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…

In general, the allocation of income of multinational enterprises to several jurisdictions for corporate tax purposes follows the OECD standard of the arm’s length principle. In contrast to the theory of the…

This paper analyses the distributive impacts of various regulatory and institutional settings of European schemes of social assistance. For this purpose, two sets of classifications of European schemes of social…

This paper presents for the first time panel evidence on the productivity effects of training intensity and different training forms in Germany. It hereby takes account of selectivity of training activities,…

This paper analyses the level of relative specialisation in terms of gross fixed capital formation in EU regions. Larger market and regional sizes diminish; a higher unemployment rate, population density, the…

Starting from an information process governed by a geometric Brownian motion we show that asset returns are predictable if the elasticity of the pricing kernel is not constant. Declining [Increasing] elasticity…