This article analyses whether the European Union could lawfully enact border adjustments for energy taxes vis-à-vis other industrialised countries that are not party to the 1997 Kyoto Protocol to the UN Framework Convention on Climate Change without violating world trade law, in particular the...

This paper explores the domestic and international effects of an increase in observed interest rates (conventional monetary policy) and expected interest rates (forward guidance). We find significant spillovers to a broad range of countries when both are subject to a tightening shock: Output...

We use a factor model and elastic net shrinkage to model a high-dimensional network of European CDS spreads. Our empirical approach allows us to assess the joint transmission of bank and sovereign risk to the non-financial corporate sector. Our findings identify a sectoral clustering in the CDS...