This paper asks what Capital Markets Union (CMU) means for the future of financial market regulation in the European Union and suggests an answer: the merging of public and private regulation. In the pre-crisis period, public regulation and private regulation of financial markets were separate...

Europe remains a tempting destination for East Asian SWFs. Almost a third of their investments have been committed to EU countries. Nearly all of the assets have been invested by Chinese and Singaporean funds. The investment policy of East Asian SWFs has significantly evolved over the past few...

In order to examine non-linear predictability of the US and Japanese dividend-yield ratio, smooth transition regression model analysis is applied to an extended time period of data. The theoretical basis for investigating non-linear behaviour in stock returns can be based on the interaction...

China has been accused exchange rate manipulation that has caused large U.S. trade deficits, which have reduced U.S. welfare by increasing unemployment and reducing wages. In addition, the strong claims by some observers that the trade imbalances are deeply deleterious to China's welfare almost...

The article looks at the EU and China three decades relationship and the challenges and opportunities encouraged by a common view on the redesign of the international order according to a shared multilateral approach although some basic differences still exist. China’s purpose to this...

This paper discusses a wide range of indicators of the degree of integration of the euro area banking system. It is concerned with volume data, a less developed field of research compared with studies on prices/rates. We first set out a methodological framework, a mixture of elementary and more...

We study the impact of barriers to entry on workplace training. Our theoretical model indicates that there are two contrasting effects of deregulation on training. With a given number of firms, deregulation reduces the size of rents per unit of output that firms can reap by training their...

This paper analyzes the welfare implications of creating a Single Euro Payments Area. We study the effects of increased network compatibility and payment scale economies on consumer and merchant card fees and its impact on card usage. In particular, we model competition among debit cards and...

In this paper, we provide a political economy account of the European Union's failed attempt to reform its anti-dumping legislation between 2006 and 2008. We review the role played by different interest groups, and the way public authorities at both European Commission and member state level...

This paper explores the ability of European refineries to pass-through costs associated with the introduction of the EU Emissions Trading Scheme (EU ETS). We estimated a sequence of vector error correction models (VECM) within a multi-national setting which covers 14 EU member states. Using...