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The trade off between sclerosis and hold up problems : Rhenish vs. Anglosaxon economies

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Author Info
Boone, J.
Smulders, S. (Tilburg University, Center for Economic Research)

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Abstract

This paper presents a simple model to explain the relative advantages of market economies with high turnover of firms and those with low turnover rates but long-term relationships. The two types of economies, labeled Anglosaxon and Rhenish respectively, arise as two equilibria that can simultaneously exist in the model. We show that welfare is not necessarily higher in one of the two. A trade off exists between sclerosis and a hold up problem. Our main result is that deregulation in a Rhenish economy yields smaller effects on output than in an Anglosaxon economy.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 70.

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Date of creation: 1999
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Handle: RePEc:dgr:kubcen:199970

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Find related papers by JEL classification:
J63 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Turnover; Vacancies; Layoffs
P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-94, October. [Downloadable!] (restricted)
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  2. Boone, J. & Smulders, S., 2000. "A note on the relation between income and welfare," Discussion Paper 5, Tilburg University, Center for Economic Research. [Downloadable!]
  3. Raghuram G. Rajan & Luigi Zingales, 1998. "Which Capitalism? Lessons from the East Asian Crisis," CRSP working papers 486, Center for Research in Security Prices, Graduate School of Business, University of Chicago. [Downloadable!]
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  4. Mortensen, Dale T & Pissarides, Christopher, 1999. "New Developments in Models of Search in the Labour Market," CEPR Discussion Papers 2053, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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