Despite the growing attention on the tourism development-income inequality nexus, a conspicuous gap in the literature is that rigorous empirical works examining how good governance moderates the relationship is hard to find. Anchoring on the trickle-down theory and the tourism-led growth...

In this paper we discuss the competition and innovation arguments for issuing a central bank digital currency (CBDC). A CBDC could be an effective competition policy tool for payments. On innovation, we argue that a CBDC could be necessary to support the vibrancy of the digital economy by...

Data is often at the core of digital products and services, especially when related to online advertising. This has made data protection and privacy a major policy concern. When surfing the web, consumers leave digital traces that can be used to build user profiles and infer preferences. We...

We utilize a relatively standard endogenous growth model with intermediaries and research and development (R&D). We augment the setup with government regulations to study the effect of regulations on aggregate allocations. The novelty is that we endogeneize the problem of the regulator, so the...

The effects of government R&D subsidies can vary across recipient firms, depending on the various characteristics of a firm, potentially including the firm's accounting information quality (AIQ). It has been well recognized that high AIQ helps to reduce information asymmetry between investors...

This article discusses whether supply chain due diligence laws are a suitable instrument for goals of sustainability. It uses the German due diligence law as an example and makes recommendations for the design of European rules. The emerging evidence on the effect of trade policies in global...

I study the impact of industrial policy on industrial development by considering a canonical intervention. Following a political crisis, South Korea dramatically altered its development strategy with a sector-specific industrial policy: the Heavy and Chemical Industry (HCI) drive, 1973-1979....

By applying computational linguistics tools to the analysis of US federal district courts' decisions from 1932 to 2016, this paper quantifies the rise of economic reasoning in court cases that range from securities regulation to antitrust law. I then relate judges' level of economic reasoning to...

This paper uses extensive firm-level data on Europe-an and US companies from 2014-2018 to explore the short-term impacts of the General Data Protection Regulation (GDPR) on European companies' financial performance.Our empirical analysis suggests that the costs of the GDPR during the first year...

In the wake of the corona crisis, the European Union must regain lost ground and create more favorable conditions for inclusive and sustainable economic growth. The best way to achieve this goal is by increasing the Union's innovativeness. This effort requires extensive and broad-based...