Showing 1 - 10 of 103
Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...
Persistent link: https://www.econbiz.de/10011084413
The 1998 reform of the Italy's retail trade sector delegated the regulation of entry of large stores to the regional … governments. We use the local variation in regulation to determine the effects of entry barriers on firms' performance for a … has a positive effect on investment in ICT. Consistently, more stringent entry regulation results in higher inflation …
Persistent link: https://www.econbiz.de/10005661440
One of the main aims of the deregulation of previously heavily regulated markets is to diminish artificial barriers to entry. But in oligopolistic markets, the mechanisms whereby potential competition can discipline the behaviour of incumbent firms are not very well understood, especially since...
Persistent link: https://www.econbiz.de/10005661862
Central bank transparency has become the topic of a lively public and academic debate on monetary policy. Unfortunately, it has been complicated by the fact that transparency is a qualitative concept that is hard to measure. This Paper proposes a comprehensive index for central bank transparency...
Persistent link: https://www.econbiz.de/10005123819
independence process, socioeconomic and structural controls, and the level of development – in order to assess whether a) breaking … away from the former Yugoslavia delivered an ‘independence dividend’ to the newly independent countries and whether b …) independence had a more favourable impact in richer, rather than poorer territories. The results of the analysis underline that …
Persistent link: https://www.econbiz.de/10011083216
between sub-national states or regions. Using plausible counterfactual analysis, we assess the costs of independence for … independence takes on the calibrated frictions of a counterfactual independent country. If the main change that comes with the … independence of regions of larger countries is that their border with their former union partner comes to resemble a normal country …
Persistent link: https://www.econbiz.de/10011084503
We economically motivate and then test a range of hypotheses regarding performance and risk differences between UCITS-compliant and other hedge funds. The latter exhibit more suspicious return patterns than do absolute return UCITS (ARUs), but ARUs exhibit higher levels of operational risk. We...
Persistent link: https://www.econbiz.de/10011272713
We develop a model that examines the capital structure and investment decisions of regulated firms in a setting that incorporates two key institutional features of the public utilities sector in many countries: firms are partially owned by the state and regulators are not necessarily...
Persistent link: https://www.econbiz.de/10009209829
The traditional theory of commercial banking explains maturity transformation and liquidity provision assuming no asymmetric information and no excess profits. It captures the possibility of bank runs and business cycle risk; but it ignores the moral hazard problems connected with risk-taking by...
Persistent link: https://www.econbiz.de/10009320408
main empirical results indicate that aeronautical charges are lower at airports when single-till regulation is employed …, when airports are privatized, and -- tentatively -- when ex-post price regulation is applied. Furthermore, hub airports … generally set higher aeronautical charges, and it appears that price-cap regulation and the presence of nearby airports do not …
Persistent link: https://www.econbiz.de/10009351519