In this paper, we present a disaggregated framework for the analysis of past and projected structural developments in the most relevant revenue and expenditure categories and the fiscal balance. The framework, in particular, distinguishes between the effects of discretionary fiscal policy and of...

This paper studies the relevance of strategic trade effects in the environmental policy for the European electricity sector. The production, investment and trade of electricity are modelled for four European countries. Three market regimes are distinguished: perfect competition, price regulation...

We derive a model in which a standard international capital asset pricing (ICAPM) model is nested within an ICAPM model with market imperfections. In the latter model an idiosyncratic stochastic factor affects the return of risky assets (over a risk-free rate) on top of the systematic component...

This paper uses data from the Luxembourg Income Study to analyse cross-national and cross-temporal poverty risks in eleven western countries. Our analyses are embedded in the tradition of welfare state research. Despite a hundred years of welfare state efforts, at the beginning of the 21st...

Pension systems in European countries are under review due to demographic changes. As a solution to the graying population, second and third pillar pensions are advocated. However, it is important not to lose sight of the social consequences of encouraging these private pensions. In this master...