Adopted in 1997 and implemented in 1999 with the euro, the Stability and Growth Pact (SGP) addresses concerns of budgetary discipline in the Economic and Monetary Union (EMU). After many breaches and the failure of the implementation of fines, Europe amended the SGP on 20 March 2005. In the new...

The paper proposes an empirical method to measure the free riding possibility of public deficits in Europe. We use a cross-sectional time-series analysis of differences in national public deficits since 1991, and we compare the evolution of deficits before and after the inception of the euro in...

This paper provides an analysis of the taxation structure in Europe, and its possible impact on growth. The assumption is often made that a decrease in taxes will improve growth. The study covers the period 1985-2003, the 12 countries belonging to the euro zone, and details the different...

The existing literature on political budget cycles looks at the temptation for incumbent governments to run a greater deficit before an election by considering the characteristics of the incumbent. We propose here to look at the signals the incumbent receives from the voters. For this purpose,...

This paper addresses the question of a technical change in one the components of the Stability and Grown Pact (SGP). Indeed, the SGP is composed of (1) a political commitment, (2) a preventive element, and (3) a dissuasive element, and an improvement of the SGP efficacy can come from any of...

This paper investigates the feasibility of creating a common-currency union consisting of 16 countries in Southern Africa. We estimate an augmented-gravity model that includes public deficit, public debt, public expenditure, inflation, and the foreign reserves position. We also integrate...

Corporate reputation is more and more the most valuable asset for a firm. In this day and age, corporate reputation, although an intangible asset is and will grow as the most essential asset to publicise and also protect. Social media are a formidable tool to publicise a firm's brand and improve...

From a historical perspective, as moral hazard was mounting, the Fed deployed a new doctrine, de-regulating to surmount the so-called challenges of globalization, while financial innovation was on the rise. This paper focuses on another aspect of the crisis: moral hazard. If a firm or even a...

Ce document de travail propose un état des lieux sur le commerce international des déchets. Il expose l'évolution et la composition des flux et présente les grands acteurs du commerce international. Il discute ensuite de la convention de Bâle, du havre de la pollution et du commerce...

In the wake of the worst financial crisis since 1929, economists are revisiting the received understanding of how financial markets and institutions actually operate. This paper aims to contribute to this reexamination. It builds upon the traditional and widely-accepted mean-variance approach to...