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uling Elites' Rotation and Asset Ownership: Implications for Property Rights
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uling Elites' Rotation and Asset Ownership: Implications for Property Rights
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Paper
uling Elites' Rotation and Asset Ownership: Implications for Property Rights
2014
Overview
We provide a theory and empirical evidence indicating that the rotation of ruling elites in conjunction with elites' asset ownership could improve property rights protection in non-democracies. The mechanism that upholds property rights is based on elites' concern about the security of their own asset ownership in the event they lose power. Such incentives provide a solution to the credible commitment problem in maintaining secure property rights when institutional restrictions on expropriation are weak or absent.
Publisher
Federal Reserve Bank of St. Louis
Subject
