We examine the synchronization of European Union (EU) financial markets before and during the recent financial crisis. A DCC-GARCH framework captures dynamic correlations and a Markov-Switching framework captures regime changes. For the 27 nations of the EU, we formulate characteristics of the...

The respective conclusions reached by Friedrich Hayek and John Maynard Keynes concerning the proper relationship between government and the economy are widely documented and discussed, but there is little recognition of a shared philosophy. An opportunity to redress this omission comes with the...