects of bank insurance and soft budget constraints.
  • RePEc:nbr:nberwo:3395
Language
  • English
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