The legal origin influences the development of the financial system which impacts on the long run economic growth. So, we would like to conclude on the superiority of a special legal tradition or the bank based/market based system. However, the architecture of the financial system is neutral. It...

The aim of this special study consists in estimating the non-accelerating inflation rate of unemployment (NAIRU) for the aggregated euro area, France, Italy and Germany. An equation, estimated with the Kalman filter, relates the inflation variation with the terms of trade and the gap between the...