By Stephen Haber
This booklet is admittedly only a number of 5 essays, all by means of diversified authors. It doesn't have the texture of a cohesive paintings. also, a number of the chapters have little relevance to the said subject. This publication is especially educational in nature. regrettably it's not an excellent learn and does not enlighten the reader a lot.
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Extra resources for Crony Capitalism and Economic Growth in Latin America: Theory and Evidence
A. a. a. a. a. a. 0 Data on gross domestic capital formation, GDP, domestic credit, lending rate, and producer prices: International Monetary Fund, International Financial Statistics, Yearbook, 1998, Korea country pages. Implicit subsidy: calculated as per text. SOURCES: ers of those firms were important sources of financing for political leaders. In addition, their enterprises accounted for a sizable share of GDP and employment; their favored access to credit had enabled them to expand, and credit rationing skewed toward these firms had apparently constituted a significant barrier to entry or to expansion of small firms.
Essentially, the deal struck between Dı´az and the bankers was as follows: The federal government would tightly regulate entry into the banking industry. In return, the nation’s largest bank, which received special concessions from the government, would provide the government with a credit line and would act as its financial agent. The result was that two banks carved up virtually all of the Mexico City business and were the only two institutions allowed to branch beyond their state borders. Monopolies were also established at the state level.
This creates a commitment mechanism that constrains the government from reneging on current institutional arrangements. By allowing the private sector to have an active (or decisive) role in shaping the institutional framework that governs its behavior, and by linking the fate of the government to the success of the private sector (through forward integration), the government can create a limited commitment to a reduced set of economic agents that it will not predate on their property rights. Thus, economic activity is not necessarily affected by political instability.
Crony Capitalism and Economic Growth in Latin America: Theory and Evidence by Stephen Haber