Five years after its accession to the World Trade Organisation, the consensus among IP lawyers and scholars at the IPR in China Conference in London last year was that China has enormously improved its IPR system. However, it is still far from perfect. On the books China's implementations of IPR...

The success of banking regulations depends on their effective and efficient enforcement. Therefore, the penalties or sanctions for failures to comply with prudential regulatory requirements shall clearly be specified in the law. Turkish Banking Act comprises many of the contemporary prudential...

The economics of crime and punishment postulates that higher punishment leads to lower crime levels, or less severe crime. It is however hard to get empirical support for this intuitive relationship. This paper offers a model that contributes to explain why this is the case. We show that if...

In this paper, we explore employers' decisions regarding the employment of legal and illegal immigrants in the presence of endogenous adjustment cost, minimum wages and an enforcement budget. We show that increasing the employment of legal foreign workers will increase the number of illegal...

In this paper, we explore how competition among stock exchanges, operated as self-regulatory organizations (SROs), affects the design of their members' surveillance. We develop a model where two for-profit SROs compete for trading volume, while brokers execute transactions on behalf of the...

This article seeks to draw parallels between U.S. and French housing law and to illuminate the areas of French housing law that U.S. housing advocates may find informative. Part I provides a brief introduction to the structure of French government and the underpinnings of French housing law....

Institutions and their quality are central concepts in the recent development and institutional economics literatures. Our hypothesis is that inadequate contract enforcement has hindered investment and, in consequence, indirectly has had a negative effect on Uruguay's long-term growth...