In this paper we describe a theoretical model of optimal investment of various types of financially constrained firms. We show that the resulting relationship between internal funds and investment is non-monotonic. In particular, the magnitude of the cash flow sensitivity of the investment is...

The complementarities of trade advantage and trade competitiveness measures for Hungarian agro-food trade with the European Union are analyzed. The stability and duration of the trade measures over time is investigated by the survival analysis using the nonparametric Kaplan-Meier product limit...

This paper explores the influence of the economic cycle on labour mobility within the EU, focusing on the likely impact of the present economic crisis. To do so, we use an econometrically calibrated simulation and a case study of Ireland. We find that, in the short run, the crisis is likely to...

The existence and the use of the essential facilities doctrine was questioned in theory and in practice. Although the doctrine was developed in antitrust, it became a frequently cited notion in the regulation of network utilities. Its relevance is hotly debated during the setup of the new...

This article considers the relationship between centralised, exogenous institutions and the embedded, endogenous institutions of rural governance in Europe through an examination of the evaluation procedures of the European LEADER programme. LEADER is presented in the literature as progressive...

In the employment increase of 12 million of the European Union the number of part time employees accounted for nearly 6 million between 2000 and 2006. A great number of countries try to support the distribution of part-time employment in order to raise or maintain the level of employment and to...

The European Union used to make decisions by unanimity or near unanimity. After a series of extensions, with 27 member states the present decision making mechanisms have become very slow and assigned power to the members in an arbitrary way. The new decision rules accepted as part of the Lisbon...

The 'currency war', as it has become known, has three aspects: 1) the inflexible pegs of undervalued currencies; 2) recent attempts by floating exchange-rate countries to resist currency appreciation; 3) quantitative easing. Europe should primarily be concerned about the first issue, which...

The paper investigates the effect of teacher characteristics (experience, level of education attainment and credentials, gender) on the achievement of eighth grade students using matched student-teacher data from the 1999, 2003 and 2007 TIMSS surveys. The analysis covers European countries, thus...

Highlights: - The European Union growth agenda has become even more pressing because growth is needed to support public and private sector deleveraging, reduce the fragility of the banking sector, counter the falling behind of southern European countries and prove that Europe is still a...