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In this paper we study the changes in corporate valuations induced by the adoption of the euro as the common currency in Europe. We use corporate-evel data from ten countries that adopted the euro, the three EU countries that did not start using the euro, as well as Norway and Switzerland. We...
Persistent link: https://www.econbiz.de/10010281165
In this paper we study the changes in corporate valuation, investments, and financing choices induced by the formation of Economic and Monetary Union (EMU) in Europe. We use corporate-level data from ten countries that adopted the euro, the three EU countries that did not join EMU, as well as...
Persistent link: https://www.econbiz.de/10010281234
This paper analyses the effects of non-tariff barriers, in terms of both variable and fixed export costs, on trade structure. The relationship between fixed and variable trade costs determines whether international trade emerges. If trade emerges, only variable, but not fixed export costs,...
Persistent link: https://www.econbiz.de/10010281294
Persistent link: https://www.econbiz.de/10010281351
consensus among academics that monetary policy cannot increase economic growth in the long run. Unemployment does not have a … significant impact on trust in the ECB, while unemployment spending exerts a trust-building impact. Possibly, automatic … policies, which can be interpreted as proxies for the public's perception of the urgency of the problem of high unemployment …
Persistent link: https://www.econbiz.de/10010281381
This paper estimates a dynamic stochastic general equilibrium (DSGE) model for the European Monetary Union by using Bayesian techniques. A salient feature of the model is an extension of the typically postulated quadratic cost structure for the monopolistic choice of price variables. As shown in...
Persistent link: https://www.econbiz.de/10010281666
The European Court of Justice (ECJ) is a very powerful court compared to other international courts and even national courts of last resort. Observers almost unanimously agree that it is the preliminary references procedure that made the ECJ the powerful court it is today. In this paper, we...
Persistent link: https://www.econbiz.de/10010281792
Persistent link: https://www.econbiz.de/10010281827
Recent empirical studies have been searching for evidence on and driving forces for offshoring. Typically, this search has been conducted by analysing gross trade flows related to offshored activities using gravity equations augmented by ad hoc measures of supply-side country differences. This...
Persistent link: https://www.econbiz.de/10010281900
Climate change and its consequences are the focus of many environmental policies in the European Union but also in other countries. Whereas in the US marketable instruments like permit trading have already been implemented since the 1980s, the EU first implemented permit trading for CO2...
Persistent link: https://www.econbiz.de/10010281942