Does participation in inter-firm networks make access to credit easier for firms? Is finance a motivation driving the formation of inter-firm networks? During the last twenty years these two questions have been hotly debated by economists both theoretically and empirically. In this paper, we...

In some European countries, the liberalization of the motor insurance market occurred in the 1990s led to increasing fares and claims with profits staying stable or decreasing. In this paper, we argue that these phenomena are due to the impact of liberalization on the companies' optimal choices....