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Carbon leakage is an issue of major interest in both academic and policy debates about the effectiveness of unilateral climate policy addressing global externalities. The debate is particularly salient in Europe, where the EU Emissions TradingSystem (EU ETS) covers emissions of many traded...
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liberalization and deregulation than the direct effect of lowering ERP in intermediate service industries for downstream … manufacturing industries which is relevant. Developed countries on the other hand enjoy a much lower level of protection in … important intermediate services like banking and telecom and thus these industries can be instrumental to help downstream …
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This paper documents that standard cross-sectional determinants of firm leverage also apply to the capital structure of large banks in the United States and Europe. We find a remarkable consistency in sign, significance and economic magnitude. Like non-financial firms, banks appear to have...
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