Decentralised finance (DeFi) represents an extremely interesting and continuously growing area of the financial sector. The present paper analyses varied types of digital platforms, expression of different degrees of decentralisation/disintermediation, focusing on capital raising ones since...

This paper presents a stylized social-interaction game where the implementation of a lockdown policy is delegated to the decentralized, uncoordinated decision-making of a large population of atomistic agents – assumed risk-neutral and demographically heterogeneous. Compliance with policy...

“What things will be like, when, if ever, they have attained righteousness” A Decentralised Autonomous Organisation (‘DAO’) is a term used to describe a ‘virtual’ organisation embodied in computer code and executed on a distributed ledger or blockchain. DAOs implement smart contract...

Does fiscal decentralization improve health and educational outcomes? Does this improvement depend on the quality of governance? How do fiscal decentralization and governance interact? We answer these questions through an instrumental variable Tobit analysis of cross-country panel data. We find...

Patterns of state formation have crucial implications for comparative economic development. Diamond (1997) famously argued that “fractured land” was responsible for China’s tendency toward political unification and Europe’s protracted polycentrism. We build a dynamic model with granular...

European Union law has an increasing impact on the development of Member States' taxation powers. This is particularly evident in the case of sub-central entities, such as the Autonomous Communities. These limits are themselves in a process of transformation, so it is not always easy to know in...

By sharing production resources, integrated firms have higher returns on investment for intangible knowledge-based assets in comparison to stand-alone firms (Markusen 1995). Building on a single-leader-multi-follower game, this paper considers business groups, where a parent firm (the leader)...

The issue of poor local government capacity has been considered one of the problems impeding the implementation of decentralization, especially in developing countries. This study addresses this issue in the case of Indonesia, a country that has implemented massive decentralization...