This paper shows that the simple fact that some economies are larger than others has important implications for international asset returns, and that acknowledging this fact may help explain a number of otherwise puzzling features of the data. In particular, large economies should have lower real and nominal interest rates than smaller economies, and uncovered interest parity should fail between the currencies of any two economies that are not of the same size.
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When do politicians resort to A< href="http://www.acrobatplanet.com/non-fictions-ebook/ebook-political-competition-and-corruption-japan-1947-1993.html">corrupt practices? This article distinguishes between two types of corruption by politicians: illegal acts for material gain (looting) and illegal acts for electoral gain (cheating). Looting generally involves a politician “selling” influence while cheating involves a politician “buying” votes. We conduct individual-level analyses of new data on financial scandals and election law violations in Japan and show that the determinants of cheating differ from the determinants of looting. Most notably, political experience and electoral security increase the probability of looting, but electoral insecurity combined with intra-party competition increases the probability of cheating. The purpose of elections in a representative democracy is to create a political system in which politicians act in the best interests of those they govern.
