This paper attempts to answer the question whether the threat of systemic risk in banking exists only on a national or on a European level. Following De Nicolo and Kwast (2001), mean rolling-window correlations between bank stock returns are used as a measure for interdependencies among European...

This paper tries to explain the declining level of public investment in OECD countries. The theoretical framework hints to the relevance of a number of demand and supply factors – ranging from the yield of public investment to institutions like the EU deficit limits. The econometric results...

In a place to place analysis of bilateral FDI flows the average company tax burden, the statutory corporation tax rate, as well as the cost of capital are used to capture the tax incentives. In addition, indicators of public spending in general and with regard to different functions of...

The systemic risk potential in the European banking market has increased. Hence, the following questions emerge: Is there a need for a truly European supervisory framework? And, how should a potential European supervisor be organised? This paper evaluates the existing supervisory framework as...

This paper attempts to assess the Europe-wide systemic risk in banking. We employ a bivariate GARCH model to estimate conditional correlations between European bank stock indices. These correlations are used as an indication for the interdependencies amongst the banking business in Europe and...

In this paper, the relationship between the degree of centralisation and the distributive outcomes in European schemes of social assistance is investigated. For this purpose, a scheme of classification suitable for grouping the EU15 schemes except for Luxembourg according to features related to...

This paper analyzes whether Taylor-type policy rules can be used to describe the behavior of the Federal Reserve and the European Central Bank from the beginning of 1999 until mid 2002. Since there was no common monetary policy for the Euro area before 1999, we examine if the average Central...

The existence of a European public sphere, a public network of exchange of opinions and ideas on political issues, has come to be seen as a prerequisite for the democratic legitimacy of the European Union. The paper conceptualizes the Europeanization of the national public spheres as a gradual...

This paper deals with the ways in which the interconnectedness of multiple political levels in increaingly internationalized structures of governance impacts on these levels' democratic legitimation. Focusing on the European Union (EU), it argues that in the EU's multi-level system, the...

Europaweit konnte in den vergangenen Jahren ein Trend zur Liberalisierung von Infrastrukturmärkten beobachtet werden, damit einhergehend der Wandel staatlicher Aufgaben in den betroffenen Sektoren: Statt selber Infrastrukturleistungen durch staatliche Monopolunternehmen anzubieten, beschränkt...