Using a representative sample of European firms, we study whether financing constraints affect employers' investments in employee training and physical capital differently. We measure financing constraints with an index that combines survey and balance sheet data. We instrument this index with...

This paper empirically analyses fiscal policy behavior in the European Union (EU) Member States and assesses how it has changed during the recent pandemic crisis compared to previous crisis situations. Based on panel estimations the outcomes reveal that this time is different, both concerning...