The Voracity Effect
分析缺乏强法治政治制度的经济体，多个强大群体通过财政过程动态互动，导致经济增长缓慢，并产生“贪婪效应”：贸易条件改善等冲击反而引发财政再分配过度增加、降低增长。权力分散则促进增长并减弱对冲击的顺周期反应。
We analyze an economy that lacks a strong legal-political institutional infrastructure and is populated by multiple powerful groups. Powerful groups dynamically interact via a fiscal process that effectively allows open access to the aggregate capital stock. In equilibrium, this leads to slow economic growth and a “voracity effect,” by which a shock, such as a terms of trade windfall, perversely generates a more-than-proportionate increase in fiscal redistribution and reduces growth. We also show that a dilution in the concentration of power leads to faster growth and a less procyclical response to shocks.