Frank A. G. den Butter

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Halal certification of financials product may reduce transaction costs for its buyers when it provides a trusted standard for investors that seek to comply with Islamic law. However, we show that in practice it takes considerable amounts of time (20 days ) and money (USD 122,000) to obtain a halal certification. Mainly, this is because the market is very(More)
This paper discusses the design, implementation and use of standards from the perspective of transaction costs economics. A proper design and implementation of standards may lead to a considerable reduction of transaction costs, which enhances trade and, consequently, economic welfare. A major example is the use of containers, which has drastically changed(More)
Commonly increases in total factor productivity (TFP) are associated with technological innovations measured by R&D expenditures. Empirical evidence seems to corroborate this relationship. However, in trading countries like the Netherlands, productivity increases, even in industry, can also be the result of innovations in the way transactions are managed.(More)
Our small empirical stock-flow model for the Dutch economy, which endogenizes the adjustment dynamics to (un)employment search equilibria, identifies two mechanisms that caused persistence in labor market adjustments: (i) job competition from non-participants, and (ii) asymmetric adjustments to cyclical shocks. At the core of the model is an estimated(More)
In flow models of the labor market, wages are determined by negotiations between workers and employers on the surplus value of a realized match. From this perspective, this paper presents an econometric analysis of the influence of labor market flows on wage formation as an alternative to the traditional specification of wage equations in which unemployment(More)
At the beginning of this book we set out the " why " and " what " questions associated with global risks and regulation. The book addresses these two ambitious questions in a number of different ways. The various contributions discussed the rationales justifying regulatory action and illustrated how different these may be in today's economically challenged(More)
This paper considers labour supply and demand shocks in a simple flow model of the labour market. We consider the propagation of these shocks in a matching model with competition between various groups of job seekers. By way of simulations we explore the extent of labour market hysteresis arising from competition between unemployed job seekers and job(More)