IDEAS home Printed from https://ideas.repec.org/p/arx/papers/1903.02924.html
   My bibliography  Save this paper

The Interdependence of Hierarchical Institutions: Federal Regulation, Job Creation, and the Moderating Effect of State Economic Freedom

Author

Listed:
  • David S. Lucas
  • Christopher J. Boudreaux

Abstract

Regulation is commonly viewed as a hindrance to entrepreneurship, but heterogeneity in the effects of regulation is rarely explored. We focus on regional variation in the effects of national-level regulations by developing a theory of hierarchical institutional interdependence. Using the political science theory of market-preserving federalism, we argue that regional economic freedom attenuates the negative influence of national regulation on net job creation. Using U.S. data, we find that regulation destroys jobs on net, but regional economic freedom moderates this effect. In regions with average economic freedom, a one percent increase in regulation results in 14 fewer jobs created on net. However, a standard deviation increase in economic freedom attenuates this relationship by four fewer jobs. Interestingly, this moderation accrues strictly to older firms; regulation usually harms young firm job creation, and economic freedom does not attenuate this relationship.

Suggested Citation

  • David S. Lucas & Christopher J. Boudreaux, 2019. "The Interdependence of Hierarchical Institutions: Federal Regulation, Job Creation, and the Moderating Effect of State Economic Freedom," Papers 1903.02924, arXiv.org.
    • Handle: RePEc:arx:papers:1903.02924
    as

    Download full text from publisher

    File URL: http://arxiv.org/pdf/1903.02924
    File Function: Latest version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Michael Fritsch & David J. Storey, 2014. "Entrepreneurship in a Regional Context: Historical Roots, Recent Developments and Future Challenges," Regional Studies, Taylor & Francis Journals, vol. 48(6), pages 939-954, June.
    2. Zoltan J. Acs & Catherine Armington, 2008. "Employment Growth and Entrepreneurial Activity in Cities," Chapters, in: Entrepreneurship, Growth and Public Policy, chapter 25, pages 353-369, Edward Elgar Publishing.
    3. Phillip H. Kim & Karl Wennberg & Gregoire Croidieu, 2016. "Untapped Riches of Meso-Level Applications in Multilevel Entrepreneurship Mechanisms," Post-Print hal-02276717, HAL.
    4. Simeon Djankov & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2002. "The Regulation of Entry," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(1), pages 1-37.
    5. Crouch, Colin & Voelzkow, Helmut, 2009. "Innovation in Local Economies: Germany in Comparative Context," OUP Catalogue, Oxford University Press, number 9780199551170.
    6. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 2008. "Why Is Rent-Seeking So Costly to Growth?," Springer Books, in: Roger D. Congleton & Kai A. Konrad & Arye L. Hillman (ed.), 40 Years of Research on Rent Seeking 2, pages 213-218, Springer.
    7. R. E. Caves & M. E. Porter, 1977. "From Entry Barriers to Mobility Barriers: Conjectural Decisions and Contrived Deterrence to New Competition," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 91(2), pages 241-261.
    8. Stephan F. Gohmann & Bradley K. Hobbs & Myra McCrickard, 2008. "Economic Freedom and Service Industry Growth in the United States," Entrepreneurship Theory and Practice, , vol. 32(5), pages 855-874, September.
    9. Lee Branstetter & Francisco Lima & Lowell J. Taylor & Ana Venâncio, 2014. "Do Entry Regulations Deter Entrepreneurship and Job Creation? Evidence from Recent Reforms in Portugal," Economic Journal, Royal Economic Society, vol. 124(577), pages 805-832, June.
    10. Sobel, Russell S., 2008. "Testing Baumol: Institutional quality and the productivity of entrepreneurship," Journal of Business Venturing, Elsevier, vol. 23(6), pages 641-655, November.
    11. Carlsson, Fredrik & Lundstrom, Susanna, 2002. "Economic Freedom and Growth: Decomposing the Effects," Public Choice, Springer, vol. 112(3-4), pages 335-344, September.
    12. Martin Schr�der & Helmut Voelzkow, 2016. "Varieties of Regulation: How to Combine Sectoral, Regional and National Levels," Regional Studies, Taylor & Francis Journals, vol. 50(1), pages 7-19, January.
    13. James Buchanan, 1990. "The domain of constitutional economics," Constitutional Political Economy, Springer, vol. 1(1), pages 1-18, December.
    14. Holcombe, Randall G, 2002. "Political Entrepreneurship and the Democratic Allocation of Economic Resources," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 15(2-3), pages 143-159, June.
    15. Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
    16. Steven F. Kreft & Russell S. Sobel, 2005. "Public Policy, Entrepreneurship, And Economic Freedom," Cato Journal, Cato Journal, Cato Institute, vol. 25(3), pages 595-616, Fall.
    17. Kristina Nyström, 2008. "The institutions of economic freedom and entrepreneurship: evidence from panel data," Public Choice, Springer, vol. 136(3), pages 269-282, September.
    18. David B. Audretsch & Oliver Falck & Maryann P. Feldman & Stephan Heblich, 2012. "Local Entrepreneurship in Context," Regional Studies, Taylor & Francis Journals, vol. 46(3), pages 379-389, April.
    19. Anonymous, 2013. "Introduction to the Issue," Journal of Wine Economics, Cambridge University Press, vol. 8(3), pages 243-243, December.
    20. Krueger, Anne O, 1974. "The Political Economy of the Rent-Seeking Society," American Economic Review, American Economic Association, vol. 64(3), pages 291-303, June.
    21. Selin Dilli & Niklas Elert & Andrea M. Herrmann, 2018. "Varieties of entrepreneurship: exploring the institutional foundations of different entrepreneurship types through ‘Varieties-of-Capitalism’ arguments," Small Business Economics, Springer, vol. 51(2), pages 293-320, August.
    22. Ben Spigel, 2016. "Developing and governing entrepreneurial ecosystems: the structure of entrepreneurial support programs in Edinburgh, Scotland," International Journal of Innovation and Regional Development, Inderscience Enterprises Ltd, vol. 7(2), pages 141-160.
    23. Torsten Persson & Guido Tabellini, 2005. "The Economic Effects of Constitutions," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262661926, December.
    24. de Haan, Jakob & Sturm, Jan-Egbert, 2000. "On the relationship between economic freedom and economic growth," European Journal of Political Economy, Elsevier, vol. 16(2), pages 215-241, June.
    25. Duranton, Gilles & Puga, Diego, 2004. "Micro-foundations of urban agglomeration economies," Handbook of Regional and Urban Economics, in: J. V. Henderson & J. F. Thisse (ed.), Handbook of Regional and Urban Economics, edition 1, volume 4, chapter 48, pages 2063-2117, Elsevier.
    26. Griffith, Daniel A., 1981. "Modelling urban population density in a multi-centered city," Journal of Urban Economics, Elsevier, vol. 9(3), pages 298-310, May.
    27. Sean Digiovanna, 1996. "Industrial Districts and Regional Economic Development: A Regulation Approach," Regional Studies, Taylor & Francis Journals, vol. 30(4), pages 373-386.
    28. Fujita,Masahisa & Thisse,Jacques-François, 2013. "Economics of Agglomeration," Cambridge Books, Cambridge University Press, number 9781107001411, November.
    29. Thomas A. Garrett & Russell M. Rhine, 2011. "Economic freedom and employment growth in U.S. states," Review, Federal Reserve Bank of St. Louis, vol. 93(Jan), pages 1-18.
    30. Erik Stam, 2015. "Entrepreneurial Ecosystems and Regional Policy: A Sympathetic Critique," European Planning Studies, Taylor & Francis Journals, vol. 23(9), pages 1759-1769, September.
    31. James B. Bailey & Diana W. Thomas, 2017. "Regulating away competition: the effect of regulation on entrepreneurship and employment," Journal of Regulatory Economics, Springer, vol. 52(3), pages 237-254, December.
    32. Ben Spigel, 2017. "The Relational Organization of Entrepreneurial Ecosystems," Entrepreneurship Theory and Practice, , vol. 41(1), pages 49-72, January.
    33. Klapper, Leora & Laeven, Luc & Rajan, Raghuram, 2006. "Entry regulation as a barrier to entrepreneurship," Journal of Financial Economics, Elsevier, vol. 82(3), pages 591-629, December.
    34. Karl Wennberg & Saurav Pathak & Erkko Autio, 2013. "How culture moulds the effects of self-efficacy and fear of failure on entrepreneurship," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 25(9-10), pages 756-780, December.
    35. Marianne Bertrand & Francis Kramarz, 2002. "Does Entry Regulation Hinder Job Creation? Evidence from the French Retail Industry," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(4), pages 1369-1413.
    36. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472, Elsevier.
    37. Anonymous, 2013. "Introduction to the Issue," Journal of Wine Economics, Cambridge University Press, vol. 8(2), pages 129-130, November.
    38. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1991. "The Allocation of Talent: Implications for Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 503-530.
    39. Zoltan Acs & Thomas Åstebro & David Audretsch & David T. Robinson, 2016. "Public policy to promote entrepreneurship: a call to arms," Small Business Economics, Springer, vol. 47(1), pages 35-51, June.
    40. Yingyi Qian & Barry R. Weingast, 1997. "Federalism as a Commitment to Reserving Market Incentives," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 83-92, Fall.
    41. James M. Buchanan, 2008. "Constitutional Political Economy," Springer Books, in: Readings in Public Choice and Constitutional Political Economy, chapter 17, pages 281-293, Springer.
    42. Jeffery S. McMullen & D. Ray Bagby & Leslie E. Palich, 2008. "Economic Freedom and the Motivation to Engage in Entrepreneurial Action," Entrepreneurship Theory and Practice, , vol. 32(5), pages 875-895, September.
    43. Yingyi Qian & Barry R. Weingast, 1996. "China's transition to markets: market-preserving federalism, chinese style," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 1(2), pages 149-185.
    44. Berkman, Henk & Cole, Rebel A. & Fu, Lawrence J., 2010. "Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 45(6), pages 1391-1417, December.
    45. Randall Holcombe & Christopher Boudreaux, 2015. "Regulation and corruption," Public Choice, Springer, vol. 164(1), pages 75-85, July.
    46. Nathan Goldschlag & Alex Tabarrok, 2018. "Is regulation to blame for the decline in American entrepreneurship?," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 33(93), pages 5-44.
    47. Richard A. Posner, 1974. "Theories of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 5(2), pages 335-358, Autumn.
    48. Joshua C. Hall & Robert A. Lawson, 2014. "Economic Freedom Of The World: An Accounting Of The Literature," Contemporary Economic Policy, Western Economic Association International, vol. 32(1), pages 1-19, January.
    49. Weingast, Barry R, 1995. "The Economic Role of Political Institutions: Market-Preserving Federalism and Economic Development," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 11(1), pages 1-31, April.
    50. James D. Gwartney & Robert A. Lawson & Randall G. Holcombe, 1999. "Economic Freedom and the Environment for Economic Growth," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(4), pages 643-643, December.
    51. John Haltiwanger & Ron S. Jarmin & Javier Miranda, 2013. "Who Creates Jobs? Small versus Large versus Young," The Review of Economics and Statistics, MIT Press, vol. 95(2), pages 347-361, May.
    52. Cameron D. Anderson, 2006. "Economic Voting and Multilevel Governance: A Comparative Individual‐Level Analysis," American Journal of Political Science, John Wiley & Sons, vol. 50(2), pages 449-463, April.
    53. McDonald, John F., 1989. "Econometric studies of urban population density: A survey," Journal of Urban Economics, Elsevier, vol. 26(3), pages 361-385, November.
    54. Crouch, Colin & Gales, Patrick Le & Trigilia, Carlo & Voelzkow, Helmut, 2001. "Local Production Systems in Europe: Rise or Demise?," OUP Catalogue, Oxford University Press, number 9780199242511.
    55. Davis, Steven J & Haltiwanger, John & Schuh, Scott, 1996. "Small Business and Job Creation: Dissecting the Myth and Reassessing the Facts," Small Business Economics, Springer, vol. 8(4), pages 297-315, August.
    56. Brennan,Geoffrey & Buchanan,James M., 2008. "The Reason of Rules," Cambridge Books, Cambridge University Press, number 9780521070904, November.
    57. Peter Calcagno & Russell Sobel, 2014. "Regulatory costs on entrepreneurship and establishment employment size," Small Business Economics, Springer, vol. 42(3), pages 541-559, March.
    58. Caballero, Ricardo J, 1992. "A Fallacy of Composition," American Economic Review, American Economic Association, vol. 82(5), pages 1279-1292, December.
    59. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    60. Daron Acemoglu & Simon Johnson, 2005. "Unbundling Institutions," Journal of Political Economy, University of Chicago Press, vol. 113(5), pages 949-995, October.
    61. Nathan J. Ashby, 2007. "Economic Freedom and Migration Flows between U.S. States," Southern Economic Journal, John Wiley & Sons, vol. 73(3), pages 677-697, January.
    62. Jacob R. Holm & Christian R. Østergaard, 2020. "Regional Employment Growth, Shocks and Regional Industrial Resilience: A Quantitative Analysis of the Danish ICT Sector," Regional Studies, Taylor & Francis Journals, vol. 49(1), pages 95-112, July.
    63. Ge, Jianhua & Stanley, Laura J. & Eddleston, Kimberly & Kellermanns, Franz W., 2017. "Institutional deterioration and entrepreneurial investment: The role of political connections," Journal of Business Venturing, Elsevier, vol. 32(4), pages 405-419.
    64. Berggren, Niclas, 2003. "The Benefits of Economic Freedom: A Survey," Ratio Working Papers 4, The Ratio Institute.
    65. Megan Teague, 2016. "Barriers to entry index: a ranking of starting a business difficulties for the United States," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 5(3), pages 285-307, November.
    66. Estrin, Saul & Korosteleva, Julia & Mickiewicz, Tomasz, 2013. "Which institutions encourage entrepreneurial growth aspirations?," Journal of Business Venturing, Elsevier, vol. 28(4), pages 564-580.
    67. Annamaria Nifo & Gaetano Vecchione, 2014. "Do Institutions Play a Role in Skilled Migration? The Case of Italy," Regional Studies, Taylor & Francis Journals, vol. 48(10), pages 1628-1649, October.
    68. David Audretsch & Michael Fritsch, 2002. "Growth Regimes over Time and Space," Regional Studies, Taylor & Francis Journals, vol. 36(2), pages 113-124.
    69. Nathan J. Ashby, 2010. "Freedom and International Migration," Southern Economic Journal, John Wiley & Sons, vol. 77(1), pages 49-62, July.
    70. Nicholas Charron & Lewis Dijkstra & Victor Lapuente, 2014. "Regional Governance Matters: Quality of Government within European Union Member States," Regional Studies, Taylor & Francis Journals, vol. 48(1), pages 68-90, January.
    71. Philippe Aghion & Steven Durlauf (ed.), 2005. "Handbook of Economic Growth," Handbook of Economic Growth, Elsevier, edition 1, volume 1, number 1.
    72. Heckelman, Jac C. & Stroup, Michael D., 2005. "A comparison of aggregation methods for measures of economic freedom," European Journal of Political Economy, Elsevier, vol. 21(4), pages 953-966, December.
    73. Bylund, Per L. & McCaffrey, Matthew, 2017. "A theory of entrepreneurship and institutional uncertainty," Journal of Business Venturing, Elsevier, vol. 32(5), pages 461-475.
    74. Garry D. Bruton & David Ahlstrom & Han–Lin Li, 2010. "Institutional Theory and Entrepreneurship: Where Are We Now and Where Do We Need to Move in the Future?," Entrepreneurship Theory and Practice, , vol. 34(3), pages 421-440, May.
    75. Phillip H. Kim & Karl Wennberg & Grégoire Croidieu, 2016. "Untapped Riches of Meso-Level Applications in Multilevel Entrepreneurship Mechanisms," Post-Print hal-02312380, HAL.
    76. E. Mark Curtis & Ryan A. Decker, 2018. "Entrepreneurship and State Taxation," Finance and Economics Discussion Series 2018-003, Board of Governors of the Federal Reserve System (U.S.).
    77. Mulholland, Sean E. & Hernandez-Julian, Rey, 2013. "Does Economic Freedom Lead to Selective Migration By Education?," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 43(1).
    78. Riker, William H., 1964. "Some Ambiguities in the Notion of Power," American Political Science Review, Cambridge University Press, vol. 58(2), pages 341-349, June.
    79. Rosenthal, Stuart S. & Strange, William C., 2004. "Evidence on the nature and sources of agglomeration economies," Handbook of Regional and Urban Economics, in: J. V. Henderson & J. F. Thisse (ed.), Handbook of Regional and Urban Economics, edition 1, volume 4, chapter 49, pages 2119-2171, Elsevier.
    80. J. V. Henderson & J. F. Thisse (ed.), 2004. "Handbook of Regional and Urban Economics," Handbook of Regional and Urban Economics, Elsevier, edition 1, volume 4, number 4.
    81. Brian Meehan & Bruce Benson, 2015. "The occupations of regulators influence occupational regulation: evidence from the US private security industry," Public Choice, Springer, vol. 162(1), pages 97-117, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. David B. Audretsch & Maksim Belitski & Georg Eichler, 2020. "Bilingualism and regional entrepreneurship," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 65(3), pages 787-806, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lucas, David & Boudreaux, Christopher, 2018. "Federal Regulation, Job Creation, and the Moderating Effect of State Economic Freedom," MPRA Paper 92593, University Library of Munich, Germany.
    2. Lucas, David S. & Boudreaux, Christopher J., 2020. "National regulation, state-level policy, and local job creation in the United States: A multilevel perspective," Research Policy, Elsevier, vol. 49(4).
    3. Boudreaux, Christopher J. & Nikolaev, Boris N. & Klein, Peter, 2019. "Socio-cognitive traits and entrepreneurship: The moderating role of economic institutions," Journal of Business Venturing, Elsevier, vol. 34(1), pages 178-196.
    4. Daniel L. Bennett, 2021. "Local economic freedom and creative destruction in America," Small Business Economics, Springer, vol. 56(1), pages 333-353, January.
    5. Boudreaux, Christopher, 2019. "Do private enterprises outperform state enterprises in an emerging market? The importance of institutional context in entrepreneurship," MPRA Paper 93039, University Library of Munich, Germany.
    6. Christopher J. Boudreaux & Boris Nikolaev, 2019. "Capital is not enough: opportunity entrepreneurship and formal institutions," Small Business Economics, Springer, vol. 53(3), pages 709-738, October.
    7. Christopher Boudreaux, 2019. "When does privatization spur entrepreneurial performance? The moderating effect of institutional quality in an emerging market," Papers 1901.03356, arXiv.org.
    8. Christopher J. Boudreaux & Boris Nikolaev, 2018. "Shattering the glass ceiling? How the institutional context mitigates the gender gap in entrepreneurship," Papers 1812.03771, arXiv.org.
    9. Deerfield, Amanda & Elert, Niklas, 2022. "Entrepreneurship and Regulatory Voids: The Case of Ridesharing," Working Paper Series 1426, Research Institute of Industrial Economics.
    10. Boudreaux, Christopher & Caudill, Steven, 2019. "Entrepreneurship, Institutions, and Economic Growth: Does the Level of Development Matter?," MPRA Paper 94244, University Library of Munich, Germany.
    11. John A. Dove, 2023. "One size fits all? The differential impact of federal regulation on early-stage entrepreneurial activity across US states," Journal of Regulatory Economics, Springer, vol. 63(1), pages 57-73, April.
    12. David Urbano & Sebastian Aparicio & David Audretsch, 2019. "Twenty-five years of research on institutions, entrepreneurship, and economic growth: what has been learned?," Small Business Economics, Springer, vol. 53(1), pages 21-49, June.
    13. Stephan F. Gohmann & Bradley K. Hobbs & Myra J. McCrickard, 2016. "Productive versus unproductive entrepreneurship," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 5(2), pages 145-160, August.
    14. Lucas, David S., 2024. "The effect of regime change on entrepreneurship: A real options approach with evidence from US gubernatorial elections," Journal of Business Venturing, Elsevier, vol. 39(4).
    15. Bennett, Daniel L., 2019. "Infrastructure investments and entrepreneurial dynamism in the U.S," Journal of Business Venturing, Elsevier, vol. 34(5), pages 1-1.
    16. Daniel L. Bennett & Boris Nikolaev, 2021. "Individualism, pro-market institutions, and national innovation," Small Business Economics, Springer, vol. 57(4), pages 2085-2106, December.
    17. Sorgner, Alina & Wyrwich, Michael, 2022. "Calling Baumol: What telephones can tell us about the allocation of entrepreneurial talent in the face of radical institutional changes," Journal of Business Venturing, Elsevier, vol. 37(5).
    18. Daniel L. Bennett, 2021. "Local institutional heterogeneity & firm dynamism: Decomposing the metropolitan economic freedom index," Small Business Economics, Springer, vol. 57(1), pages 493-511, June.
    19. David B. Audretsch & Maksim Belitski & Sameeksha Desai, 2019. "National Business Regulations and City Entrepreneurship in Europe: A Multilevel Nested Analysis," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1148-1165, November.
    20. Estrin, Saul & Korosteleva, Julia & Mickiewicz, Tomasz, 2013. "Which institutions encourage entrepreneurial growth aspirations?," Journal of Business Venturing, Elsevier, vol. 28(4), pages 564-580.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arx:papers:1903.02924. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: arXiv administrators (email available below). General contact details of provider: http://arxiv.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.