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If you're looking to print your own Monopoly money, we've got it. But please don't print your own real money. That would be bad. This Pin was discovered by Nicole McMillen. Discover (and save!) your own Pins on Pinterest. Colonial Africa: An Introductory Model of a Tax Driven Currency. 3. regard to the government's monopoly powers in the presence of bank credit creation. In.
As thedemand for the game grew, Darrow could not keep up with the ordersand arranged for Parker Brothers to take over the game. Since , when Parker Brothers acquired the rights to the game, ithas become the leading proprietary game not only in the United Statesbut throughout the Western World. As of , the game is publishedunder license in 43 countries, and in 26 languages; in addition, theU.
Spanish edition is sold in another 11 countries. All remaining money and other equipment go to the Bank. When more than fivepersons play, the Banker may elect to act only as Banker andAuctioneer. The Bank pays salaries and bonuses. It sells and auctions propertiesand hands out their proper Title Deed cards; it sells houses and hotelsto the players and loans money when required on mortgages.
The Bank collects all taxes, fines, loans and interest, and the price ofall properties which it sells and auctions. After you have completed your play, the turn passes to the left. Two or more tokens may rest on the same spaceat the same time. If you throw doubles, you move your token as usual, the sum of thetwo dice, and are subject to any privileges or penalties pertaining tothe space on which you land.
Retaining the dice, throw again andmove your token as before. Youreceive the Title Deed card showing ownership; place it face up infront of you.
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If you do not wish to download the property, the Banker sells it at auctionto the highest bidder. The downloader pays the Bank the amount of the bidin cash and receives the Title Deed card for that property. Any player,including the one who declined the option to download it at the printedprice, may bid. Bidding may start at any price.
If the property is mortgaged, no rent can be collected. When aproperty is mortgaged, its Title Deed card is placed face down in frontof the owner.
It is an advantage to hold all the Title Deed cards in a color-group e.
This rule applies tounmortgaged properties even if another property in that color-groupis mortgaged. It is even more advantageous to have houses or hotels on propertiesbecause rents are much higher than for unimproved properties. First, they need to overcome the liability of foreignness in competing against domestic firms with deeper market knowledge and better local connections. Second, relatively small transactions from the perspective of MNCs have a sizable impact on the living standards of local officials, and therefore can be more persuasive Tanzi and Davoodi The economic and business literature has highlighted how excessively high profit margins have been thought to indicate insufficient competition, which can incentivize corruption by investors.
It is the attractiveness of high profit margins associated with such monopolies that provide venal bureaucrats and officials with authority over the respective economic activity with the opportunities to demand bribes and kickbacks Ades and Di Tella ; Svensson ; Clarke and Xu Less well documented is the fact that a similar pattern exists when the lack of competition is a consequence of artificial state controls over certain economic activities, which raise costs to entry Djankov et al.
Heterogeneity across regulatory barriers allows for wide variation in the level of economic rents available across sectors. As a result of these regulatory protections, service sectors such as insurance provision, healthcare, and banking can sustain artificial monopolies and therefore provide the same types of opportunities for corruption as natural monopoly sectors, such as resource extraction and utilities Weeke et al.
In markets restricted by statute, ensuring economic rents by obtaining first-mover advantages, or queue jumping, can be a very tempting strategy for incoming investors Lui However, as Frye points out, the relationship is still in the hands of bureaucrats or politicians who can renege or renegotiate the contract, in our case - by removing barriers to entry.
However, to maintain rent streams, gatekeepers must continue to limit entry Shleifer and Vishny , Rajan and Zingales ; Benmelech and Moskowitz Thus, there is a tension between accepting bribes to allow firms to gain entry to protected markets and allowing too much entry, such that it increases competition and dissipates rents. Testable Hypothesis The above discussion reveals a clear conditional empirical prediction that we analyze below.
Foreign firms faced with the prospect of paying a bribe in low-margin sector, such as garment manufacturing, will simply decide to produce in another country if the bribe price equals or exceeds the expected marginal profit. Similarly, bureaucrats serving as gatekeepers are savvy enough not to demand bribes in these sectors, for fear that they will end up being responsible for losing valuable FDI projects.
All this changes, however, in sectors where entry is restricted by licensing requirements or business permits. Foreign firms have a significant incentive to offer bribes to enter these sectors, because of the high rents available post-entry.
Similarly, local gatekeepers can demand greater compensation for allowing entry. In either scenario the propensity that a bribe will be expected and provided is parameterized by the rents available in a particular sector. Thus, we hypothesize that: The propensity of foreign firms to bribe at entry is higher in restricted sectors Firms are willing to pay bribes for entry into these sectors, but only as long as politicians continue to limit entry and preserve the economic rents.
The removal of restrictions leads to a dissipation of these rents, limiting the ability of politicians to charge for entry into lucrative sectors. As countries sign investment arrangements as part of economic integration, restrictions to entry, and consequently the expected benefits of corruption, fall.
We expect bribery propensity to decrease as well. We remain agnostic on the relationship between investment restrictions and domestic firms, which offers countervailing hypotheses. While restrictions on domestic entry should have the same effect for domestic firms as specified in H1, the impact of restrictions on foreign entry into strategic sectors is predominantly based on the existing economic competition in that sector.
In most emerging markets, very few firms have the size and scale necessary to provide telecommunications, banking, or insurance services. As a result, logic suggests that the government does not need to limit domestic entry into these arenas.
In these cases, foreign investment restrictions serve to protect these favored, domestic producers, and are likely unrelated to the decisions of domestic firms to bribe. FDI in Vietnam Analysts of the Vietnamese economy often highlight the important contributions FDI has made to economic growth, trade, employment growth, and poverty alleviation throughout the country Tran Indeed, over the past two decades, Vietnam has benefited tremendously from FDI inflows.
A few sectors, however, were only partially liberalized according to the law.
The stark difference between Group A and other projects became clearer after Vietnam decentralized FDI registration to the provincial level in the late s. While provinces could now register any FDI investment up to a specified amount locally, Group A projects still required central approval and a Prime Ministerial signature Malesky Leading up to the USBTA in , over thirty different economic sectors were protected by restrictive conditions on foreign investment.
In addition to the restrictions typical of any non-democratic economy, such as those of the press and national defense, Vietnamese restrictions also extended to finance sectors, retail distribution, and even some cash crops like sugar and tobacco. Table 1: Our data shows foreign entry into almost all restricted sectors over the period of observation. Nevertheless, the additional restrictions served to dampen competition and generate high rents for those lucky enough to enter them. To assess sector-level variation in rents, we utilize two common measures of rents from the economics literature; a Herfindahl-Hirschman Index HHI 3 of market share Rosenbluth, ; and profit margins Boone Figure 1 studies the average HHI and natural log of profit margin experienced in Vietnam in a given year in both restricted and unrestricted four-digit ISIC sectors.
Clearly, Group A sectors have become significantly more concentrated than nonrestricted sectors overtime. For the entire time period under observation, restricted sectors averaged well above the 0. Beginning in about , however, restricted sectors became increasingly more concentrated, crossing 0. By contrast, nonrestricted sectors started off similarly concentrated, but have steadily inched downwards to below a 0.
The pattern is even starker when it comes to profit margins. Non-restricted sectors have seen their margins decrease steadily over time with increased competition; while restricted sectors have seen their margins explode, particularly after WTO entry in , which opened up lucrative opportunities for export, while creating temporary entry barriers at home through the phase-in of domestic treatment requirements.
Figure 1: Although the correlations between restrictions and potential economic rents appears strong, there is reason to be suspicious that the apparent relationship could be spurious, caused by omitted firm-level features driving both variables.
These results are presented in Table 2, where the unit of analysis is the sector-year, between and for all sectors operating in Vietnam during that time. Models 3 and 8 add year dummies to make sure that our results are not simply capturing over-time trending in both the dependent and independent variable.
With year-fixed effects, this model essentially provides the HHI observed by survey respondents in the year they chose to invest in a given sector in Vietnam. Table 2: Labor Size s 0.
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Authors' estimates compiled using data from Vietnamese General Statistical Office Enterprise Census to available at www. The final models for each dependent variable Models 4, 5, 9, and 10 address the possible threat that endogenous regulation poses to our analysis.
There is a first-mover benefit to early investors, who may lobby for regulations to protect their market share Rajan and Zingales ; Benmelech and Moskowitz ; Weymouth According to this theory, MNCs may be complicit in establishing the regulatory framework, using corruption to influence host-country officials.
If this is the case, the causal relationship could be reversed, meaning corruption might pre-date investment restrictions and available rents Bandyopadhyay and Roy Thankfully, the registry of Group A restrictions has only moved in one direction over time; restrictions have been removed and never added, limiting the threat that new restrictions emerged to protect early investors.
Nevertheless, there remains a legitimate concern that the removal of restrictions and the length that they are in place, especially those that result from international agreements, may have been negotiated with an eye to entry by particular MNCs.
To account for these concerns, we employ a two-stage instrumental variables model, where we instrument for restrictions by the share of State-Owned Enterprises SOEs in the particular four-digit sector. This variable is lagged one year to account for the SOE share at the time policymakers were negotiating restrictions. We present our results of the first stage without year fixed effects Model 11 and with year fixed effects Model As Vietnam is still transitioning from a centrally planned system and has not undergone full-scale privatization, large, state-owned conglomerates are still active in many sectors.
There is strong reason to suspect that Group A restrictions were aimed predominantly at protecting their market share See Stigler ; Grossman and Helpman The IV strategy confirms this. Moreover, the size of the coefficients on restrictions and the R2 in both the HHI and profit models fall dramatically, indicating that our approach has removed a portion of the endogeneity bias.
One fear is that lagged SOE share may violate the exclusion restriction by being correlated with HHI through channels other than investment restrictions, but this does not appear to be the case. After ensuring exogenous regulation, accounting for market structure in Models 4 and 8, we find that restricted sectors lead to 2. Models 5 and 10, with year fixed effects, find 1. A foreign enterprise lucky enough to enter a restricted sector can be assured of extraordinary market power and economic rents.
Given our theory, we expect that foreign firms attempting to start Group A projects are far more likely to pay more for this privilege. In all three years, the sample frame for selection was the list of registered domestic firms and FIEs in the General Tax Authority database of registered operations.
As a result, it is reasonable to ask whether nonresponse creates selection bias that might affect our conclusions Jensen et al. Authority Databases, showing that PCI data reflects observable characteristics of the national population and therefore offers a highly accurate depiction of foreign and domestic investors in Vietnam. There are currently 10, active FIEs in Vietnam, which includes 8, entirely foreign owned operations and 1, joint ventures JVs.
Together, Taiwan Nevertheless, respectable numbers exist for Western investors as well. Addressing Measurement Error with a List Experiment Contributors to the FDI-corruption literature come to the debate with strong theory and very poor data, which contributes to a confusing array of empirical support for all arguments, whether pro, con, or conditional.
The current approaches to studying openness and corruption are prone to five types of well-known biases: To put a finer point on this critique: Indeed, Treisman finds that perceived corruption is thought to be lower in countries with democratic institutions, media freedom, and high economic development, while it is perceived to be worse in poor countries, with more intrusive regulations, and less democratic protection.
Nevertheless, actual corruption, measured by the proportion of respondents self- reporting bribe payments is not associated with any of these political and economic factors Treisman Unfortunately, the factors that drive the measurement error in international indices of corruption will also be associated with the level of investment into and trade with a particular locality.
Consequently, we can never be sure of the true implications of greater openness. We attempt to correct for measurement error in perceptions of corruption by measuring corruption experience directly with respect to both foreign and domestic firms in one sociocultural setting but across different entry environments.
List questions are extremely easy to administer, as the respondent is not obligated to admit to engaging in a sensitive activity in any way. As a result, the respondent can reveal critical information without fear.
The trick to the UCT approach is that the sample of respondents is randomly divided into two groups that are equal on all observable characteristics. One group of respondents is provided with a list of relatively infrequent, but not impossible, non-sensitive activities. The second group, however, receives an additional sensitive item in the list. Respondents are only asked to tell the interviewer how many of the listed items they have either engaged in, and are specifically instructed NOT to identify which items they specifically engaged in.
Below is the UCT question included in the PCI surveys regarding bribery during business registration and licensing. An important feature of the question is that it is highly targeted and context specific. All of the activities listed are well known to businesses operating in Vietnam and would not be perceived as impossible or artificial, which might damage their confidence in the question.
The survey question was administered in both Vietnamese and English. UCT Question 1: How many of the activities did you engage in when fulfilling any of the business registration activities listed previously? Followed procedures for business license on website. By including this as nonsensitive item, we seek to only capture direct experience and conservatively estimate a lower bound on bribe frequency.
Because FIEs are more likely to hire facilitators, they have a slightly higher share of total activities in both control and treatment averages, but there is no bias in bribery estimates, which are the differences in means between control and treatment within a group. Whether a firm received A or B was determined by random sampling, so the two groups of respondents are balanced on all important observable characteristics. If the activities are too frequent, a respondent in treatment may feel forced to answer the maximum number of activities including the sensitive item , thereby revealing their complicity directly.
Alternatively, nonsensitive items that are too rare would have the opposite effect, allowing the respondent to believe that the sensitive item was the only reasonable option. In either case, the UCT would have failed and respondents would still be obligated to conceal their behavior. Our data did not appear to demonstrate such a tendency, as very few respondents in the control group answered the maximum number or zero nonsensitive questions. It is important to keep in mind that our survey question relies on the ability of the respondent to recall the activities they engaged in during the last time they completed registration procedures.
Nevertheless, a small subset of operations completed registration procedures as long as 15 years before the survey. Although we could have chosen more proximate events for our survey experiment, the year a firm entered is critically important for our results, as we aim to take advantage of the changes in investment restrictions over time, paying special attention to the restrictions that were in place at the time a firm chose to enter the Vietnamese market.
To mitigate, we chose our activity items carefully, so that each represented an obvious action and was easy to remember. Nevertheless, such questions in firm-level surveys pose two dangers. First, data is likely to be noisier at early years of registration, which tends to reduce significance of results. Once again, this problem most likely will lead to noise and insignificant findings rather than biased coefficients.
In fact, our substantive conclusions remain and actually strengthen when we restrict the analysis to firms registered within five years and even two years of the survey.
Once a survey is completed, a simple difference-in-means test between the treatment and control groups can reveal a population proportion equal to the prevalence of the sensitive behavior or belief. These results are shown in Figure 2.
Diamonds and squares identify the average number of activities for treatment and control groups respectively. The range bars around the mean scores are 95 percent confidence intervals.
The first thing to notice is that the range bars do not overlap in any of the survey years, indicating the differences in means are statistically significant and therefore that the treatment was effective.
To calculate the percentage, we must now only subtract the treatment average from the control average 1.
The difference between these means is 0. The name and position of the respondent are maintained in the dataset, giving us confidence that delegation is not a major threat to our analysis. In , a blank space was provided for respondents to record the number of activities in which they engaged. Very few respondents 0. In , however, all values between zero and three or four for the treatment group were provided, and respondents could check the appropriate value.
Although, this change should not affect calculation of bribes, calculated as the difference between treatment and control within a given year, it does influence the total number of activities. To make sure our results are not an artifact of this innocuous change in survey design, we run our analysis with survey year fixed effects.
Figure 2: As we argue, it is not a coincidence that bribery upon registration increases for foreign firms after , about the same time that HHI and profit margins diverged between restricted and unrestricted sectors. Figure 3: Here, we provide difference-in- means tests of number of activities engaged in during registration for domestic and foreign firms in restricted and unrestricted sectors.
Once again, calculating the difference between treatment and control groups provides the share of firms engaging in bribery during entry procedures. Table 3: Firm-Level Empirical Analysis In this section, we adapt a two-stage non-linear least squares NLS estimation model developed by Imai which extends the difference-in-means approach used above to multivariate estimation. The Imai process involves fitting a model to describe the control group, then using the estimated coefficients to predict new values for the treated group, and finally fitting the imputed values over the observed in the treated group through an expectation algorithm to produce estimators for each variable included in the following model: Because the dependent variable in the second stage is an estimate, standard errors are calculated using bootstrapping with 1, replications.
When there are no covariates independent variables introduced in the model, the estimator reduces to the difference-in-means estimator. If the third dice roll is doubles, the player cannot download property, and is instead moved directly to jail. The sole exception is rolling doubles to exit jail, which doesn't allow for an additional turn When landing on the square marked "Go to Jail", drawing a card marked "Go to Jail", or rolling three consecutive doubles when moving in a turn.
The player is placed directly in the jail cell, and does not get any benefit for passing "GO".
A player that lands normally in the Jail square is in the "Just Visiting" section, and is unhindered. In some editions, players in jail may not download and sell properties, or collect rent on them.
In others, this is allowed. Otherwise, the player can attempt to escape jail by trying to roll doubles - if successful, the player moves the number of squares but doesn't get the extra turn.
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Properties, Rents, and Construction If a player owns a property and places a hotel when another is occupying it, the rent for that hotel is payed if it it before the player rolls the dice If a player lands on property he may download it at the listed price. If the player refuses to download it, then the bank sells it at auction to the highest bidder. All players, including the one who chose to not download it, may bid on the property. Properties are arranged in "color groups" of two or three properties.
Once a player owns all properties of a colour group a monopoly , the rent is now doubled on all unimproved lots of that color group, even if any of the properties are mortgaged to the bank except when a house is bought. The player may download up to four houses or one hotel per property and only if there are properties to hold the houses , which raise the rents that must be paid when other players land on the property.
The properties in a color group must be developed evenly, i. A hotel may be built on a color group only after all properties in the group have four houses. A player downloads a hotel by paying the price of an additional house, and returning the four houses on that property to the Bank in exchange for a hotel. If a property is owned by a player and another player lands on the property and the owner does not realize it before the second following player rolls the dice then the player does not have to pay the owner.Duncan, Gregory J.
The Imai process involves fitting a model to describe the control group, then using the estimated coefficients to predict new values for the treated group, and finally fitting the imputed values over the observed in the treated group through an expectation algorithm to produce estimators for each variable included in the following model: A player has until the beginning of his or her next turn to collect this money.
As Vietnam is still transitioning from a centrally planned system and has not undergone full-scale privatization, large, state-owned conglomerates are still active in many sectors. Otherwise, the player can attempt to escape jail by trying to roll doubles - if successful, the player moves the number of squares but doesn't get the extra turn. Malesky, Edmund. Georgetown McDonough School of Business.
A bankrupt player must immediately retire from thegame. The range bars around the mean scores are 95 percent confidence intervals. It is an advantage to hold all the Title Deed cards in a color-group i.