We evaluate the effects of ring-fencing on lending market competition, and thereby on banks' risk-taking as well as taxpayers' risk exposure. We show analytically that strong ring-fencing intensifies lending market competition, reduces bank profits, and increases borrower and consumer surplus...

We investigate the interaction between labour and credit market imperfections for the determination of equilibrium unemployment within the framework of the "right-tomanage" approach. Our analysis highlights the critical role of labour mobility for the evaluation of the employment implications of...