This model of policy evaluation has been developed to identify factors that cause policy outcomes to diverge from the intended results. In this model the explanatory factors may be inherent to the conceptual and institutional framework to which policy makers adhere, or they may be ‘real...

Conventional economic analysis assumes that Central Counterparties (CCPs) may help to reduce systemic risk and avoid future financial crises by mandating the central clearing of over-the-counter (OTC) derivatives. This view largely goes unchallenged by governments, regulators, practitioners, and...

Cities are made of people, by people and for people. Sustainable measures will have to make sense to inhabitants of cities, making their life more liveable. Furthermore, it is people who drive sustainability and who are its ultimate source and beneficiaries. This vision underpins the notion of...

Author discusses the various problems identified in international development aid and focuses on the distinction between government aid and the role played by the private sector. Gestsson claims, Globalization empowers multilateral organizations and, in turn, forces individual nations to...

We examine whether political corruption impedes innovation. Using a comprehensive sample of US firms, we find that corruption has a substantial, negative relation with the quantity and quality of innovation. These results are robust to using various fixed effects, proxies for corruption and...

Analyzing innovative firms' patent and financial data in 23 countries over 1990-2012, we find that more innovative firms hoard more cash for technology competition and opportunities. Our instrumental variable regression analysis based on the patent rights index supports a causal interpretation...

The use of financial technologies (FinTech) by financial market participants fostered a discussion among public authorities on the use technologies for regulatory (RegTech) and supervisory (SupTech) purposes. This paper defines the concept and the scope of application of “resolution...

We identify strong cross-border institutions as a driver for the globalization of in-novation. Using 67 million patents from over 100 patent offices, we introduce novel measures of innovation diffusion and collaboration. Exploiting staggered bilateral in-vestment treaties as shocks to...

The conventional wisdom is that state ownership may hinder patenting through reduced incentives and pronounced agency problems associated with state-owned enterprises (SOEs). Empirical evidence from a variety of contexts, including the U.S., Europe, and China, is consistent with this view, that...

What do state-owned enterprises (SOEs) do? How do they respond to market incentives? Can we expect substantial efficiency gains from trade liberalization in economies with a strong presence of SOEs? Using a new dataset of Vietnamese firms we document a set of empirical regularities...