"The study was commissioned by DG XIII of the European Commission in support of the reporting on Directive 95/47 on the use of standards for the transmission of television signals. Its objective is to provide market data and to monitor the development of digital TV in the 15 countries of the...

We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete in a differentiated loan market, hold reserves against liquidity shocks, and refinance in the interbank market. A merger creates an internal money market that induces financial...

This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyze welfare implications of different types of consolidation. We find that horizontal integration of settlement systems is better than vertical...