Conventional wisdom suggests that when business regulation is excessive, deregulation should enhance efficiency. The liberalization of services markets in Croatia demonstrates that this is not necessarily the case, particularly when features of the reform process allow undue influence by those...

Conventional wisdom suggests that when business regulation is excessive, deregulation should enhance efficiency. The liberalization of services markets in Croatia demonstrates that this is not necessarily the case, particularly when features of the reform process allow undue influence by those...

Argentina has been characterised for a long time by inflation, recession, poverty and failed reforms. We analyse the reforms of Javier Milei with the help of the Austrian School of Economics, German ordoliberalism and the theory of financial repression. It is shown that Milei’s reforms have...

The employment share of legal services in the U.S. more than doubled during 1970–1990, in stark contrast to stability during 1850–1970 and after 1990. The relative wage of lawyers and law firm partners also doubled between 1970 and 1990. We argue that this demand shift was driven by...

We analyze the impact of occupational deregulation on the wages of licensed workers. To do so, we exploit a deregulation policy in the German craft sector that removed the master certificate as a requirement for starting a business in about half of the craft occupations. Specifically, we examine...

US Interstate bank deregulation during the 1980s and 1990s led to larger, nationally diversified banks, and a decline in the number of local community banks. Economic theory suggests that community banks may have a greater incentive, but a lower capacity, to lend to a region following a...

We empirically advocate for UK regulators to increase the volume limit of 15% outstanding shares on open market repurchases. Our main framework initially tests the determinants of share repurchases based on their size, Small, Medium and Large. The findings reveal that consistent with extant...

We examine the relationship between oil price windfalls and labor market regulation empirically through panel regressions in a sample of 83 countries spanning 1970-2014. We find that oil price windfall gains lead to a deregulation of the labor market in autocracies but have no effects in...

The 2007-08 Global Financial Crisis is a watershed phenomenon that reshaped global capitalism. Stemming from the argument that the Crisis was caused by deregulation, this article assesses to what extent the financial industry influenced the legislative process underlying these reforms. The...

The domestic shipping industry has a crucial role in the Philippine economy as it serves as the backbone supporting domestic trade and provides an affordable means of interisland transfer. However, the industry is riddled with inefficiencies with interrelated consequences such as high cost of...

Heterogeneous interconnections, which link regulated electricity markets to liberalised ones, are becoming increasingly important. Several such interconnections are set to be established in the near future especially between European and North African countries (e.g., Tunisia-Italy,...

The employment share of legal services in the U.S. more than doubled during 1970–1990, in stark contrast to stability during 1850–1970 and after 1990. The relative wage of lawyers and law firm partners also doubled between 1970 and 1990. We argue that this demand shift was driven by...

Conventional wisdom suggests that when business regulation is excessive, deregulation should enhance efficiency. The liberalization of services markets in Croatia demonstrates that this is not necessarily the case, particularly when features of the reform process allow undue influence by those...

Conventional wisdom suggests that when business regulation is excessive, deregulation should enhance efficiency. The liberalization of services markets in Croatia demonstrates that this is not necessarily the case, particularly when features of the reform process allow undue influence by those...

This paper uses the theory of "capital as power" to analyze the struggle over public pensions in the United States. While mainstream commentators claim that public pensions must be "reformed" because they are "under funded", I argue that the metrics used to make this argument are unsound....

We examine the relationship between oil price windfalls and labor market regulation empirically through panel regressions in a sample of 83 countries spanning 1970-2014. We find that oil price windfall gains lead to a deregulation of the labor market in autocracies but have no effects in...

US Interstate bank deregulation during the 1980s and 1990s led to larger, nationally diversified banks, and a decline in the number of local community banks. Economic theory suggests that community banks may have a greater incentive, but a lower capacity, to lend to a region following a...

Purpose: Bank reputations took a severe knock following the global financial crisis of 2007-2009. To get the global banking industry back on its feet, regulations existing at the time were strengthened and new ones were introduced. While the industry has come a long way in clawing back its...

After the gender pay gap narrows, what labor choices do men and women make? Several factors contribute to the persistence of the pay gap, such as workplace flexibility, systemic discrimination, and career costs of family. We show that how the labor market responds to the narrowing of the gap is...

The electricity sector plays a key role in achieving zero-emission targets. The required transition will lead to substantial changes in the supply, demand, and distribution of electricity but also in stakeholder roles. Future market designs may change substantially to accommodate these changes,...

Bank deregulation in the form of the repeal of the Glass-Steagall Act facilitated the entry of non-bank lenders into the market for syndicated loans during the pre-2008 credit boom. Institutional investors disproportionately purchase tranches of loans originated by universal banks able to...

Purpose - Using composite indices, the paper examines the nexus between militarization, globalization and liberal democracy. The democratic peace theory, the conflict inhibiting effects of international trade - a key and dominant facet of globalization - and the democracy promoting globalization...

Purpose - The purpose of this study is to compare the competition and productivity of the US freight rail transportation industry for the past 41 years (1980 ∼ 2020), which consists of the two periods, before and after the abolishment of the Interstate Commerce Commission (ICC) in 1995....

Corporate mergers and acquisitions (M&As) are subject to skewed logic due to excessive government regulation. China is progressively adopting the Market Access Negative List (MANL) pilot to transfer the power of resource allocation from the government to the market. Using the DID method, we...

This research seeks to answer the following research question "What kind of regulation architecture can stimulate creative destruction and growth of two different types of new industries like telemedicine, and for-profit-hospital?" Online interview method was used to investigate the telemedicine...

The German electricity market has recovered well from the 2022 energy crisis. Policymakers should now redirect the focus of energy policy to further expanding renewable energy sources. The year 2023 showed that the German electricity supply remained secure following the shutdown of nuclear power...

Market policies play a crucial role in facilitating the transition to a low-carbon society by restructuring the electricity market and influencing stakeholder behavior. Policymakers are concerned with how to implement these policies in terms of their intensity, combination, and timing. However,...