This paper identifies the major political and economic constraints that impact the demand-side of electricity industry re-structuring processes. It then describes how these constraints have been addressed and how this has harmed market efficiency and system reliability. Finally, the paper...

This paper evaluates the potential role of mandatory subordinated debt (MSD) in enhancing market discipline in emerging markets. The conceptual merits and key preconditions of MSD are first reviewed. Then, the extent to which emerging markets satisfy these preconditions—among them the...

The article presents partial results of a survey, which considered factors determining the decision-making and purchase of residential property from the perspective of young families. The main research objectives were to identify the young families¡¯ ownership structure and their living...

This paper discusses Saudi Arabia’s Detailed Assessment of the Observance of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation. The Capital Market Authority (CMA) has made significant progress in establishing its...

A recent phenomenon in competition policy is the acquisition of a private firm by an enterprise that is either wholly owned by government or in the midst of privatization. Such an acquisition poses the question of how public ownership may alter the incentives of a firm to engage in...

Cost-benefit analysis is analyzed using a model of agency delegation. In this model an agency observes the state of the world and issues a regulation, which the president may approve or reject. Cost-benefit analysis enables the president to observe the state of the world (in one version of the...

This essay reviews differences in regulatory structure across sectors of the financial services industry in the United States and then explores the difficulties these differences pose to our current system of regulation and also to proposals for financial modernization. The Essay begins with a...

The relationship between corporate governance and financial stability is an intermediate one. Firms have no obligation to take financial stability into account except when the law or the applicable regulation imposes it. In several fields this is the case: regulation of auditors or credit rating...

In this Paper, we assess the performance and efficiency of OECD countries with respect to broadband Internet subscription. Using the econometric technique of Stochastic Frontier Analysis, we estimate scores indicating the efficiency with which a country converts its economic and demographic...

The aim of this article is to offer a simple framework for estimating the benefits and costs of anti-money laundering regulation, based on a prudent estimation of the economic value of the worldwide money laundering. Using the multiplier model of the relationship between criminal markets...