Missing from the analysis of customs unions has been a consideration of collective decisionmaking by countries regarding the union’s common trade policy. In the case of the common European external tariff, how governments voted was not public information. This paper uses a unique dataset to...

Since the 1987 Single European Act, the European Union has deepened its integration process. In the case of the determination of the common external tariff, deeper integration implies that the tariff reflected union-wide preferences. If integration is still shallow, though, the observed tariff...

Corruption is a problem that has been shown to adversely affect a country’s development. Recent studies have shown that a country’s electoral system can affect its corruption level. But if that is the case, then electoral rules could be chosen to maximize opportunities for corruption. This...

Customs classification is an important element in a country's trade policy. How a good is classified can affect the rate of duty that applies, the coverage of non-tariff barriers, and the formulation and application of rules of origin. Reclassifications can occur because of the introduction of a...

Between 1994 and 2004, New York State voters returned a Republican governor but always cast a majority of the popular vote in favor of the Democratic candidate in the presidential election. This paper exploits those elections in an effort to understand voters' motivations to switch party...

Corruption scandals seem to abound in countries that have recently undergone reform. Despite the proliferation of stories in the news media, no one has examined whether reform—be it democratization or economic liberalization or both—actually causes an increase in corruption. Theory provides...

Between 1994 and 2004, New York State voters returned a Republican governor but always cast a majority of the popular vote in favor of the Democratic candidate in the presidential election. This paper exploits those elections in an effort to understand voters' motivations to switch party...

In explaining economic phenomena, economic analysis concentrates on selected influences and fixes the host of other factors under a ceteris paribus clause. This view, which goes back to Alfred Marshall (1842-1924), is developed in the first part of the book. Aggregation is viewed as a particular...

Life annuities provide a guaranteed income for the remainder of the recipient’s lifetime, and therefore, annuitization presents an important option when choosing an adequate investment strategy for the retirement ages. While there are numerous research articles studying annuities from a...

Even 50 years after Modigliani/Miller’s irrelevance theorem, the basic question of how firms choose their capital structure remains unclear. This survey paper aims at summarizing and discussing corresponding recent developments in empirical capital structure research, which, in our view, are...