Our paper addresses the question of the deterrent effect of a monetary sanction associated to a collective rather than an individual liability, when crimes are realized within a hierarchical gang (defined as a criminal organization where the leader is a sleeping partner, and several agents are...

A liquidity-constrained entrepreneur needs to raise capital to finance a business activity that may cause injuries to third parties --- the tort victims. Taking the level of borrowing as fixed, the entrepreneur finances the activity with senior (secured) debt in order to shield assets from the...

The needs imposed by the economic, ideological and institutional crisis have brought along new functions for the public sector. Nevertheless, within this new scene, the intense decentralisation of financial issues, which is characteristic of the Spanish State, makes it bad-suited for prompt and...

Based on a systematic review and summarization of China’s 30 years of financial reform and development, this paper comprehensively analyzes the past, present and future development of China’s financial system and also presents the mechanism for China’s financial development from the view...

Taking advantage of a rich database of more than 1 million companies in Spain, France and the U.K., we propose and test a hypothesis to explain why Spain has one of the world’s lowest business bankruptcy rates, even during the current economic crisis and after controlling for market exit...

The paper warns about the potential efficiency losses associated with low business bankruptcy rates (number of firms filing for bankruptcy as a proportion of the total stock of firms) and shows that welfare could be improved by increasing the protection of creditors in the bankruptcy system....

In this article, we will study the impact of institutions on economic growth in many parts of the world, noting the institutional failures in each region. Indeed, we will use the six indicators calculated by Kaufmann, Kraay and Mastruzzi (2005) for a simple measure of the quality of governance...

Human Capital Over the Life Cycle synthesises comparative research on the processes of human capital formation in the areas of education and training in Europe, in relation to the labour market. The book proposes that one of the most important challenges faced by Europe today is to understand...

This article proposes a change in public policy that promises to greatly reduce major crime in the United States, protect society, eliminate prison overcrowding, and save taxpayer dollars. This policy would employ electronic monitoring (EM) technology in a way that discourages individuals who...

One of the main contributions of Ronald H. Coase was to demonstrate how mainstream economics was based on a contradictory amalgam of costly physical inputs and free institutional resources, and to gave origin the economics of institutions: each institution is a mode of allocation and...