The Sherman Act establishes free competition as the rule governing interstate trade. Banning private restraints cannot ensure that competitive markets allocate the nation’s resources. State laws can pose identical threats to free markets, posing an obstacle to achieving Congress’s goal to...

This paper revisits the competitive environment of the banking system in Latin America and the Caribbean (LAC) and investigates the early impact of fintech development in the region thus far. Against the backdrop of high net interest margins (NIMs) and limited financial depth in the region,...

This paper studies monetary and exchange rate policy in a world of global value chains. Using recent microdata from Japan and Russia, devaluations are shown to negatively affect exporters in terms of employment, domestic revenue and profitability relative to nonexporting firms. Given their...

In this paper we investigate tax/subsidy competition for FDI between countries of different size when a domestic firm is the incumbent in the largest market. We investigate how the nature (public or private) of the incumbent firm affects policy competition between the two governments seeking to...

Leniency programs as a tool for cartel detection and cartel destabilization, have been implemented since the early nineties. Theoretical work has shown that leniency programs can be effective in enhancing cartel detection and deterrence, but these effects are not straight-forward. It is even...

This paper looks at whether the standard unilateral effects model can be applied to non-price competition parameters such as innovation. This question arises because competition authorities are intervening in horizontal mergers that are found to give rise to a “significant impediment to...

This paper shows that the technology giants that antitrust agencies tend to characterize as entrenched monopolists can also be seen as firms engaged in a process of vibrant oligopolistic competition. Those firms - we refer to them as "moligopolists" - compete against the non-consumption in...

This paper will examine three recent instances involving competition concerns on the Internet. The Internet at its inception was widely viewed as not suffering from any competition concerns, however in the last ten years, with on the one hand the emergence of major Internet corporations, and on...

The optimization of fines to deter and detect cartel behavior is one of the main goals of competition policy. Although it is generally argued that fines should be high to be deterrent, the debate on what constitutes an optimal fine is unsettled and some authors suggest using profits (rather than...

Mainstream competition law has failed to protect competition in core digital platform markets. This is partially due to enforcement agency’s current commitment to proving the investigated conduct’s actual effects on competition and consumer welfare on the basis of in-depth assessments of...