James M. Buchanan revisited his mentor's famous 1923 essay “The Ethics of Competition” in an essay written for the centenary celebration of Frank Knight's birth in 1985. Buchanan's paper focused on the first section of Knight's essay, and outlined why it provided an inadequate criticism of a...

This paper provides, after a contextualizing introduction, the first-time translation of Walter Eucken’s presentation during the first session of the founding meeting of the Mont Pèlerin Society, April 1-10, 1947. Eucken was the only scholar based in Germany to attend the conference and took...

This paper studies monetary and exchange rate policy in a world of global value chains. Using recent microdata from Japan and Russia, devaluations are shown to negatively affect exporters in terms of employment, domestic revenue and profitability relative to nonexporting firms. Given their...

This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural experiment a reform in Portugal that...

Though close to the OECD average, France's product market is more regulated than in comparable large European countries. Barriers to competition are particularly high in services, which now account for about 79 percent of the economy. The Macron law would be an important step forward, though...

In pursuit of economic growth and development, countries have tried to strike a balance between competition and industrial policies across time. This paper will review the empirical evidence on industrial concentration and its economic correlates (notably firms' performance as measured by...

This contribution illustrates the European Commission's reliance on EU state aid rules to pursue a complex mix of competition and regulatory objectives in the framework of the financial crisis. Section 1 sketches the framework that enabled the Commission to review bailout plans and condition...

We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete in a differentiated loan market, hold reserves against liquidity shocks, and refinance in the interbank market. A merger creates an internal money market that induces financial...