jurisdictions. This theory of regulatory influence is tested by examining several episodes in the financing experience of U … years of state commission regulation. Examples of an adaptive response pattern on the part of regulators, firms and …

. In a straightforward application of the theory of the second best, I show that incomplete regulation can welfare dominate …For political, jurisdictional and technical reasons, environmental regulation of industrial pollution is often … regulated producers are less polluting than their unregulated ounterparts, emissions under incomplete regulation can exceed the …

feature of market economies, is inherently vulnerable to runs in all its forms (not just demand deposits). Bank regulation … aims at preventing bank runs. History shows two approaches to bank regulation: the use of high quality collateral to back …

We develop a dynamic game to explore the interaction between regulation and private policies, such as self-regulation … by firms and activism. Without a public regulator, the possibility of self-regulation is bad for the firm, but good for … activists who are willing to maintain a costly boycott to raise the likelihood of self-regulation. Results are reversed when the …

. In this paper, we review the evolution of business regulation in Hong Kong, analyze the salient features of its scheme of … control regulation and evaluate the impact of transition from regulation to competition. To provide a sharp contrast between … the difficulties of the traditional approach to regulation and the benefits of introducing competition, we focus on the …