The Real Economy and Competition Policy in Periods of Retrenchment
Competition policy works well when markets are given time to evolve and drive improved efficiency; but this takes time. However, under current turbulent times, the short-run survival actions may be insistently sought by policy-makers under the pressure of trade unions and the exit of failing firms may be perceived to be more costly for society. Actually, the immediate costs that existing businesses, employees and consumers have to incur may be up-front and visible, while the benefits of competition may be less visible. As a consequence, times of severe financial and economic crises bring about a severe questioning of market mechanisms with unfailing regularity and the stance of the competition policy against this backdrop. We shall therefore look in the current paper at the role of competition authorities in a time of severe economic and financial crisis and in particular, at how the crisis will impact the application of competition law. In the end, we will conclude in favour of the need to preserve competition policy as well in difficult times even if we admit that a certain flexibilisation in procedures (but not in rules) may be probably necessary.
Volume (Year): 11 (2009)
Issue (Month): Number Special 3 (November)
|Contact details of provider:|| Postal: |
Web page: http://amfiteatrueconomic.ase.ro/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Sandro Brusco & Fabio Castiglionesi, 2005.
"Liquidity Coinsurance, Moral Hazard and Financial Contagion,"
Department of Economics Working Papers
05-12, Stony Brook University, Department of Economics.
- Sandro Brusco & Fabio Castiglionesi, 2007. "Liquidity Coinsurance, Moral Hazard, and Financial Contagion," Journal of Finance, American Finance Association, vol. 62(5), pages 2275-2302, October.
- Xavier Vives, 2011. "Competition policy in banking," Oxford Review of Economic Policy, Oxford University Press, vol. 27(3), pages 479-497.
- Bittlingmayer, George, 1993. "The Stock Market and Early Antitrust Enforcement," Journal of Law and Economics, University of Chicago Press, vol. 36(1), pages 1-32, April.
When requesting a correction, please mention this item's handle: RePEc:aes:amfeco:v:11:y:2009:i:number_special_3:p:722-734. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Valentin Dumitru)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.