This paper uses evidence from the capital markets to examine changes in the legal rules governing a form of non price vertical restraint, namely, exclusive territories (ET). During the past three decades the U.S. Supreme Court has reinterpreted section 1 of the Sherman Antitrust act concerning...

Emerging markets do not handle adverse shocks well. In this paper, we lay out an argument about why emerging markets are so fragile, and why they may adopt contractual mechanisms—such as a dollarized banking system—that increase their fragility. We draw on this analysis to explain why...