The intensity of recent turbulence in financial markets has surprised nearly everyone. This paper searches out the root causes of the crisis, distinguishing them from scapegoating explanations that have been used in policy circles to divert attention from the underlying breakdown of incentives....

The current crisis is leading many to re-think the role of finance and how it snew. This paper reviews what was regarded as the conventional wisdom on financial regulation prior to the 2007 onset of the crisis, briefly recounts some of the main factors behind the events of the 2007-09 years, and...

The history of banking around the world has been punctuated by frequent systemic crises. As with Tolstoy's unhappy families, not all crises are the same; distinct roles have been played at different times by mismanagement, government interference and macroeconomic shocks. This review identifies...

April 2000 - Empirical results highlight the downside of imposing certain regulatory restrictions on commercial bank activities. Regulations that restrict banks' ability to engage in securities activities and to own nonfinancial firms are closely associated with more instability in the banking...

A common critique of globalization is that it leads to a race to the bottom. Speci?cally, it is assumed that multinationals invest in countries with lower regulatory standards and that countries competitively undercut each other's standards in order to attract foreign capital. This paper tests...

Copper mining is among the largest economic activities in Zambia, comprising close to ten percent of GDP. Between 2003 and 2008, the price of copper increased by over 400 percent. In response, copper production in Zambia grew by 70 percent and employment in copper mining increased by nearly 200...

This paper examines the effects of antiretroviral therapy (ART) on demand for HIV testing and of ART-induced testing on demand for risky sexual behavior. I provide a model of sexual behavior decision-making under uncertainty and estimate the structural parameters of the model using nationally...

This paper examines the role played by a specific identity, defined as the attachment to a hometown, in determining occupational choice and mobility. The analysis links competition between ethnic networks in the Midwest when it was first developing, and the in-group identity that emerged...

The East India Company’s conquest of various territories in India typically brought one issue to the forefront right away: How would land taxes, the principal source of governmental revenue, be collected? But taxation was not a thing unto itself; it was inextricably linked with “ownership”...