Ruling elites' rotation and asset ownership: Implications for property rights
AbstractWe provide a theory and empirical evidence showing that the rotation of ruling elites in combination with elites' asset ownership could improve property rights protection, and that such association holds for non-democratic political regimes when it is based on elites' concerns about security of their own property rights in the event they lose power. Such incentives provide a solution to the credible commitment problem in maintaining secure property rights when institutional restrictions on expropriation are weak or absent.
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Bibliographic InfoPaper provided by National Research University Higher School of Economics in its series HSE Working papers with number WP BRP 43/EC/2013.
Length: 36 pages
Date of creation: 2013
Date of revision:
Publication status: Published in WP BRP Series: Economics / EC, December 2013, pages 1-36
Endogenous property rights; credible commitment; ``stationary bandit'';
Find related papers by JEL classification:
- K11 - Law and Economics - - Basic Areas of Law - - - Property Law
- O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
- P14 - Economic Systems - - Capitalist Systems - - - Property Rights
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-12-29 (All new papers)
- NEP-LAW-2013-12-29 (Law & Economics)
- NEP-POL-2013-12-29 (Positive Political Economics)
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