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This paper considers the effects of trade policy-tariffs and quotas-when importing is done by competitive traders who are identical ex ante but differ ex post. We show that the standard equivalence results no longer hold and the conventional ranking of tariffs and quotas is turned on its head: quotas are not as bad for welfare as previously believed, while tariffs may restrict trade by more than originally intended. Furthermore, the allocation of property rights (quota licenses) has real effects beyond the distribution of rents; this, in turn, has implications for the effects of corruption on welfare.

Exports and Imports --- Taxation --- Trade Policy --- International Trade Organizations --- Market Structure, Firm Strategy, and Market Performance: General --- Trade: General --- International economics --- Public finance & taxation --- Tariffs --- Trade liberalization --- Imports --- Trade policy --- Import quotas --- Taxes --- International trade --- Tariff --- Commercial policy --- Nigeria --- Non-tariff trade barriers --- Econometric models.

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We show empirical evidence that there may not be a tradeoff between market income inequality and high sustained growth, which is key for poverty alleviation. We argue that the economies that achieved high sustained growth and low market income inequality are characterized by dynamism—a drive toward sophisticated export industries, innovation, and creative destruction and a high level of competition. What a country produces and how much it competes domestically and internationally are important for achieving fair and inclusive markets. We explore policy options to steer industrial and market structures toward providing growth opportunities for both workers and firms.

Finance: General --- Macroeconomics --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Economic Growth and Aggregate Productivity: General --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Industrial Policy --- Market Structure, Firm Strategy, and Market Performance: General --- Market Structure and Pricing: General --- Aggregate Factor Income Distribution --- General Financial Markets: General (includes Measurement and Data) --- Economic growth --- Finance --- Income inequality --- Inclusive growth --- Competition --- Income --- Income distribution --- Economic development --- Taiwan Province of China --- Industrial policy. --- Fiscal policy. --- Economic policy.

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This paper presents a theoretical framework for analyzing pricing structures in debit card schemes featuring cardholders, retailers, their respective banks, and a network routing switch. The network routing switch controls the electronic debit card network and is jointly owned by the banks. In setting its prices, it needs to consider getting both consumers and retailers to participate in the market. In this two-sided market for debit cards, we show that the "double-monopolistic" network routing switch may want to supply consumers with cheap debit cards, deriving profits from charging a high retailer fee per transaction. This theoretic result resembles the current practice in the Netherlands where consumers pay no transaction fee, but retailers do. This corner solution carries over when we analyze socially optimal pricing.

Banks and Banking --- Finance: General --- Macroeconomics --- Economic Theory --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Market Structure, Firm Strategy, and Market Performance: General --- Monopolization --- Horizontal Anticompetitive Practices --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Price Level --- Inflation --- Deflation --- General Financial Markets: General (includes Measurement and Data) --- National Government Expenditures and Related Policies: General --- Finance --- Economic theory & philosophy --- Banking --- Public finance & taxation --- Payment systems --- Demand elasticity --- Price elasticity --- Competition --- Financial markets --- Economic theory --- Public expenditure review --- Expenditure --- Clearinghouses --- Elasticity --- Economics --- Banks and banking --- Expenditures, Public --- Netherlands, The

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We document that publicly listed Chinese state-owned enterprises (SOEs) are less productive and profitable than publicly listed firms in which the state has no ownership stake. In particular, Chinese listed SOEs are more capital intensive and have a lower average product of capital than non-SOEs. These productivity differences increased between 2002 and 2009, and remain sizeable in 2019. Using a heterogeneous firm model of resource misallocation, we find that there are large potential productivity gains from reforms which could equalize the marginal products of listed SOEs and listed non-SOEs.

Macroeconomics --- Production and Operations Management --- Market Structure, Firm Strategy, and Market Performance: General --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Macroeconomic Analyses of Economic Development --- One, Two, and Multisector Growth Models --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Nonprofit Organizations and Public Enterprise: General --- Macroeconomics: Production --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Public ownership --- nationalization --- Capital productivity --- Public enterprises --- Productivity --- Total factor productivity --- Labor productivity --- Economic sectors --- Industrial productivity --- Government business enterprises --- China, People's Republic of

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The COVID-19 pandemic has posed a serious threat to the survival of Japanese firms, highlighting the importance of understanding how and why firms exit. In this paper, we use a rich firm-level dataset of Japanese firms to document how firm exit patterns have evolved between 2007 and 2017. Firm exit patterns have been heavily influenced by Japan’s demographic trends, as a majority of exits in recent years were voluntary exits of firms (business closures) owned by CEOs aged 65 years or older without business successors. In contrast to this increase in voluntary exits, other “traditional” firm exits (such as bankruptcies), have declined. These findings underscore the importance of addressing business transition issues in a rapidly aging society.

Japan --- Corporate Finance --- Exports and Imports --- Industries: Manufacturing --- Demography --- Firm Behavior: Empirical Analysis --- Bankruptcy --- Liquidation --- Market Structure, Firm Strategy, and Market Performance: General --- Transactional Relationships --- Contracts and Reputation --- Networks --- Regional Economic Activity: Growth, Development, and Changes --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Corporate Finance and Governance: General --- Industry Studies: Manufacturing: General --- International Lending and Debt Problems --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Population & demography --- Ownership & organization of enterprises --- Manufacturing industries --- International economics --- Aging --- Small and medium enterprises --- Manufacturing --- Interest payments --- Demographic change --- Population and demographics --- Economic sectors --- External debt --- Population aging --- Small business --- Debt service --- Demographic transition