What lessons can we learn from the financial crisis concerning the issues of systemic risk, firms too big to fail, and the income inequality in the United States today?In light of the public anger over the financial crisis and bailouts to firms deemed too big to fail, this Essay first addresses...

Public and private action against cartels is an internationally recognized cornerstone of antitrust enforcement. Effective private enforcement requires that cartel victims can receive (at least) full compensation for the harm suffered. Academics and competition authorities support this goal with...

New and innovative payment systems are often hailed as historic steps forward. Central banks worldwide have encouraged technological progress in these systems to improve the accessibility and efficiency of payment. This has always been in the self-interest of central banks to fulfil their...

We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated by the presence of uncertainty about the committee...

Kenya is about to embark on an important reform to expand banking to millions of poor households by enabling third-party retail agents as a low-cost distribution alternative to branches. However, this initiative risks being undermined by the mobile network operator (MNO) Safaricom, which...

We quantify the impact that central bank refinancing operations and funding facilities had at reducing the banking sector’s intrinsic fragility in the euro area in 2014-2019. We do so by constructing, estimating and calibrating a micro-structural model of imperfect competition in the banking...