2004, English, Article, Working paper edition: Policy Compromises: Corruption and Regulation in a Dynamic Democracy Aidt, Toke S.

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Bookmark: http://trove.nla.gov.au/version/874
Physical Description
  • 348100 bytes, application/​pdf
  • Working Paper
Published
  • 2004-06-16T16:05:38Z
  • 2004-01
Language
  • English

Edition details

Title
  • Policy Compromises: Corruption and Regulation in a Dynamic Democracy
Author
  • Aidt, Toke S.
Published
  • 2004-06-16T16:05:38Z
  • 2004-01
Physical Description
  • 348100 bytes, application/​pdf
  • Working Paper
Subjects
Notes
  • This paper evaluates the extent of regulation in a democracy with political corruption. Elected politicians can restrict entry of firms in exchange for bribes from entrepreneurs. Full liberalisation implies free entry and allocative efficiency and is supported by a majority of voters. Voters reelect politicians based on observed performance. We study Markov-perfect equilibria of the resulting game, and demonstrate that voters agree to tolerate some corruption and inefficient regulation in political equilibrium. Efficient policies can be promoted by productivity growth. Political corruption entails excessive stabilization of aggregate fluctuations.
Language
  • English
Contributed by
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