Entrepreneurship plays an increasingly prominent role in both academic and policy circles. It is regarded as the driving force behind structural change that links investments in knowledge with economic growth. The increased role of new and small enterprises has led to an increase in...

The 2010 European debt crisis has revived the discussion concerning the optimum adjustment strategy in the face of asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis, the most recent emergence of competitive...