INTRODUCTION................................................................................... 183 I. THE SPECTRUM REFORM IDEA HAS ITS TIME COME? ..... 188 II. THE CURRENT AGENDA FOR TELECOMMUNICATIONS REFORM .................................................................................... 193 III. MAXIMIZING THE POLITICAL ECONOMY ............................. 197 A. The Beginning of a Refo...

The cost of enforcing contracts is a key determinant of market performance. We document this point with reference to the credit market. We start by presenting a model of opportunistic debtors and inefficient courts. According to the model, improvements in judicial efficiency reduce credit rationing and increase lending, while have an ambiguous effect on interest rates, depending on banking comp...

The cost of enforcing contracts is a key determinant of market performance. We document this point with reference to the credit market. We start by presenting a model of opportunistic debtors and inefficient courts. According to the model, improvements in judicial efficiency reduce credit rationing and increase lending, while have an ambiguous effect on interest rates, depending on banking comp...