This paper aims at establishing the link between economic performance, financial depth and financial stability in the European Union from 1998 to 2011. We use the standard framework – both in terms of variables and econometric method – of Beck and Levine (2004) to estimate these...

In November 1999 the Electricity Association Fuel Poverty Task Force commissioned the Centre for Management under Regulation at the University of Warwick to undertake research into disconnection patterns and other characteristics of low income consumers. The project was completed at the Centre...

We provide several characterizations of unanimity decision rules, in a public choice model where preferences are constrained by attributes possessed by the alternatives (Nehring and Puppe, 2007a,b). Solidarity conditions require that when some parameters of the economy change, the agents whose...

The authors compare the European Community's "trade fundamentals" prevailing in the 1960s with those applying in Arab countries today. The fundamentals differ significantly-Arab countries trade much less with each other than EC members did, and the importance of such trade in GDP varies greatly....

We build an agent-based model to study how _scal multipliers can change over the business cycle. Our approach considers the economy as a complex evolving system. In that, _scal state-dependent multipliers are emergent disequilibrium phenomenon stemming from the interaction among an ecology of...

The impact of FDI on total factor productivity in Hungary during the 1990s' is assessed with a large enterprise panel. Foreign equity is associated with higher productivity levels and has a substantial, positive spillover effect on aggregate TFP growth. However, this benefit is significant only...

Last year’s International Collaboration Project had helped to highlight several key determinants of potential growth in the European Union (EU): basing upon growth accounting techniques, the main difference between the EU and the US had been shown not to rest on total factor productivity...

On November 5, 2002, the European Court of Justice (ECJ) handed down a series of judgments against eight European Union (EU) Member States concerning the bilateral air service agreements between the Member States and the United States (U.S.). Brought to the ECJ by the European Commission in...

Under high inflation, money experiences a process of institutional fragmentation: the unit of account and the unit of payment are split and transferred on alternate supports, either a foreign currency as for instance in Argentina, or domestic indices as in Brazil. Since the early 1970s’, this...