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Environmental regulation has been widely applied in Asia, with many governments introducing command and control (CAC) policies to control the levels of industry emissions. This paper first examines...
Adam Smith’s main message is that when unregulated, undistorted rewards are higher in one activity than another, economic progress is usually promoted if resources flow toward the high-return use. A...
This report summarises the key findings and recommendations of the Securities and Futures Commission’s 2008 annual review regarding the performance of The Stock Exchange of Hong Kong Limited (the “Exc...
The ongoing global financial turmoil has led policy makers – nationally and internationally – to revisit approaches to regulation. Most specific reform proposals to date have been developed in intern...
This paper studies a Diamond–Dybvig model of providing insurance against unobservable liquidity shocks in the presence of unobservable trades. We show that competitive equilibria are inefficient...
This report summarises the key findings and recommendations of the Securities and Futures Commission’s 2007 annual review regarding the performance of The Stock Exchange of Hong Kong Limited (the “Exc...
This report summarises the key findings and recommendations of the Securities and Futures Commission’s 2006 annual review regarding the performance of The Stock Exchange of Hong Kong Limited (the “Exc...
The main aim of this paper was to discuss the possibility, advantages and disadvantages of various approaches to the regulation of accounting. Three main areas were described in detail – free market a...
Different standards in pesticides and pest protection have often been used as trade barriers, whether real or manufactured. While harmonization is often touted as a means to limit the ability o...
This report summarises the Securities and Futures Commission’s 2005 annual review regarding the performance of The Stock Exchange of Hong Kong Limited (Exchange) in its regulation of listing-related m...
Open-access, common-pool resources, such asmany fisheries, aquifers, oil pools, and the atmosphere, often require some type of regulation of private access and use to avoid wasteful exploitation. This...
We examine government cartelization efforts in crude oil production. Texas and Saudi Arabia are alleged to act as swing producers to maintain the interstate (1933-1972) and OPEC (1973 on) oil cartels ...

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