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…
To meet its commitment under the Kyoto Protocol, the EU plans to implement an emissions trading system with grandfathering of allowances. Besides having distributional impacts, the choice of the grandfathering…
This paper investigates whether failure in innovation at the firm level can account for cross-country heterogeneity in manufacturing productivity growth. There is no strong evidence in the literature on the…
This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm’s equity or bank-debt financing investments. Using a dynamic adjustment approach…
Based on a large data set containing information on occupations between 1979 and 1999, this study explores the “black box” surrounding the skill–biased technological change hypothesis by analyzing the mechanisms…
Environmental regulations often want to stimulate the generation and adoption of ecoefficient innovations. An important argument in the public debate is also the creation of new markets for environmentally…
In 2003, the Kyoto Protocol which imposes legally binding emission constraints on industrialized countries is likely to enter into force. The Protocol has been celebrated as a milestone in climate policy, but…
