In this paper, we analyze the impact of privatization on the firms' R&D performance. We expect that, in the early period after privatization, path dependencies still negatively affect the efficiency of R&D operations. We test our hypothesis using a Tobin's q measure and estimating a hedonic...

We develop and discuss the three pathways to European Greenhouse Gas Emissions Trading: a top-down scheme based on the Kyoto Protocol of the UNFCCC, a bottom-up scheme linking national trading systems of EU Member States, and an EU-wide regional scheme based on the founding principles of the...

In this paper we use empirical cross-country correlation coefficients of GDP- and private consumption data as a measure of financial integration between the current EU-member states and the central and eastern European accession states. We find, that the so-called consumption correlation puzzle...

Data on GDP per capita and sulfur emissions for twelve European countries were analyzed to determine the relationship between emissions and income in these countries. As a whole, the relationship between sulfur emissions and per capita income is a fourth order polynomial and not a quadratic one...

This paper reviews recent approaches to modeling the labour market, and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behavior. In a search and matching environment, we consider the following modeling setups: right-to-manage...

We introduce the notion of language disenfranchisement which arises if the number of EU working languages is reduced. We use the data on language proficiency in EU and show that, in spite of the widespread knowledge of English, the retention of French and German as working languages in essential...

This paper presents information on wage-bargaining institutions, collected for 23 European countries, plus the US and Japan using a standardised questionnaire. Our data provide information from the years 1995 and 2006, for four sectors of activity and the aggregate economy. The main findings...

Consider a voting procedure where countries, states, or districts comprising a union each elect representatives who then participate in later votes at the union level on their behalf. The countries, provinces, and states may vary in their populations and composition. If we wish to maximize the...

In this paper, we investigate how the dynamic effects of excess liquidity shocks on economic activity, asset prices and inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity (M1, M3-M1 or credit) and the underlying state...

This paper is a case study that focuses on possible incentive problems in the management of Collateralized Loan Obligations (CLOs). CLOs are the most important type of special purpose vehicles in the leveraged loan market, and their managers appear to have a considerable impact on performance....