In the last decade a new regulatory framework for electric utilities, aiming at a gradual liberalization of the sector, has been set in Europe. The promotion of competition among generators implies the need to separate power generation from downstream transmission and distribution activities....

The quality of the institutional environment is a crucial issue in understanding the effective outcome of fiscal decentralization initiatives. However, there has been so far very little work on the subject. In this paper we contribute to fill this gap by considering the municipalities belonging...

We contribute to the debate on how to assess the size of the underground or shadow economy with a reinterpretation of the traditional Currency Demand Approach (CDA) à la Tanzi. We introduce three main innovations. First, we take as dependent variable in the money demand equation a direct...

Anti-money laundering regulations have been centred on the “Know-Your-Customer” rule so far, overlooking the fact that criminal proceedings that need to be laundered are usually represented by cash. This is the first study which tries to provide an answer to the question of how much of cash...