We estimate the Feldstein-Horioka equation for the period 1960-2012 and find structural breaks that coincide with the introduction of the European single market in 1993, the introduction of the euro in 1999 and the financial crisis in 2008. The results suggest that the correlation between...

We estimate the Feldstein-Horioka equation for the period 1960-2012 and find structural breaks that coincide with the introduction of the European single market in 1993, the introduction of the euro in 1999 and the financial crisis in 2008. The results suggest that the correlation between...

The aim of this country report for Greece is to present and examine key patterns and trends in the inequality ‘drivers’, highlight their potential impacts in the social, political and cultural spheres and the available evidence in that regard, and point to the role that various interest...

A growing body of literature suggests that office-motivated politicians manipulate fiscal policy instruments in order to seek their re-election. This paper directly examines the impact of the electoral manipulation of the level and composition of fiscal policy on incumbents’ re-election...

Received wisdom suggests that 'excessive' wages, defined as the part of real wages that do not follow labour productivity developments, are adversely associated with the return on capital. This paper argues that excessive wages and profits are better thought of as responses to changes in the...

In this paper we assess the empirical importance of changes in inequality on the demand for imports by examining panel data for 59 developing and developed countries for the 1970-1997 period. We find significant evidence supporting that inequality has a large influence on the demand for imports....

This paper investigates the transition of the EU candidate countries with a currency board arrangement (CBA) to the euro-zone. The arguments for and against retaining a CBA while participating in the Exchange Rate Mechanism of the EU (ERMII) are discussed. Then, we show in the framework of a...

In this paper we re-examine the Feldstein-Horioka finding of limited international capital mobility by using a broader view (i.e. including human capital) of investment and saving. We find that the decline in the economic significance of the Feldstein-Horioka result, found in studies using more...