This paper examines the optimal entry policy toward oligopoly in a global economy. We show that free entry results in too much competition for the world, but each country's corrective tax policy, unless internationally coordinated, proves suboptimal because of international policy spillovers....

This paper investigates the changing nature of economic integration in China. Specifically, we consider business-cycle synchronization (correlation of demand and supply shocks) among Chinese provinces during the period 1955–2011. We find that the symmetry of supply shocks has declined after...

The present work examines the reasons that gave rise to European Regional Policy and describes its principles and basic objectives, as well as the operational transformations it underwent from the 1988 Structural Fund reform till the approval of the Agenda 2000. Its ability to correct regional...

This paper examines the optimal entry policy towards oligopoly in an globalized world. In an open economy free entry is socially suboptimal, but corrective tax policy to curb entry proves insufficient unless internationally harmonized. Thus, while conferring the gains from trade, globalization...

Moving towards a fiscal union does not address the problems of divergence in Europe. Given cultural heterogeneity and diverse preferences, fiscal policy should remain under national sovereignty while important regulatory power is assigned to the Union. The paper argues that more credible fiscal...

Inspired by the current debate over the future of the monetary union in Europe, this paper provides a simple model for the determination of the conditions of survival of the common good, which requires the creation of an effective fiscal union. We highlight the importance of institutional design...

The order and modalities of cross-member state redistribution as well as the net financial position of the member states are one of the most widely discussed aspects of European integration. The paper addresses selected issues in the current debate on the EU budget for the period 2007 to 2013...

The European Union budget has a number of specific characteristics which make it different from the budgets of the Member States : in principle, it must never be in deficit, and there is a special decision-making procedure. The structure and maximum expenditure are specified for a 7-year period...

The European Unions's task of providing Trans-European Networks (TENs) in transportation, communications and energy transmission which has been enacted by the treaty of Maastricht, is not confined to internal networks in the EU. Since 1994 this task has been widened so as to give support to the...