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I discuss the antitrust suit brought by the U.S. Department of Justice against Visa and MasterCard in 1998. Banks that issue Visa cards are free to also issue MasterCard cards, and vice versa, and many banks issue the cards of both networks. However, both Visa and MasterCard had rules...
Persistent link: https://www.econbiz.de/10012465436
We study e-commerce across 47 economies and 26 industries during the COVID-19 pandemic using aggregated and anonymized transaction-level data from Mastercard, scaled to represent total consumer spending. The share of online transactions in total consumption increased more in economies with...
Persistent link: https://www.econbiz.de/10012938698
The expansion of U.S. universities after World War II gained from the arrival of immigrant scientists and graduate … convergence in world science and engineering and a falling U.S. share. But the slowdown of U.S. publication rates in the late 1990 …
Persistent link: https://www.econbiz.de/10012463416
Competition between opposing lobbies is an important factor in the endogenous determination of trade policy. This paper … investigates empirically the consequences of lobbying competition between upstream and downstream producers for trade policy. The … with lobbying competition. Importantly, accounting for lobbying competition also alters substantially estimates of the …
Persistent link: https://www.econbiz.de/10012467312
This paper examines the attitude of Jewish law to competition in light of the economist's understanding of the benefits … of competition and of the beneficiaries from intervention in the competitive process. The punchline of this paper is … simple. Although Judaism has used a whole host of restrictions on competition and has had its share of legislation to promote …
Persistent link: https://www.econbiz.de/10012470880
This paper examines the role of corporate headquarters in allocating scarce resources to competing projects in an internal capital market. Unlike a bank lender, headquarters has control rights that give it both the authority and the incentive to engage in 'winner-picking' -- the practice of...
Persistent link: https://www.econbiz.de/10012473785
shifts. By shocks we mean sudden jolts to the world economy in the form of financial crises and deep recessions, or wars and …
Persistent link: https://www.econbiz.de/10012461059
emergence of the global fiscal cycle: governments' competition over the provision of reserve assets gives rise to strategic … complementarity in the issuances, even when the reserve assets are substitutes in partial equilibrium. We show our reserve-asset-competition …
Persistent link: https://www.econbiz.de/10015056167
In Gathergood et al. (2019), we studied credit card repayments using linked data on multiple cards from the United Kingdom. We showed that individuals did not allocate payments to the higher interest rate card, which would minimize the cost of borrowing, but instead made repayments according to...
Persistent link: https://www.econbiz.de/10012479511
We present a new approach for estimating private equity returns using secondary market prices for entrepreneurial business credit card securitizations. We show that the market requires a significantly higher premium for entrepreneurial credit risk than for household credit risk. Entrepreneurial...
Persistent link: https://www.econbiz.de/10012482352