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Optimal Protection of Property Rights in a General Equilibrium Model of Growth

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  • George Economides
  • Hyun Park
  • Apostolis Philippopoulos

Abstract

We incorporate weak property rights into an otherwise standard general equilibrium model of growth and second-best optimal policy. In this setup, the state plays two of its key roles: it protects property rights and provides public services. The government chooses policy (the income tax rate, as well as the allocation of collected tax revenues between law enforcement and public services) to maximize the growth rate of the economy. The focus of our analysis is on how weak property rights generate multiple decentralized competitive equilibria, the different properties of these equilibria, and the implications of second-best optimal policies. Copyright The editors of the "Scandinavian Journal of Economics" 2007 .

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 109 (2007)
Issue (Month): 1 (03)
Pages: 153-175

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Handle: RePEc:bla:scandj:v:109:y:2007:i:1:p:153-175

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Barbosa, Natália & Faria, Ana Paula, 2011. "Innovation across Europe: How important are institutional differences?," Research Policy, Elsevier, vol. 40(9), pages 1157-1169.
  2. Shiyuan Pan, 2011. "Competition among the elites, property rights protection and economic performance," Journal of Economics, Springer, vol. 104(2), pages 139-158, October.
  3. Konstantinos Angelopoulos & George Economides & Vangelis Vassilatos, 2007. "Do institutions matter for economic fluctuations? Weak property rights in a business cycle model for Mexico," Working Papers 2007_35, Business School - Economics, University of Glasgow.
  4. Aleksandar Vasilev, 2013. "On the cost of rent-seeking by government bureaucrats in a Real-Business-Cycle framework," Working Papers 2013_20, Business School - Economics, University of Glasgow.
  5. Andreas Irmen & Johanna Kuehnel, 2011. "Property rights, optimal public enforcement, and growth," CREA Discussion Paper Series 11-18, Center for Research in Economic Analysis, University of Luxembourg.

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