The paper starts by reviewing a recent contribution on long-waves, in order to recall the essential points of a theory that, better than any other, is able to explain the long term development of capitalist economies. Considering that the present technological revolution in ICT is part of the...

This study aims at evaluating the causal effect of belonging to a cartel on firms’ profits. Using a dataset of discovered cartel cases in Spain (1990 -2014) and a dataset of firms’ balance sheets, a treatment and a control group can be distinguished. After constructing a sample of comparable...

Market integration is seen as a complementary measure to decarbonize energy markets. In the context of power markets, this translates into regions that coordinate to maximize welfare in the power market with respect to a climate target. Yet, the maximization of overall welfare through...

We analyze and evaluate the different decision rules describing the Council of Ministers of the EU starting from 1958 up to date. Most of the existing studies use the Banzhaf index (for binary voting) or the Shapley-Shubik index (for distributive politics). We argue in favor of the nucleolus as...

The Polish Government has introduced Pre-accession Economic Program (PEP) in August 2002. It synthesizes economic goals of the Polish Government until 2005 and is one of two survey elements of the survey and surveillance of public finances - initiated by European Commission in 2001. Polish...

We use a unique cross-country dataset at the loss event level to document the evolution and characteristics of banks' operational risk. After a spike following the great financial crisis, operational losses have declined in recent years. The spike is largely accounted for by losses due to...

There is a widespread sense that over the last two decades firms have been decentralizing decisions to employees further down the managerial hierarchy. Economists have developed a range of theories to account for delegation, but there is less empirical evidence, especially across countries. This...

In the present paper an attempt will be made to show econometrically with panel data that as globalization increases, banking risk goes also up but not by as much. Panel data are elaborated by means of Eviews software package. The sample covers during 1999–2007 Western Europe and the United States

This paper assess determinants of productivity gaps between firms in the European transition countries and regions and firms in West Germany. The analysis is conducted at the firm level by use of a unique database constructed by field work. The determinants tested in a simple econometric...

The U.K.'s decision to leave the EU and the voting in of the protectionist Donald Trump to the US presidency has drawn both the UK and the USA into the Nash Trap.U.S. mathematician John Nash (the movie ‘A Beautiful Mind') postulated that Adam Smith's declaration that ‘In competition,...