This paper argues that increased factor mobility incurs the risk of dismantling the welfare state, even though this state may have useful allocative functions. It will be difficult to finance the welfare state with taxes on capital and it may be necessary to subsidize this factor in the sense...

We assess how banking competition will be affected by the process of deregulation and integration in European financial markets, drawing on the lessons of recent research in finance, banking and industrial organization. Our central thesis contends that the main effect of integration will be to...