We assess the drivers of fiscal sustainability in 20 OECD economies between 1950 and 2019. We find stable long-term relationships between government revenues and expenditures as well as between the primary budget balance and past public debt ratio for the full panel. Performing an expanding...

There are often conflicts between proponents of trade and environmental activists. This paper shows, however, how trade agreements can be designed so as to motivate environmental conservation. I first analyze a standard trade model, where resource exploitation (e.g., deforestation) is a...

We model a reinsurance mechanism for the national unemployment insurance programs of euro area member states. The risk-sharing scheme we analyze is designed to smooth country-level unemployment risk and expenditures around each country's median level, so that participation and contributions...

"Delivering a global perspective, Clusters in Times of Uncertainty follows the transformation of clusters in a world defined by digital collaboration and green economies. In this innovative book, contributors deconstruct and compare examples from Japan and Europe to explore the opportunities and...

The financial system is currently confronted with tremendous challenges from the global economy, trade, politics, demographics, and most recently from enormous technological advancements. These developments have the capacity to change the existing financial system fundamentally. This book...

The activities of multinational enterprises (MNEs) have become an increasingly important feature of the euro area economy, affecting output, trade and financial linkages. MNEs contribute to domestic output by maintaining large production facilities, offering high-paid jobs, bringing in new...