approach, we analyze the efficiency of education policy in Ramsey's tradition. Distortive wage taxation is shown to provide an … efficiency reason for subsidizing education in effective terms. Second-best policy is confronted with empirical evidence for OECD …

economies. Theories of optimal taxation conclude that these taxes are detrimental to production efficiency, when firms operate … production units. The present paper investigates the effects of taxation on production efficiency, accounting for the … effect of this "tax induced organizational change" on production efficiency ultimately depends on the characteristics of the …

We study the efficiency of banking regulation under financial integration. Banks freely choose the jurisdiction where … to locate their activities and have private information about their efficiency level. Regulators non-cooperatively offer … regulators to discriminate between banks with different efficiency levels. This result is driven by the endogenous restriction …

successors to the Kyoto protocol are assessed according to four criteria: economic efficiency; environmental effectiveness …

political debate. At the same time, the literature is surprisingly silent about the magnitude of possible efficiency costs of a … departure from tax neutrality. Against this background, the present paper discusses the theory of capital structure and provides … back-of-the-envelope calculations of the possible efficiency cost of a tax distortion of the debtequity decision …