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...

This paper focuses on the legal monopoly for sporting bets in Germany. We analyze the pricing behavior of the monopolist ODDSET and find that typical pricing inefficiencies on betting markets are reinforced under the monopoly. This result in conjunction with the decreasing tax revenue may...

This paper focuses on the legal monopoly for sporting bets in Germany. We analyze the pricing behavior of the monopolist ODDSET and find that typical pricing inefficiencies on betting markets are reinforced under the monopoly. This result in conjunction with the decreasing tax revenue may...

We argue that a transaction tax is likely to amplify, not dampen, volatility in the foreign exchange markets. Our argument stems from the decentralised trading practice and the presumable discrepancy between 'informed' and 'uninformed' traders' valuations. Since informed traders' valuations are...

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...

Im vorliegenden Gutachten werden auf Grundlage der Entscheidung des Bundesverfassungsgerichts zum Sportwettenmarkt vom 28. März 2006 vier Szenarien erstellt, in denen beschrieben wird, wie sich der deutsche Sportwettmarkt bis zum Jahr 2010 unter unterschiedlichen gesetzlichen Rahmenbedingungen...

Im vorliegenden Gutachten werden auf Grundlage der Entscheidung des Bundesverfassungsgerichts zum Sportwettenmarkt vom 28. März 2006 vier Szenarien erstellt, in denen beschrieben wird, wie sich der deutsche Sportwettmarkt bis zum Jahr 2010 unter unterschiedlichen gesetzlichen Rahmenbedingungen...