Spending reviews have been on the rise in the European Union Member States. However, readily accessible tips and guidance for governments embarking in a spending review are missing. This publication explains the why and how related to designing and conducting a spending review, using a practitio...
Based on a study conducted by a private consultant, this paper sheds light on a large selection of public assets across the EU and compares their management practices. The paper shows that these assets amount to around €16.5 trillion in 2015, of which 60% are non-financial assets while the rest ...
Sub-national governments often finance substantial parts of their budgets via taxes on capital or other mobile factors – despite having access to alternative, less distortionary, revenue sources. This paper develops three hypotheses to explain this pattern and tests them in a natural experiment ...
I propose a dynamic general equilibrium model in which strategic interactions between banks and depositors may lead to endogenous bank fragility and slow recovery from crises. When banks' investment decisions are not contractible, depositors form expectations about bank risk-taking and demand a...
Empirical models of capital accumulation estimated on aggregate data series are based on the assumption that capital asset types respond in the same way to cost variables. Likewise, aggregate models do not consider potential heterogeneity in investment behavior originating on the demand side for...
This paper critically reviews the theoretical basis for the provision of the global financial safety net (GFSN) and provides a comprehensive database covering four elements of the GFSN (foreign exchange reserves, IMF financing, central bank swap lines and regional financing arrangements) for ove...
It is well known that the Single Market has contributed significantly to economic growth and consumer welfare in the European Union. It has not however achieved its full potential and economic gains could be secured by better and more effective application of existing legislation and a deepening...
