We examine antitrust rules in a two county general equilibrium trade model, contrasting national and multilateral (cooperative) determination of competition policy, exploring the properties of the policy equilibrium. It is not imperfect competition, but variation in competitive stance between...

Entry requires external finance, especially for less wealthy entrepreneurs, so poor investor protection limits competition. We model how incumbents lobby harder to block access to finance to entrants when politicians are less accountable to voters. In a broad cross-section of countries and...

This survey reviews the literature on the political economy of financial structure, broadly defined to include the size of capital markets and banking systems as well as the distribution of access to external finance across firms.The theoretical literature on the institutional basis for...

This paper is concerned with rules of origin when intermediate goods aredifferentiated. An analytical model emphasizes trade patterns and the relativeimportance of trade in intermediates given trade preferences. Econometric evidencebased on intra-OECD trade in motor vehicles and motor vehicle...

Can a wealth shift to emerging countries explain instability in developed countries? Investors exposed to political risk seek safety in countries with better property right protection. This induces private intermediaries to offer safety via inexpensive demandable debt, and increase lending into...

In this paper we explore linkages between financial services tradeand growth. We offer aformalization of the argument that trade, through the fostering offinancial market integration,may yield important long-run effects related to increasedcompetition. The relationshipsformalized here link...

Theoretical and empirical aspects of policy failures due to subsidies are discussed in the context of international trade. A general classification of subsidies that cause environmental externalities is presented. The economic and environmental impacts of producer subsidies on international...