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SUMMARYThis paper discusses how simulation models based on game‐theoretic foundations can be used to arrive at an estimate of the net benefits of the merger control legislation. We illustrate our method using the Dutch new merger control legislation that was introduced in 1998. We analyse the effects of proposed mergers in four markets where 26 firms are operating and use a sample period of 5 years. Based on the results of these cases and using a cost benefit analysis, we estimate the net benefits of Dutch merger control at about a little more than €100 million a year during the first five years of merger control in The Netherlands.

In a climate of enhanced global competition, attention for economic diplomacy has substantially grown, as much in the West as in other parts of the world. This book conceptualizes economic diplomacy and adds to a better understanding of its central place in the theory and practice of international relations.

We analyse the impact of COVID-19 on the world economic system through the three components of globalization: economic, social and political globalization, respectively. The pandemic and the economic policy response have hit these aspects to different degrees. • Economically, the quick recovery of world merchandise trade stands out. • Socially, the reduction in tourism is the largest shock but here a sharp recovery is possible. • Politically, the end of US membership of the WHO and the difficulty of global economic coordination in the G20 are key drivers for 2020. The election of a new US President allows for a quick reversal.

Introduces a special journal issue on "Economic Diplomacy: The Issues.".

Dutch economic policy making traditionally aims at consensus and cooperation between employers, trade unions and the government to find a balance between sustainable growth, a low level of unemployment and acceptable wage increases. In this so-called Polder Model, the different parties attempt to strike a balance between the freedom to negotiate legally on wages and working conditions, and the impact of these negotiations on economic and social goals. The Polder Model was also clearly evident in the Dutch policy towards cartelisation through much of the twentieth century. Cooperation and consensus was desired between both the participants in the markets and between the government and the market (see also Bouwens and Dankers 2012). From 1935 until 1998, competition legislation allowed the formation of domestic cartels. Particular statutes in 1935, 1941 and 1958 arose from the changing circumstances at that time. The relatively tolerant Competition Law of 1958 remained in effect for about 40 years. This finally changed in 1998 when the Netherlands passed a new Competition Law that met international standards and also established an independent competition authority.

AbstractThis article empirically investigates the contribution of different forms of diplomatic representation to the bilateral trade flows (both exports and imports) of a group of 63 countries. The authors report on the construction of a data set that covers 10,524 diplomatic representations. They use these representations as one of the explanatory variables in an applied trade model (the gravity model) for 3,730 bilateral trade flows in order to measure to what extent these representations are economically effective, in the sense that they are associated with larger trade flows. The authors distinguish different forms of international representation in the field of economic diplomacy (such as honorary and career consulates, embassies and embassy branches, and trade and other offices) and find positive and highly significant effects for embassies but mixed results for the other forms of representation. Finally, the authors provide a comparative perspective on the effectiveness of the 63 countries' foreign services and classify the countries according to the average performance of their network of foreign representations.

We study the success and failure of 59 newly established ("nascent") stock markets since 1975 in their first 40 years of activity. Nascent markets differ markedly in their success, as measured by number of listings, market capitalization, and trading activity. Long-term success is in part determined by early success: a high initial number of listings and trading activity are necessary, though not sufficient, conditions for long-term success. Banking sector development at the time of establishment and development of national savings over the life of the stock market are the other two most reliable predictors of success. We find little evidence that structural factors such as country size or legal and political institutions matter. Rather, our results point to an important role of banks, demand factors, and initial success in fostering long-term stock market development.