In this article cash competes with mobile money (M-money) in order to settle low-value transactions in the retail trade. Only an exogenous fraction of “mobile sellers” accepts M-money and creates partnerships with buyers to reduce search frictions. The remaining part consists of...

We consider an economy where competing political parties alternate in office. Due to rent-seeking motives, incumbents have an incentive to set public expenditures above the socially optimum level. Parties cannot commit to future policies, but they can forge a political compromise where each...

We consider an economy where competing political parties alternate in office. Due to rent-seeking motives, incumbents have an incentive to set public expenditures above the socially optimum level. Parties cannot commit to future policies, but they can forge a political compromise where each...

This article offers a critique of the deregulation of banking and finance that started with the breakdown of the Bretton Woods regime of fixed exchange rates during the Nixon administration, accelerated with interest rate deregulation during the Carter administration, and was deepened during the...

The success of a privatization cannot be guaranteed if markets are not deregulated and competition intensified. This paper aims to provide a reflection on the effective results of privatizing in Spain from 1985 onwards and on the main deregulation policies implemented in different sectors in...