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Ambiguity, Transparency, and Institutional Strength, S. Erbas

Label
Ambiguity, Transparency, and Institutional Strength, S. Erbas
Language
eng
Abstract
Institutional transparency makes future contingencies more easily predictable for investors. Greater transparency can be achieved through vertical and horizontal integration of policy rules, which may result in lower Knightian uncertainty (ambiguity). In a model based on cumulative prospect theory, for a given probability and payoff structure, expected return on investment is higher in more transparent countries; therefore, those countries attract more investment and grow faster than less transparent countries. Lower transparency may result in inherently higher volatility
Bibliography note
Includes bibliographical references
resource.governmentPublication
international or intergovernmental publication
Literary Form
non fiction
Main title
Ambiguity, Transparency, and Institutional Strength
Nature of contents
dictionaries
Responsibility statement
S. Erbas
Series statement
IMF Working Papers
Table Of Contents
""Contents""; ""I. INTRODUCTION""; ""II. INSTITUTIONAL QUALITY AND TRANSPARENCY ""; ""III. THE MODEL""; ""IV. CONCLUSIONS""; ""TECHNICAL APPENDIX PROOF OF THE THEOREM IN EQUATION (3)""; ""REFERENCES""
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