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Research Papers in Economics
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  • Monetary cooperation in the CFA zone

    Honohan, Patrick (1990)
    The CFA or franc zone in Africa is the largest and most enduring of currency blocs. This paper is designed as a guide to understanding how the zone works as a mechanism for monetary cooperation. Unfortunately, the experience described in this paper is not encouraging. Despite fixed exchange rates and an elaborate set of rules for avoiding excessive credit expansion, the CFA zone has almost foundered in widespread bank insolvency. The paper is organized as follows : a) section 2 describes memb...


    Rausser, Gordon C.; Bryant, Henry L. (2004)
    Academia and the finance industry generate many proposals for new contract markets. Unfortunately, many proposed markets lack the critical attributes that promote success. We examine these attributes, and evaluate the potential of several announced proposals. We find that proposals emanating from the academy generally fail to consider the full suite of integrated financial services necessary to support a viable market, while proposals put forward by practitioners are much more likely to do so.

    Why woodcock commute: testing the foraging-benefit and predation-risk hypotheses

    Roger J. Masse; Brian C. Tefft; José A. Amador; Scott R. McWilliams (2013)
    Moving between sites is a common behavior employed by prey in order to balance trade-offs associated with acquiring resources and avoiding predators. At dusk during summer, American woodcock frequently fly from diurnal coverts in forests to nocturnal roost fields. We tested 2 hypotheses, the foraging-benefit hypothesis and predation-risk hypothesis, to determine the benefit gained by woodcock that commute. We used telemetry to identify the diurnal coverts and nocturnal roost fields used by wo...

    The Tax Everyone Loves to Hate: Principle of Property Tax Reform

    Rosengard, Jay K. (2012)
    The dilemma is real and profound: most countries have a property tax, but few of their citizens like the tax. The property tax is the tax everyone loves to hate. Countries can seldom live with the tax as initially designed, yet neither can they live without the tax at all. Thus, this chapter focuses on the reform of an existing system of property taxation rather than on the creation of an optimal property tax. Leaders seldom have the opportunity to design a property tax with a blank slate. Th...
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