On 5-6 September 2012 SUERF held its 30th Colloquium “States, Banks, and the Financing of the Economy” at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the chapters in this publication discuss from different...

Does aggressive use of discretionary fiscal policy induce macroeconomic instability in terms of higher output and inflation volatility? Three main conclusions arise from our cross section and panel analysis for a sample of 20 OECD countries: first, discretionary fiscal policy has a significant...

This article considers the evolution of international business cycle interdependencies among 27 developed and developing countries since the beginning of 1870s, utilizing the generalized vector autoregressive (VAR)-based spillover index of Diebold and Yilmaz (2012), which allows the construction...

This paper investigates the growth factors of EU regions in the 1990s. We test the hypothesis that regional growth is determined by endogenous growth factors, trade and technological catching-up in a growth accounting framework....

We use a panel approach, covering 10 EU Member States over the period 1981 to 1999, for each of three major industry groups (manufacturing, construction, and services) and 18 more detailed industries to test whether the EU's Single Market Programme has led to a reduction in firms' markups over...