1. Discussion and Working Paper // 2002

    Corporate Taxes and Economic Inefficiency in Europe

    This paper presents evidence on the effective levels of corporate taxation in the EU. It presents evidence on the distribution of the cost of capital and the effective average tax rate across forms of…

  2. Discussion and Working Paper // 2002

    A Bird in the Hand is Worth Two in the Bush? When do We Prefer Something Certainly Dirty to Something Perhaps Clean?

    We analyze the problem of introducing a new substitute for a polluting process while the environmental effects of this substitute are uncertain but will be resolved over time. The chlorofluorocarbons may serve…

  3. Discussion and Working Paper // 2002

    The threat of systemic risk in banking - evidence for Europe

    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…

  4. Discussion and Working Paper // 2002

    How integrated are the European retail financial markets? A cointegration analysis

    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…