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...

Business power is thought to increase over time when private actors are involved in the provision of public goods and services. This paper argues that this is partially true-and that in certain circumstances, state actors can even swiftly regain control of sectors previously ceded to private...

This paper examines the effects of Argentina's repeal of the rental law in December 2023, one of the most radical housing policy reforms in Latin America in recent decades. Using weekly data for Buenos Aires from 2023-2024 and applying a Regression Discontinuity Design, we provide causal...

This paper examines the effects of Argentina's repeal of the rental law in December 2023, one of the most radical housing policy reforms in Latin America in recent decades. Using weekly data for Buenos Aires from 2023-2024 and applying a Regression Discontinuity Design, we provide causal...

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...

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...

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 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...

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...

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...

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...

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...

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...

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 study investigates how credit to firms responds to an energy price shock by comparing the credit growth of similar firms with different energy intensities before and after the shock triggered by the Russian invasion of Ukraine. Credit growth of energy-intensive firms declined by 8.75...

This paper investigates the impact of services sector liberalization on product innovation of downstream manufacturing firms. Leveraging firm-product panel data from India and employing a shift-share research design, I find that services liberalization significantly increases firms’ product...

Industrial Revolution 4.0, with its emphasis on smart manufacturing, has a profound impact on traditional employment. This study aims to examine changes in firms employment decisions in the context of Industry 4.0, shedding light on the conflict between liberalism's market mechanisms and...

Over the last century, the United States has witnessed three approaches to achieving better regulatory outcomes: the removal of "economic" regulations in certain sectors; regulatory impact analysis (RIA) of new "social" regulations; and retrospective analysis of existing regulations. This...

Change ownership reforms for electric cooperatives (ECs) have once again attracted policymakers' interest due to current e!orts in expediting their privatization. This note serves as input to this ongoing conversation using the lens of competition. We argue that unchecked consolidation -...

Achieving net-zero greenhouse gas emissions in the energy system requires substantial electrification of transportation and many industrial applications, utilizing net-zero generation resources in conjunction with net-zero gas and heat systems. This paper describes and evaluates a centralized...

Die vorliegende Studie untersucht die in Deutschland vorherrschenden sozio-kulturellen Ursachen für Bürokratie und Überbürokratisierung und kommt unter anderem zu dem Ergebnis: Dort, wo es Spielräume bei Entscheidungen gibt, nutzt die Verwaltung sie nur sehr vorsichtig und zurückhaltend....

How does electricity market integration affect cross-border electricity flows, wholesale prices and renewable electricity generation? We employ a synthetic control method to contribute to literature on electricity market integration using the 2018 integration of Ireland's Single Electricity...

This study investigates the dynamic effect of economic liberalization, privati‑ zation, and globalization on the export performance of Ethiopian manufacturing firms. We use structural equation modeling (SEM) to examine the direct and indirect influences between these macroeconomic reforms and...

The US-China direct flights in mid-2023 were only 7 percent of those available in mid-2019. This quasi-experiment informs the debate on air transport de-carbonization. An estimated structural model shows that re-establishing the pre-pandemic direct connectivity could increase passengers by 387...

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,...

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....