What is the purpose of financial sector regulation? What problem are we trying to solve? We are not (or should not be) trying to eliminate risk from the market. There is an "optimal level of risk," and surely it is not zero. That means that there could exist inefficiently high levels of risk,...

This study provides a detailed analysis of how the Portuguese payment system operates and how regulatory interventions, especially those involving price controls, would likely affect the interest of the various stakeholders in the system including consumers, merchants, banks, schemes, and...

The bloom is off the Big Tech rose. It seems nearly the entire political spectrum is angry with Amazon, Google and Facebook for one reason or another. This has led to a great deal of discussion on whether and how to regulate (or even break up) these platforms, including whether they should be...