This paper assesses the effectiveness of vertical industrial policies within the European Union. Vertical industrial policy is defined as government support of specific firms or industries ("picking winners" or "supporting losers"). It is measured as state aid granted by Member States to the...

Given the extreme uncertainty surrounding financial markets, there are strong efficiency reasons to justify the use public funds for guarantee schemes and precautionary recapitalisations of fundamentally sound financial institutions. The former tackle the severe asymmetric information problems...

This paper assesses the effectiveness of vertical industrial policies within the EU. Vertical industrial policy is defined as government support for specific firms or industries (picking winners or supporting losers) and measured by state aid granted by Member States to the manufacturing...