A central prediction of open economy models with a pecuniary externality due to a collateral constraint is that the unregulated economy overborrows relative to what occurs under optimal policy. A maintained assumption in this literature is that households borrow directly from foreign lenders....

This paper studies optimal capital-control and bank-reserve remuneration policy in an open economy with a banking channel and a collateral constraint that limits household debt by a fraction of income. It finds that the unregulated economy borrows too little relative to what is optimal...

In recent years there has been a substantial increase in the Italian gambling market and we have witnessed major changes in the taxation and regulation of gambling, as well as the introduction of new technological supports (e.g. the internet, mobile and fixed telephony, dedicated TV channels,...

This handbook is a definitive source of path-breaking research on the economics of gambling. It is divided into sections on casinos, sports betting, horserace betting, betting strategy motivation, behaviour and decision-making in betting markets prediction markets and political betting, and...

Since ancient times, governments have regulated the extent and conditions under which gambling is permitted. Governments also developed an early financial interest in legalising gambling, realising that certain forms of gambling were a productive base for taxation. These dual roles of government...

The paper reviews the case for special taxes on gambling services from a traditional public-finance perspective. Evidence suggests that high taxes are likely to hurt recreational consumers badly while not necessarily mitigating problem play. Taxes on gambling are also shown to be regressive,...

Tobin has suggested that exchange rate volatility be controlled through a tax on international financial transactions. This analysis shows that the Tobin tax as a pure transaction tax is not viable. The tax would impair financial operations and create international liquidity problems. It is also...