In this paper we examine a setting where agents can form lobbying coalitions to influence a policy-maker. Policy uniformity causes agents to free ride on each other's lobbying and gives them an incentive to form lobbying coalitions. We investigate when coalitions are formed by similar or...

Shadow banking is a phenomenon of global concern because it entails risks for financial stability that need to be adequately addressed by regulation. Easier said than done, one could object, because it is a tricky task for regulators to respond appropriately. Singapore, one of the largest...