This paper shows that inter-regulatory competition can have powerful pro-consumer effects in an open economy world even when the consumers have little political influence. These findings overturn the welfare implications of capture theories that show that regulators do not vigorously pursue...

This paper estimates a simple error correction mechanism (SECM) model of consumption a la Davidson, Hendry, Srba and Yeo (1978) for 13 OECD countries over the period 1951-82. This is done for each country separately as well as for the pooled data. The basic results of this study are the...

Two decades of tax system reforms in the Central Asian Republics (CARs) show that, in addition to political commitment, understanding reformers’ incentive structure and a roadmap are necessary if full reform equilibrium is to be reached. Borrowed laws and institutions that are based on...

Paucity of information on the informal market for health services hampers the governments’ efforts in performing their desirable roles in informing, regulating, mandating, financing and providing health services to their people. Analysis of data from a survey of almost 20,000 patients fills a...

This paper examines the effects of shortages on the demand for money of Soviet citizens. It is the first to examine the demand for money in a centrally planned economy using cross-section data in which alternatives to income and interest rates are used to explain money demand. The authors find...

The authors conduct tests to gain insight into the empirical relevance of the proposition that factor prices converge as trade expands. The test results support the proposition of factor price convergence in sixteen OECD countries during the 1961-84 period. Regression analyses support the view...