This paper proposes a new approach to quantifying the effects of corporate governance reforms, by focusing on the dynamics of the voting premiums, a measure of the private benefits of control in a corporation. The results indicate that the reforms have been successful in reducing the voting...

In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto...

This paper introduces a new dataset on the composition of the investor base for government securities in the G20 advanced economies and the euro area. During the last decades, investors from abroad have increased their presence in government bond markets. The financial crisis broke this trend....

Intro -- Contents -- I. INTRODUCTION -- II. TAXONOMY OF UNDERLYING INFLATION INDICATORS -- III. FEATURES OF THE INDICATORS -- IV. FORECASTING METHODOLOGY AND ASSESSMENT OF FORECASTING PERFORMANCE -- V. CONCLUDING REMARKS -- References.

Intro -- Contents -- I. INTRODUCTION -- II. OPTIMAL CURRENCY AREA LITERATURE BEFORE 1999 -- III. ESTIMATION METHOD FOR SJAASTAD MODEL -- IV. DATA -- V. ESTIMATION RESULTS -- VI. EUROPEAN ECONOMIES BEFORE AND AFTER THE INTRODUCTION OF THE EURO, AND THE BAYOUMI- EICHENGREEN MODEL -- VII....

A fear about EMU was that in the absence of national currencies, country-specific shocks would result in greater current account divergences between member states. This paper finds that divergences across euro-area countries are smaller and have not risen relative to those across 13 other...

We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find...

While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining fiscal sustainability. From this perspective, to what extent do movements in euro area sovereign...