"Recent studies have found that capital moves 'uphill' from poor to rich countries, and brings little or no growth dividend when it does flow into poor economies. We show that Europe does not conform to this paradigm. In the European experience of financial integration, capital has flown from...

type="main" xml:lang="en" <title type="main">SUMMARY</title> </section> <title type="main">Can budget institutions counteract political indiscipline?</title> <p> The budget is an expression of political rather than economic priorities. We confirm this proposition for a group of new and potential members of the European Union, finding that politics dominates....</p>