Political Economy

Political Yardstick Competition and corporate governance in the EU

Co-Evolution of Politics and Corporate Governance

According to Mark Roe, politics influences corporate governance. The separation between control and ownership is only possible when there is a low “degree of social democracy”. By contrast, systems, characterised by strong...

Growing Up Under Mao and Deng: On the Ideological Determinants of Corporate Policies

Historically, economic activities have been organized around certain ideologies. We investigate the impact of politicians’ ideology on corporate policies by exploring a unique setting of ideological change—China from Mao to...

A State-Stewardship View on Executive Compensation

We take a state-stewardship view on the corporate governance model and executive compensation policies in economies with strong political involvement. In such a highly politically-oriented institutional environment, the...

Dividends and Politics

Influential contributors to debates concerning corporate governance assert that it is impossible to understand key trends without taking politics into account. This proposition has, however, remained largely untested. This paper...

China's Pseudo-monetary Policy

China?s monetary stimulation boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land auction and house prices in major cities soared. We...

The Politics of Capital Markets Union

EU policymakers are currently implementing the capital markets union (CMU) agenda—a collection of individual steps that, taken together, should strengthen cross-border market integration in EU capital markets. However, the...

Economics, Politics, and the International Principles for Sound CompensationPractices. An Analysis of Executive Pay at European Banks

Political Determinants of Competition in the Mobile Telecommunication Industry

We study how political factors can shape competition in the mobile telecommunication sector. We show that the way a government designs the rules of the game has an impact on concentration, competition, and prices. Pro-competition...

Capitalism, Laws, and the Need for Trustworthy Institutions

This article responds to the question: “Capitalism: What has gone wrong, what needs to change and how to fix it” for a special volume on capitalism in Oxford Review of Economic Policy. Debates on capitalism get muddled by blind spots...

History of Corporate Ownership in Italy

Law, Finance, and Politics: The Case of India

  The process of liberalization of India's economy since 1991 has brought with it considerable development both of its financial markets and the legal institutions which support these. An influential body of recent economic work...