Using data from OECD's PISA, Eurostat and World Bank's WDI, we explore how child cognitive outcomes at the aggregate country level are related to macroeconomic conditions, specifically government education expenditures and early education experience. We find that both government expenditures in...

This paper tests whether and how two education policies: (i) increasing the length of compulsory education and (ii) introducing foreign languages into compulsory school curricula, affect subsequent migration across European countries. We construct a novel data base that includes information on...

The non-bank financial sector in the euro area has more than doubled in size over the last decade reflecting the substantial growth in shadow banking activities. However, a large proportion of the non-bank financial sector remains unmapped as granular balance sheet information is not available...

Using the 2008-09 Global financial crisis and the 2012 Euro area sovereign debt crisis as natural experiments, we investigate the effects of contractions in credit supply on R&D spending in a large sample of European firms. Our identification strategy exploits differences in financial...

Using variance decompositions in vector auto-regressions (VARs) we model a high-dimensional network of European CDS spreads to assess the transmission of credit risk to the non-financial corporate sector. Our findings suggest a sectoral clustering in the CDS network, where financial institutions...