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Main Economic Indicators 19801995 100
Conceptual Framework and Hypothesis
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agents allocation basically Belaunde capital centralized governance choice of governance Congress consequence Constitution countries decentralized governance economic activity economic performance effect efficiency enacted enforcement equilibrium ex-ante executive decree authority Executive Office explained feature fiscal foreign formal institutions formal rules framework Fujimori administration Garcia governance of public important incentives increase informal rules institutional change investment involved issue labor Latin American legislative legislature macroeconomic majority Minister Ministry monitoring moral hazard outcome path dependency percent Peru Peruvian electoral system Peruvian public sector play players political factors political institutions political markets political organizations political parties political regime political variables politicians President presidential regime presidential system Principal-Agent Principal-Agent problem private sector problem production projects property rights reelection reforming public organizations relationship repeated game result revenues role signaling game strategies structure sustainability transaction cost economics transaction costs Velasco voters Westminster system World Bank