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Banks rely on two main sources to fund their lending and investment activities: debt and equity capital. Over the past two centuries, banks have increasingly operated with less equity capital, yet maintaining sufficient capital remains essential for financial stability. The new book Capital in Banking explores a fundamental question: why are modern banks more leveraged […]
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Cartels Diagnosed contains twelve gripping and insightful case studies of collusion from key business sectors – such as airlines, gasoline industry, and big pharma – which span from North America to Europe to beyond. They are written by expert and experienced scholars and practitioners with intimate knowledge of the case. The cases advance our understanding […]
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How do landowners protect their interests in contemporary democracies? Classic social science studies have argued that landowners’ economic interests are incompatible with democracy, as democratization should lead to the increasing taxation or even expropriation of their assets in response to redistributive demands from the poor. However, agrarian elites and democracy have coexisted in Latin America […]
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In the history of economics, the contributions of early Indian economists remain largely overlooked despite their profound impact. My work centers on the pioneering voices of these economists, particularly during the late nineteenth century, as they began to forge a distinct narrative on economic development rooted in the realities of India. This blog explores the […]
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A foundational objective of the Constitution of the United States is to “promote the general Welfare.” However, the Constitution does not define “general Welfare.” The Constitutional premise that the United States should promote the general welfare exemplifies frequent broad assertions that entities making societal decisions should aim to maximize social welfare. Such assertions may have […]
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Econometricians develop and use methods and techniques to model economic behavior, create forecasts, to do policy evaluation, and to develop scenarios. Often, this ends up in some advice. This advice can be a prediction for the future or for another sector or country, it can be a judgment on whether a policy measure was successful […]
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Central banks have not always been as ubiquitous or as economically and politically prominent as they are today. A century ago, some two-thirds of the world’s countries didn’t have one at all (see chart). Those who did took them less seriously: their functions were circumscribed, their mandates ambiguous, their allegiances divided between their commercial and […]
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Have we reached a plateau in our understanding of corruption? I believe so. It’s time to push the boundaries of this discourse, moving what is currently at the periphery of the debate to the forefront of our discussions. In my new book, I urge readers to challenge the prevailing notions of corruption that have dominated […]
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