The employment protection legislation is not enforced uniformly both across and within countries. Among the others, the enforcement of regulation depends on the courts' actions and on the capacity of firms to escape legislation. We exploit the variation in courts' inefficiency across Italian...

We study the regime of multiple note issuers that characterized the Italian monetary system from the unification of Italy in 1861 to the creation of the Bank of Italy in 1893. We describe how the system evolved and we analyze how it functioned by studying the clearing of notes among banks. Since...