This paper is about the measures taken by the Greek government to counter the financial problem. These measures aimed at the fiscal consolidation, the rescue of the financial system of the economies and the return of the economies to a developmental track with low unemployment levels

Auditor independence was a global concern of financial regulators in the 1990's. Some observers saw this in a positive light, a natural development. Adjusting auditor independence rules was a manifestation of global convergence in corporate governance structures. New rules, especially rules...

The Panama Papers refers to a massive leak of information encompassing more than 11 million documents involving more than 200,000 offshore entities. The leak originated in Panama. Some of the documents involve transactions as far back as the 1970s. Numerous wealthy individuals, including top...

This paper analyzes the impact of public credit guarantee schemes on the allocation and performance of bank credit during the COVID-19 crisis. We exploit exhaustive loan-level data from the credit register with unique information on the provision of COVID-19 public loan guarantees in Spain. We...

Tax incentives have become an important driving force for enterprises to ease financing constraints and promote innovation. Several existing studies focus on the tax reduction effect of corporate tax incentive policies and pay less attention to the risks engendered by tax uncertainty. This study...

In this paper we analyse the macroeconomic stabilisation of Serbia over the last five years, by calculating an Index of Macroeconomic Stabilisation derived from the pentagon of stability. The pentagon is constructed through five indicators of stability: Real GDP growth, unemployment, inflation,...

This paper shows that private incentives influence the allocation of public guaranteed lending (PGL), resulting in weaker banks shifting riskier corporate loans’ risk to taxpayers. We exploit data from the Banco de España’s Central Credit Register during the COVID-19 shock in Spain, and a...

We show that public guaranteed loans (PGL) increase credit availability improving real effects, but private banks' incentives imply that weaker banks shift riskier corporate loans to taxpayers. We exploit credit register data during the COVID-19 shock in Spain, and a stylized model guides the...

Imagine if we stopped deciding basketball games by baskets alone. Instead, victory would be determined by a combination of baskets, rebounds, steals, and fouls. Each of these is universally acknowledged as a critical component of the game. Why not reward them directly instead of indirectly, by...

The U.S. Federal Reserve has committed hundreds of billions of dollars in unprecedented lending activities and purchases of mortgage-backed securities based upon its authority under the Federal Reserve Act, and particularly upon its interpretation of Section 13(3), a formerly untested and unused...