A Capital Markets Union (CMU) is the great hope of European policymakers. The plan for a CMU tries to reduce the reliance of European investors on banks and build up a market-based risk-sharing channel between member states. Our empirical analysis raises doubts that this can be achieved through...

Promoting employment at low earnings figures prominently in several debates on how to make the German social welfare system more prone to job creation. In the U.S., about 15% of all civilian jobs are subsidized via the Earned Income Tax Credit, a transfer program that refunds income taxes beyond...

Die meisten mittel- und osteuropäischen Beitrittsländer bekundeten ursprünglich, sie wollten sobald wie möglich nach dem EU-Beitritt auch der monetären Union beitreten. Der Eifer hat inzwischen nachgelassen. In diesem Beitrag wird argumentiert, dass es gute Gründe für diese gemischten...

Promoting employment at low earnings figures prominently in several debates on how to make the German social welfare system more prone to job creation. In the U.S., about 15% of all civilian jobs are subsidized via the Earned Income Tax Credit, a transfer program that refunds income taxes beyond...

Governments of most accession countries in Central and Eastern Europe initially expressed keen interest to adopt the Euro as soon as possible. The fervour seems to have cooled somewhat in the meantime. This paper will argue that there are good reasons for mixed feelings. While monetary...

A Capital Markets Union (CMU) is the great hope of European policymakers. The plan for a CMU tries to reduce the reliance of European investors on banks and build up a market-based risk-sharing channel between member states. Our empirical analysis raises doubts that this can be achieved through...