We analyse how constraints on dealers’ risk bearing capacity affect market efficiency in the foreign exchange (FX) market. Dealers support by accommodating their customers’ trading demands through elastic liquidity provision normal times but when they face elasticity of weakens. Episodes tight dealer – for instance, due to high leverage, Value-at-Risk, and funding costs turn go hand with pric...

The European Union aims at largely decarbonizing its energy system by 2050. In this context, this paper reviews the status of the solar electricity technologies that can exploit our largest renewable energy resource. Although substantial progress is being made, the possibility, for instance, to more than double the efficiency of photovoltaic systems underlines the continued need for coordinated...

Traditionally, vertical integration has concerned industrial economists only insofar as it affects market outcomes, particularly prices. This paper considers reverse causality, from prices – and more generally, from demand – to integration in a model of a dynamic oligopoly. If integration is costly but enhances productive efficiency, then a trend of rising prices and increasing integration coul...

The growing market for industrial gas turbines has led to an increased demand for large, cost-effective units of high efficiency, A critical issue in the development of such units is the durability of hot section components, especially first stage blades and vanes to which thermal barrier coatings (TBCs) are applied. This paper introduces the current state of the art in the production of TBCs, ...

We propose an alternative market design to the current credit ratings industrial organization. An issuer delegates a pass-through non-monitoring trust to acquire ratings from credit ratings agencies (CRAs). The trust pays outcome contingent fees, such that truth-telling is incentive compatible for CRAs, eliminating ratings inflation. Moreover, because the trust acts as an intermediary, it elimi...

All industrial democracies have public pension or social security schemes that account for a substantial portion of the disposal income of the aged. Although some countries introduced public pensions as early as the 19 century, large scale social security systems did not emerge as an important feature of the welfare state in most OECD countries until after World War II. The involvement of the g...