This technical assistance report outlines the current state and future objectives for regulating crypto assets in the Republic of Kenya. The report, prepared at the request of Kenya's Capital Markets Authority, involved an analysis of crypto-asset activities and the related regulatory framework....

The study examines the extent to which the Legislative Branch is involved in the processing of economic policies sent by the Executive Branch, as part of the process of political delegation. It argues that, as the PT administrations adopted a developmentalist economic paradigm, increasing the...

We theoretically investigate how the application of unanimity rule can lead to inefficient delay in collective decision making. We do so in the context of a distributive multilateral bargaining model featuring strategic pre-commitment. Prior to each bargaining round, players can declare a...

In Brazil, the debate on the role of parliamentary amendments (PAs) in federal funding for the Unified Health System (SUS) has gained prominence in recent years due to the increase in allocated amounts and the potential consequences for public access to health services, given the system's...

The study examines the extent to which the Legislative Branch is involved in the processing of economic policies sent by the Executive Branch, as part of the process of political delegation. It argues that, as the PT administrations adopted a developmentalist economic paradigm, increasing the...

We theoretically investigate how the application of unanimity rule can lead to inefficient delay in collective decision making. We do so in the context of a distributive multilateral bargaining model featuring strategic pre-commitment. Prior to each bargaining round, players can declare a...

In Brazil, the debate on the role of parliamentary amendments (PAs) in federal funding for the Unified Health System (SUS) has gained prominence in recent years due to the increase in allocated amounts and the potential consequences for public access to health services, given the system's...

We theoretically investigate the effects of strategic pre-commitment in multilateral dynamic bargaining. Each round features a commitment stage in which players can declare that they will reject any proposal giving them less than a self-imposed threshold. Such declarations bind in the ensuing...

Norges Bank has been running a central bank digital currency project since 2016. The project is now in its fourth phase, and as part of this phase an overview will be provided of required legislative amendments linked to the introduction of CBDC. For an overview of Norges Bank's CBDC project,...

Am 21. April 2023 wurde das Gesetz zum Neustart der Digitalisierung der Energiewende (GNDEW), eingebracht von den Fraktionen Bündnis 90/ Die Grünen, der SPD sowie der FDP und federführend entwickelt vom Bundesministerium für Wirtschaft und Klimaschutz (BMWK), vom Bundestag, verabschiedet....

Objective This paper considers the influence of female legislators on gun legislation across US states. Females have behavioral differences from males and likely different exposure to gun-related violence. Method Using data from 1991-2020, we econometrically estimate the drivers of gun...

Humanity's problem with climate change has been likened to a "tragedy of the commons". If the atmosphere is seen as an open access dump for gasses like CO2 or methane, Garret Hardin's conclusion from 1968: "Freedom in a commons brings ruin to all" is obviously correct. But how do we create a...

Objective: This paper considers the influence of female legislators on gun legislation across US states. Females have behavioral differences from males and likely different exposure to gun-related violence. Method: Using data from 1991-2020, we econometrically estimate the drivers of gun...

Das Forschungsprojekt "Bürokratiekosten" erstreckt sich über vier Bände zu vier verschiedenen Regulierungen. Teil 4 widmet sich der Datenschutzgrundverordnung. Hier wurden die erforderlichen Angaben in vier Mitgliedsländern der EU untersucht und die ökonomischen Kosten in der...

This paper presents a model of international trade agreements in which the executive branches of each government negotiate agreements while the legislative branches, subject to political pressure from firms, can disrupt them. Lobbying is in the style of Grossman and Helpman's ‘Protection for...

Mit dem Gesetzentwurf für eine "Modernisierung des Vergaberechtes" möchte die Landesregierung von Mecklenburg-Vorpommern sicherstellen, dass zukünftig nur noch solche Unternehmen öffentliche Aufträge erhalten, die bei der Auftragsdurchführung ihren Beschäftigten mindestens die Löhne und...

How can we use the novel capacities of large language models (LLMs) in empirical research? And how can we do so while accounting for their limitations, which are themselves only poorly understood? We develop an econometric framework to answer this question that distinguishes between two types of...

Statutory interpretation is at the cutting edge of legal scholarship and, now, legislative activity. As legislatures have increasingly begun to perceive judges as activist meddlers, some legislatures have found a creative solution to the perceived control problem: statutory directives. Statutory...

We examine the effects of the interaction between lobbying and legislative bargaining on policy formation. Two systems are considered: a US-style congressional system and a European-style parliamentary system. First, we show that the policies generated are not intermediate between policies that...

Lien refers to the right of an individual, mostly an unpaid seller to retain and withhold in one’s possession any kind of merchandise or securities in his or her possession that belongs to another until certain legal debts due to the person retaining the goods are repaid. Lien does not endorse...

Agenda-setting power is a double-edged sword that increases the likelihood that an agent is chosen to be a proposer, but may reduce the probability that the agent is included in a winning coalition. We experimentally test the theoretical prediction of potentially negative returns to...

It is well known that being the proposer or agenda setter is advantagenous in many collective decision making situations. In the canonical model of distributive bargaining (Baron and Ferejon, 1989), proposers are certain of being part of the coalition that forms, and, conditional on being in the...

Before the middle of the nineteenth century most laws enacted in the United States were special bills that granted favors to specific individuals, groups, or localities. This fundamentally inegalitarian system provided political elites with important tools that they could use to reward...

Myriad cross-sector initiatives seek to remake capitalism into a more just, sustainable, and inclusive system. But how do these distributed efforts—which often vary in strength—interact? We contribute by attending to the interaction between weak and strong governance reforms. Drawing on...

We may sharpen our understanding of legislation by juxtaposing it with other types of legal act. John Gardner attempts to differentiate legislation from legal rulings - an unusual juxtaposition in itself - and his claims about the difference are surprising. Legal rulings are legally binding...

In this paper, we propose a new approach to the estimation of social networks and we apply it to the estimation of productivity spillovers in the U.S. Congress. Social networks such as the social connections among lawmakers are not generally directly observed, they can be recovered only using...

The science is clear: the United States and the world must take dramatic action to address climate change or face irreversible, catastrophic planetary harm. Within the U.S.—the world’s largest historic emitter of greenhouse gas emissions—this will require passing new legislation or turning...

Scholars frequently assert that financial legislation in the U.S. is primarily driven by financial crises. This ‘crisis legislation hypothesis’ is often cited as an explanation for various supposed shortcomings of US financial legislation, including that it is ill-conceived and inadequate to...

We analyze the impact of the Network Enforcement Act, the first regulation which aims at restraining hate speech on large social media platforms. Using a difference-in- differences framework, we measure the causal impact of the German law on the prevalence of hateful content on German Twitter....

How important are political parties in motivating and disciplining elected officials? Using a difference-in-discontinuity design, we study how shocks to incumbents're-election probabilities affect legislative behavior in a setting where parties fully control candidate selection. We find that...

We study the extent to which personal connections among legislators influence abstentions in the U.S. Congress. Our analysis is conducted by observing representatives' abstention for the universe of roll call votes held on bills in the 109th-113th Congresses. Our results show that a legislator's...

Legislative hostage-taking–whereby the minority party refuses to pass a bipartisan policy unless another divisive or contentious policy also passes–has become a frequent occurrence in Washington. We develop a dynamic, two-period model of legislative bargaining and electoral politics to...