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Essays in political economy and macroeconomics
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Florence : European University Institute, 2016
EUI; ECO; PhD Thesis
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MENDES PEREIRA VICENTE, Ricardo Alfredo, Essays in political economy and macroeconomics, Florence : European University Institute, 2016, EUI, ECO, PhD Thesis - https://hdl.handle.net/1814/41685
Abstract
In this thesis I develop two models that bring together macroeconomics and political institutions; these models allow me to draw conclusions about the impact of institutions on economic outcomes, and about the effect of economics on political results. In the first essay, I provide a formal theory that explains the effect of government coalitions on the probability of sovereign default, and the seemingly excessive prevalence of surplus coalitions across the democratic world. In the second essay, I construct a model of an endowment economy in which a leader distributes income, and I show how investments in de facto power enable the leader to significantly increase his tenure in office, while collecting a large share of rents for his private benefit. Throughout the thesis it is assumed that leaders are selfish, and institutions (incentives) are the main determinant of their behavior in power.
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Defence date: 17 May 2016
Examining Board: Professor Árpád Ábrahám, EUI, Supervisor; Professor Piero Gottardi, EUI; Professor Facundo Piguillem, EIEF; Professor César Sosa-Padilla, McMaster University.
Examining Board: Professor Árpád Ábrahám, EUI, Supervisor; Professor Piero Gottardi, EUI; Professor Facundo Piguillem, EIEF; Professor César Sosa-Padilla, McMaster University.