Core-periphery trading networks arise endogenously in over-the-counter markets as an equilibrium balance between trade competition and inventory efficiency. A small number of firms emerge as core dealers to intermediate trades among a large number of peripheral firms. The equilibrium number of...

This paper analyses the most recent WTO Appellate Body (AB) report in a series of disputes between the U.S. and the EU over government support to aircraft manufacturers Boeing and Airbus. The measures under dispute in U.S. – Tax Incentives were investment promotion subsidies provided to Boeing...

This article analyses the most recent WTO Appellate Body (AB) report in a series of disputes between the U.S. and the EU over government support to aircraft manufacturers Boeing and Airbus. The measures under dispute in US – Tax Incentives were investment promotion subsidies provided to Boeing...

An advance pricing agreement (APA) is a formal arrangement between a tax authority and a multinational enterprise (MNE) in which the parties jointly agree on the MNE's transfer pricing methodology, estimated taxable income and tax payments for a fixed period, thus reducing the likelihood of an...

We revisit the topic of national favoritism in government procurement in the context of international trade, focusing on the impact of a participation/transition cost difference between domestic and foreign firms. Our public tender model generates two kinds of equilibrium outcomes, where a...

This paper analyses the new discipline on state-owned enterprises contained in the recently concluded Trans Pacific Partnership Agreement, and evaluates various factors that influenced the shaping of its specific rules. The new discipline consolidates and strengthens related provisions in...

Where state aid is distorting competition and creating inefficiencies it should and can be (self-)regulated. The European system of external monitoring and disciplines that the countries within the European Union are agreeing to have imposed on themselves has proven to reduce state aid levels...

This paper aims to analyse some of the main economic, legal and institutional factors that will have been relevant in the formulation of the State aid provisions in the Withdrawal Agreement (and the White Paper previously submitted by the UK Government). It compares these provisions with other...

This article provides a comprehensive exame of the decisions of the EU General Court in the cases The Netherlands v. Commission (Starbucks) (Joined Cases C-760/15 and T-636/16) (hereinafter Starbucks NL) and Luxembourg v. Commission (Fiat Finance and Trade) (Joined Cases T-755/15 and T-759/15)...