The present paper investigates the effectiveness of public subsidies to business enterprise research in a panel of OECD countries. We contribute to the literature by explicitly distinguishing between effects of a subsidy on R&D employment and expenditure, thereby accounting for a potential...

Financial difficulties of U.S. cities have recently become a major issue of concern. However, there is little agreement on why certain cities experience crises while others do not. Two arguments are put forward: Cities suffer from (1) structural problems like high immigration, congestion etc....

Trade reorientation and transition to a market economy in Central and East European countries have resulted in structural change, i.e. industrial restructuring and labor reallocation across sectors and regions. In the 1990s, many transition countries have experienced considerable decline in...

This paper calculates effective macro-economic tax rates for the 25 EU countries following the methodology developed in Mendoza, Razin, and Tesar (1994). The available Eurostat data allow to compute the tax wedge on consumption, labor and capital. We show that effective tax rates in the 10 new...

Foreign direct investment is of increasing importance in the European Union. This paper estimates the effect of taxes on foreign direct investment (FDI) flows and on three sub-components of these flows for the countries of the en- larged European Union. The model in the spirit of gravity...

Foreign direct investment is of increasing importance in the European Union. This paper estimates the effect of taxes on foreign direct investment (FDI) flows and on three sub-components of these flows for the countries of the en- larged European Union. The model in the spirit of gravity...

The European Systemic Risk Board (ESRB) and the proposed prevention and correction of macroeconomic imbalances regulation (EIP) are designed to avoid imbalances. However, these instruments overlap, and need clarification. Both the ESRB and the Commission, which is given certain powers by the...