We investigate whether and how firm-level political uncertainty affects firms' bank loan contracting. We find that firms facing higher firm-level political uncertainty are charged higher bank loan costs. This impact is amplified for firms with higher degrees of information asymmetry and firms...

Hayek's The Road to Serfdom has been interpreted as a general warning against state intervention in the economy. We review this argument in conjunction with Hayek's later work and discern an institutional thesis about which forms of state intervention and economic institutions could threaten...

Indian country in the United States is incredibly poor. Indian nations desperately need to develop reservation economic activities. Most tribal governments, however, are primarily focused on developing tribally owned businesses. This article argues for Indian peoples and governments to revive...

Data driven governance systems are transforming the regulatory landscape of both states and other governance institutions. Grounded in principles of accountability and embedded in incentive based systems for reducing risk and managing behaviors through mechanisms of choice and markets, these...

The paper investigates how high levels of political risk in a host market's institutional context influences MNE subsidiaries' corporate political activity (CPA) strategy. Existing studies have found that subsidiaries facing high-risk contexts prefer a non-engaged approach to CPA, by exercising...

Implicit in monetary models and policy prescriptions is the assumption that the Fed is independent of political and bureaucratic influence. We challenge this assumption. We consider three channels through which the independence of the Fed has been compromised over its 100-year history; debt...

Can governments still use trade to reward and punish partner countries? While WTO rules and the pressures of globalization restrict states' capacity to manipulate trade policies, politicization of trade is likely to occur where governments intervene in markets. We examine state ownership of...

One of the cornerstones of the science of economics in its post-marginalist-revolution period is the realization that the necessity of ‘economizing' – i.e., maximizing individual desire satisfaction whilst minimizing the exploitation of productive resources – stems from the fact that the...

With an estimated total of US $1.2 trillion under management, the two top Chinese sovereign wealth funds (SWFs) are a force to be reckoned with globally. Thus far, their investment exposure to European assets (an average of US$4.0 billion annually in 2009-2013) has been insignificant and has not...