This paper evaluates the strength of automatic fiscal stabilizers in European countries by applying to the EU countries Taylor (2000)?'s methodology, which relates the budget balance to the output gap and the structural budget balance. Estimates are provided for the EU and for each of the EU...

According to the NAK, Keynesian fiscal stabilisation policies have no favourable impact on output. This view is widely spread in Europe where public deficits and debts are judged excessive, which would raise interest rates and depress output (private agents anticipating future higher taxes)....

During the last few years, Germany?'s fiscal federalism has undergone a process of perpetual reform. On the one hand, the relative tax revenues have decreased due to the economic development, on the other hand, tax receipts that have existed up to now ?? the Corporate Income tax ?? will shortly...

The main objective of this paper is to investigate and to establish what are the facts and implications about offshoring and outsourcing in the financial sector. Offshoring of services has received an enormous amount of attention in the political circles in recent times. Let alone its...

The tightening cycle is going on, but bonds markets have unexpectedly gone in the opposite direction and imbalances have further aggravated. This is a cause of concern for Central Banks, which have to slow down growth without derailing it, while oil prices are climbing to new heights. The...

The aim of the paper is to provide an empirical analysis of the euro/dollar exchange rate response to monetary and fiscal shocks. We pay a large attention to the transmission channels and try to discriminate between several approaches using VAR models estimates. It is showed that fiscal and...

This paper examines the origin of European financial integration and its effects on global efficiency. Banks are intensive users of both integrated IT and integrated financial technologies, and have a wealth of data available that may be helpful for the general understanding of the effects of...

What is the impact of international relocation on French unemployment? Is there any need for policy answers? For some economists, relocation has a limited impact on unemployment. Job losses occur only in specific sectors or regions. This may require specific policy support, but has no negative...