A growing literature documents the existence of strategic political reactions to public expenditure in one jurisdiction on either neighboring or reference jurisdictions. The latter might give raise to downward expenditure spiral, or "race to the bottom". However, in ascertaining the empirical...

The literature on the effect of globalization national regulatory standards tends to focus on one of two patterns, regulatory races to the bottom or upwards harmonization of regulatory standards. Neither pattern is well supported by empirical findings, particularly with respect to industries...

This short paper is a summary of my presentation at the Michigan State Law Review 2014 Fall Symposium on “Public Domain(s): Law, Generating Knowledge, and Furthering Innovation in the Information Economy” held on October 3, 2014. The paper reviews the current role played by regulatory...

This article develops an empirical model of firms’ choice of corporate laws under inertia. Delaware dominates the incorporation market, though recently Nevada, a state whose laws are highly protective of managers, has acquired a sizable market share. Using a database of firm incorporation...

This paper recasts current theories of regulatory or legislative competition. Building on the recent contribution of Buchanan and Yoon (2000), we consider alternative ways in which decision-making competence can be allocated among multiple legislative or administrative bodies. The general model...

While the old systems competition took place with closed borders, globalisation has brought about a new type of systems competition that is driven by the mobility of factors of production. The new systems competition will likely imply the erosion of the European welfare state, induce a race to...