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This paper develops a model that speaks to the goals and methods of financial-stability policies. There are three main points. First, from a normative perspective, the model defines the fundamental market failure to be addressed, namely that unregulated private money creation can lead to an...
Persistent link: https://www.econbiz.de/10013128276
U.S. airlines have lost nearly $60 billion (2009 dollars) in domestic markets since deregulation, most of it in the last decade. More than 30 years after domestic airline markets were deregulated, the dismal financial record is a puzzle that challenges the economics of deregulation. I examine...
Persistent link: https://www.econbiz.de/10013130786
This paper discusses the fundamental underpinnings and some implications of transaction cost regulation (TCR), a …. TCR sees regulation as the governance structure of these interactions, and thus, as in standard transaction cost economics … possible institutional alternative. In that sense, politics becomes fundamental to understanding regulation as the governance …
Persistent link: https://www.econbiz.de/10013130971
Unilateral tariff liberalisation by developing nations is pervasive but our understanding of it is shallow. This paper strives to partly redress this lacuna on the theory side by introducing three novel political economy mechanisms with particular emphasis is on the role of production...
Persistent link: https://www.econbiz.de/10013135235
Occupational licensing is among the fastest-growing labor market institutions in the U.S. economy. One of the key features of occupational licensing is that the law determines who gets to do the work. In those cases where universally licensed occupations are both complements to and substitutes...
Persistent link: https://www.econbiz.de/10013135757
regulation. We focus on two issues that should receive more attention in discussions of Mexican policy. (1) The family is under … heavy burden of monopoly and regulation. We find little evidence that the introduction of social protection programs for …
Persistent link: https://www.econbiz.de/10013135761
traditionally left to competing provincial securities commissions. The current state of securities regulation renders impotent US … federal securities regulation models are weighted in light of the current state of their needed complementary institutions …
Persistent link: https://www.econbiz.de/10013135809
1985-2007. Competitive pressures are proxied with sectoral product market regulation data. We find evidence that …
Persistent link: https://www.econbiz.de/10013136026
as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest … objectives can in fact reinforce one another. I also discuss aspects of macroeconomic policies and cross-border regulation that …
Persistent link: https://www.econbiz.de/10013137321
We study which policy tool and at what level a majority chooses in order to reduce activities with negative externalities. We consider three instruments: a rule, that sets an upper limit to the activity which produces the negative externality, a quota that forces a proportional reduction of the...
Persistent link: https://www.econbiz.de/10013137596