The article examines the impact of financialization on income inequality between 2004 and 2013, through a panel analysis of seven European countries. Moreover, it attempts to examine differences in the perception of the phenomenon between the selected European countries belonging to the G-7 and...

A Capital Markets Union (CMU) is the great hope of European policymakers. The plan for a CMU tries to reduce the reliance of European investors on banks and build up a market-based risk-sharing channel between member states. Our empirical analysis raises doubts that this can be achieved through...

Among the areas in which the Keynesian revolution has been more unsuccessful in changing orthodox views, the relationship between savings and investment must certainly be the best known. Even today, after more than seventy years of publication of The General Theory, policy-makers are still...

What is termed 'globalisation' has taken many forms over the centuries. The last time we had a 'free market' form of globalisation, such as is largely in force across the world today, was in the run up to the First World War; goods, people and capital crossed borders, as the leading industrial...

This paper attempts to provide an economic interpretation of the factors that drive the movements of interest rates of bonds of different maturities in a continuous-time no-arbitrage term structure model for Chile. The dynamics of yields in the model are explained by two latent factors, namely...

The recent financial crises pointed out the central role of public and private debt in modern economies. However, even if debt is a recurring topic in discussions about the current economic situation, economic modeling does not take into account debt as one of the crucial determinants of...

We present an analytical approach to institutional analysis that draws inspiration from control process engineering in the physical sciences. We characterize smart institutions as having three foundational features. First, smart institutions are context sensitive and expressly allow for a...

This paper analyzes the prologue to the Greek tragedy-in particular, the long period of slow growth after Greece joined the European Union and the short period of very strong growth following its adoption of the euro-and deduces reform proposals. Ultimately, a growth strategy should contain...

Der Beitrag analysiert die Vorgeschichte der griechischen Tragödie - insbesondere die lange Phase niedrigen Wachstums nach dem EU-Beitritt und die kurze Phase sehr hohen Wachstums nach dem Euro-Beitritt - und leitet daraus Reformvorschläge ab. Eine Wachstumsstrategie müsste drei...

The 'Five Presidents Report' cited in the title acknowledges that an important driver of the European economic crisis has been the faulty original design of the Monetary Union, and that substantial steps are urgently needed towards the creation of truly supranational institutions. Yet,...