The real estate finance literature provides diverse and contradictory findings regarding the relationship between the real estate market and the stock market. Despite the importance of this relationship to the economy in general relatively little is known of what causes such differences. In this...

The author develops a model of optimal taxation in the presence of consumption and labor supply references, which extends the model of Ljungqvist and Uhlig (2000). The paper shows that under the assumed ‘keeping up with the Joneses' style peer-group effects, in both consumption and labor...

We examine the three interlinked Irish crises: the competitiveness, fiscal and banking crises, showing how all three combined to lay a lethal trap for Ireland. Starting from a point of economic balance, a series of poor government decisions led to the country once dubbed the Celtic tiger become...

As we pass the three-year anniversary of the failure of Lehman Brothers and the subsequent banking and sovereign debt crises in the advanced economies, it is useful to reflect on progress made. Despite some significant progress made on the front of reinforcing regulatory and supervisory...

The National Asset Management Agency (NAMA) was created in 2009 by the Irish authorities with the expressed objective of assisting in the process of repairing domestic Irish banking sector in the aftermath of the severe banking and property crisis that started in late 2007 and continues largely...

The global financial crisis of 2007-2009 crystallized the underlying imbalances that are currently acting to tear apart the Euro area monetary and fiscal systems by focusing markets and public attention on the core cause of the overall Euro crisis, the insolvency of the Euro area member-states...

This study examines the decision by firm owners to apply, or not, for intermediated debt. Based on a sample of SMEs in 9 European countries over the period 2009-2012, drawing on the ECB SAFE database, we examine firm characteristics, institutional and cultural factors. We focus our analyses on...