Project Promissa showed that paper-based promissory notes, used to manage countries' financial commitments to multilateral development banks, can be redesigned using distributed ledger technology to address operational challenges and improve efficiency. Project Promissa explores how to make the...

"Today's business schools were designed for a world that no longer exists. That world elevated the primacy of shareholder profits above the interests of employees, the environment, and society; viewed government as an intrusion on the free market rather than an arbiter of its proper functioning;...

Die Analyse der deutschen Wirtschaftsstruktur anhand von volkswirtschaftlich relevanten Merkmalen bestätigt, dass sich die deutsche Volkswirtschaft, bestehend aus dem primären, sekundären und tertiären Wirtschaftssektor, in Übereinstimmung mit der Drei-Sektoren Hypothese der...

I test the Dang, Gorton, and Holmström (2018) (DGH) theory that the optimal design of private money is debt backed by debt. I do this in the context of English inland bills of exchange (where all parties to the bill were in England), which were used as a medium of exchange during the Industrial...

Die Analyse der deutschen Wirtschaftsstruktur anhand von volkswirtschaftlich relevanten Merkmalen bestätigt, dass sich die deutsche Volkswirtschaft, bestehend aus dem primären, sekundären und tertiären Wirtschaftssektor, in Übereinstimmung mit der Drei-Sektoren Hypothese der...

There is a saying that the traditional legal principles have been bent to facilitate the operations of the negotiable instruments such as bill of exchange or letter of credit. Most of the contenders are of the opinion that the instruments are completely contrary to the doctrine of consideration....

Property transaction taxes - also known as stamp duty - are widely viewed as an inefficient form of taxation. In this paper, we examine the welfare implications of removing stamp duty in a general equilibrium overlapping generation model with heterogeneous agents. Our model features an...

Stamp duty is a core part of the Australian tax system, but large components of its effect on the economy are unknown. In particular, the distribution of stamp duty's costs are not well understood. This has been hampered by a lack of quantitative studies of stamp duty's costs, and by limited...