Regional monopoly limits market reforms from improving cross-firm resource allocative efficiency, but little empirical evidence is available from developing countries. This paper provides rich evidence that regional monopoly may hinder the expansion of more productive firms, using the Chinese iron and steel sector as a case. Drawing on a comprehensive panel dataset comprising 11,136 iron and steel firms in China from 1998 to 2009, we demonstrate that market reforms in China's steel industry enhance competition at the national level, but do not effectively improve resource reallocation within provinces. Despite a decline in the market share of the top 10 largest steel enterprises from 80% to 50% between 1998 and 2009, resource reallocation only contributes to 14% of industry-level total factor productivity (TFP) growth, amounting to one-sixth of the contribution from within-firm productivity growth. Furthermore, the effects of resource reallocation within provinces are significantly lower compared to those observed between provinces, suggesting that market fragmentation or frictions hinder the expansion of more productive firms within the same province. These findings underscore the importance of eliminating regional monopoly for developing countries undergoing market reforms to enhance resource allocative efficiency.

We undertake an assessment of our two decades of research on financial literacy, building on our empirical research and theoretical work casting financial knowledge as a form of investment in human capital. We also draw on recent data to determine who is the most—and least—financially savvy in the United States, and we highlight the similarity of our results in other countries. A number of convincing studies is now available, from which we draw conclusions about the effects and consequences of financial illiteracy, and what can be done to fill these gaps. We conclude by offering our thoughts on implications for teaching, policy, and future research.

Abstract Johnny Runge has used qualitative methods, such as interviews, focus groups and surveys, to explore public perceptions of the economy – and discovered sobering levels of misunderstanding and distrust

Dr. William E. Spriggs, chief economist of the AFL-CIO and economics professor at Howard University passed away unexpectedly in June 2023. In honor of his memory, the authors discuss his many professional accomplishments and share personal reflections on the economist, mentor, colleague and friend they and others knew simply as Bill.

The competence of the departmental appeal (collegial bodies) of the FAS Russia includes disputes between business entities and territorial departments of the FAS Russia, ensuring uniformity in the practice of applying antimonopoly legislation. The positions of the collegial bodies of the FAS Russia, which determine the development of law enforcement practice and the approaches of antimonopoly authorities to resolving similar cases, are no less important today than the clarifications of the courts. Such positions (especially on complex disputes) should be formed very carefully and on the basis of a comprehensive consideration of each issue.The institution of a “friend of the court” (“amicus curiae”) — an expert who is not associated with either side of the dispute — has been known since the times of Ancient Rome. In the context of multiple corporate connections, jurisdictions, and conflicts of interest, and tightening anti-corruption standards, this institution has become even more in demand.The article examines the Russian practice of “amicus curiae” within the framework of departmental appeals by the FAS of Russia.The authors answer questions about the feasibility and effectiveness of using this institution in the practice of departmental appeals of the FAS of Russia when considering cases that have the significance of an actual precedent.

AbstractThis paper examines financial literacy in the United States, using the 2021 National Financial Capability Study data. A large volume of papers have demonstrated the importance of financial knowledge and documented the low level of financial literacy in America. Using recent data collected during an unusual time when inflation was rising and the country was in the midst of the COVID-19 pandemic, we show that the knowledge of fundamental financial concepts continues to be low in the US, especially among people who are young, less educated, female, or not employed. Our analysis also highlights people’s lack of inflation knowledge and identifies the subgroups that are particularly vulnerable. Finally, we examine how financial literacy affects financial well-being and behaviors. Responses to the Big Three financial literacy questions are linked to important financial behaviors and outcomes, including planning for retirement, financial resilience, and not carrying too much debt.

We offer a new explanation for why taxes have become less redistributive in many countries while the concentration of incomes has increased. Our argument is based on the prevalence of incentive contracts in modern economies, in conjunction with increased product market integration. Globalization widens the spread of project returns and makes contract choices more responsive to tax changes. This can result in a lower optimal income tax rate while simultaneously increasing the income share of top earners. These results are confirmed in a calibrated version of our model based on U.S. income data.