This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyze welfare implications of different types of consolidation. We find that horizontal integration of settlement systems is better than vertical...

This paper aims to contribute to the ongoing discussion on horizontal vs. vertical integration as further development path in the financial security service industry, consisting of trading, clearing and settlement. Using a stylized model of the industry we investigate the incentives to...

This paper builds upon a view of economic system and individual economic organization as problem-solving arrangements and presents a simple model of adaptive problem-solving driven by trial-and-error and collective selection. The institutional structure, and in particular its degree of...

Exchanges and other trading platforms are often vertically integrated to carry out trading and settlement as one operation. We show that these vertical silos can prevent the full realization of efficincy gains from horizontal consolidation of trading and settlement platforms. Independent of the...

Previous research using country or firm data has been inconclusive on the sign of the relation between domestic and foreign investment. Though several hypotheses have been formulated, the factors determining the sign of this relationship are not clearly identified yet. In this paper we explore...

Purpose The purpose of this paper is to discuss Centrolac, a Nicaraguan company engaged in processing ultra-pasteurized milk, and provides abundant information for readers to decide on vertical vs horizontal integration to deal with the changing competitive environment. It has been prepared to...

В статье рассмотрены проблемы развития интегрированных производственных систем в перерабатывающей промышленности АПК.

Exchanges and other trading platforms are often vertically integrated to carry out trading and settlement as one operation. We show that these vertical silos can prevent the full realization of efficincy gains from horizontal consolidation of trading and settlement platforms. Independent of the...

This paper builds upon a view of economic system and individual economic organization as problem-solving arrangements and presents a simple model of adaptive problem-solving driven by trial-and-error and collective selection. The institutional structure, and in particular its degree of...