The hypothesis that political costs caused by the regulatory process impact upon accounting has been tested extensively and has found considerable empirical support. However, most studies use data from the United States. Whether the conclusions carry over to different institutional settings is...

The key role of institutions for economic performance has recently been acknowledged in the economic policy debate. This paper aims at pointing out the main policy lessons and the recommendations to be drawn from New Institutional Economics (NIE), when considering the organization of markets. We...