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…
With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in…
Is it possible to replace the income tax by a consumption tax or a wage tax such that (i) a dynamic (intergenerational) Pareto-improvement is obtained and (ii) only the information available from enforcing the…
