Financial crises happen when: (i) nobody really understands what is going on (the collective cognition paradigm); (ii) some understand better and take advantage (the asymmetric information paradigm); (iii) everybody understands but crises are a natural part of the financial landscape (the market...

This paper examines two theories of the 'subprime crisis' or 'GFC'. The 'financial architecture' theory holds that the failure of the financial system was fundamentally driven by institutional faults, especially in private sector risk management and public sector regulation and underpins the...

This paper shows how the State changed its attitude towards the railway industry and the concessionaire firms after the First World War, according to the new arising principles on public intervention in the economy. Spanish railway companies needed to keep in good terms with the State in order...

The regulation of international air transport creates distinct competitive conditions on various international routes. Through its impact on market structure and on the conduct of carriers, regulation dictates the importance of actual and potential competition and individual carriers’...

This paper investigates the intermodal equilibrium, road toll pricing, and bus system design issues in a congested highway corridor with two alternative modes - auto and bus - which share the same roadway along this corridor. On the basis of an in-depth analysis of the demand and supply sides of...

Political economy scholarship generally assumes that governments are interested in enforcing economic regulations. Cases of non-enforcement are predominantly studied in the context of developing countries and are chiefly associated with states' deficient institutional capacity. This article...

Prior to nationalisation British gas undertakings were faced with a choice of three different regulatory schemes linking the price charged for gas with the amount of dividend that could be paid. The three schemes, the maximum price system, the sliding scale and the basic price system possessed...

In recent years programs of private regulation have spread from North America and Europe to developing countries around the world. Though central to debates over public versus private international governance, little is known about the actual operations of these programs, especially in...

A country's regulatory regime is a major determinant of the ability to realize the benefits of various macroeconomic efforts and initiatives, including trade agreements. Intrinsic and historical differences between goods and services sectors indicate that a country's regulatory infrastructure...