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This paper analyzes reforms and adjustments in the context of the Euro and the global financial crises. Taking the perspective of the evolutionary approach to institutions, the formation of a new currency area is not unidirectional. The process leading to the euro is an example of a common...
Persistent link: https://www.econbiz.de/10013104995
positively to the product market reform in industries of countries where patent rights are strong, not where these are weak. The … positive response to the reform is more pronounced in industries in which innovators rely more on patenting than in other …
Persistent link: https://www.econbiz.de/10013064451
This paper investigates whether the parameters of labor demand functions are sensitive to alternative methods of estimation. The assumption that the production technology is of the Generalized Leontief type implies that the demand system can be estimated by analyzing cross-section differences in...
Persistent link: https://www.econbiz.de/10013311935
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
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
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