Financialization is a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic systems at both the macro and micro levels. Its principal impacts are...

This paper analyzes how bank loan commitments affect loan supply and macroeconomic volatility. Using testable implications derived from a model in which a bank faces stochastic loan commitment takedown, our bank-level empirical test provides evidence that when financial markets get tighter,...

We develop and test the effectiveness of a theoretical governance model for general purpose payment systems (GPPS), systems that are used by individuals, businesses and merchants, and state, local and federal government entities to make and receive payments. We test for effective governance...

Who was listening before the Financial Crisis of 2008 to Arrow's warnings and the teachings of Coase? Due to transaction costs, incomplete foresight and bounded rationality not all risks that would be desirable to shift can be shifted through the market. Financial firms and other institutions...

This study analyses the impacts of the COVID-19 pandemic on the Indian Stock Exchange in the initial months. Inclusive investigation suggests that the fears of coronavirus effect on the global economy have rocked markets worldwide, with stock prices plunging. The Indian stocks were eventually...

Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. This text suggests that: (1) this strategy is potentially misleading; (2) that the stock-flow...

Ein harter Brexit ist für das Vereinigte Königreich sehr viel teurer als für die EU. Mit einer »Hard-but-Smart«-Strategie dagegen würde das UK unilateral auf alle neuen Barrieren, also völlig auf Importzölle, verzichten. Damit ist der prozentuelle Wohlfahrtsverlust des UK und jener auf...

Am 29. März 2017 notifizierte die britische Regierung ihren Austrittswillen nach Art. 50 des EU-Vertrages bei der EU. Der Brexit ist somit offiziell eingeleitet. Am 29. April haben die Staats- und Regierungschefs beim Europäischen Rat nach Art. 50 EUV die Leitlinien für die Verhandlungen...

We analyze the influence of IMF and World Bank programs on political regime transitions. We develop an extended version of Acemoglu and Robinson's [American Economic Review 91, 2001] model of political transitions to show how the anticipation of new loans from international financial...

Since the early 1990s, regional trade agreements (RTAs) covering trade in services have proliferated, with 95 RTAs on services notified to the World Trade Organization (WTO) under Article V of the General Agreement on Trade in Services (GATS), as of June 2011. This paper discusses how RTAs...