Transparency regulation aims at reducing financial fragility by strengthening market discipline. There are however two elementary properties of banking that may render such regulation inefficient at best and detrimental at worst. First, an extensive financial safety net may eliminate the...

The banking system is known to be vulnerable to self-fulfilling crises that are caused by depositors’ coordination failure. We show that transparency regulation may prevent certain types of systemic crises by eliminating the possibility of the coordination failure.

We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets. In addition to search frictions, we examine contract frictions, specifically interim and ex post moral...

We build a simple model to study service fee competition between an incumbent and an independent ATM deployer, and its optimal regulation. We use the model to analyze an actual regulation of such a market by competition authorities in Finland. We find that socially optimal first-best fees would...

We estimate convergence in the European retail payments market during the period 1995–2011 for the most popular retail payment instruments: cash, debit card, credit card, direct debit, credit transfer, cheque and e-money. To estimate convergence, we employ the concepts of beta and sigma...

In this article we first document the evidence showing how an efficient retail payment infrastructure enhances economic performance. We then review the policy tools available to promote efficient retail payments in Europe. We argue that while SEPA is an important policy initiative that...

In this paper, we update and summarize the results of the SIMPATIC e-book on the results from microeconometric analysis of how firms apply for R&D subsidies, and how governments grant them, using data from 5 EU countries. We find that older firms are less and larger firms mostly more...

In this paper, we update and summarize the results of the SIMPATIC e-book on the results from microeconometric analysis of how firms apply for R&D subsidies, and how governments grant them, using data from 5 EU countries. We find that older firms are less and larger firms mostly more...

In this paper, we update and summarize the results of the SIMPATIC e-book on the results from microeconometric analysis of how firms apply for R&D subsidies, and how governments grant them, using data from 5 EU countries. We find that older firms are less and larger firms mostly more...

In this paper, we update and summarize the results of the SIMPATIC e-book on the results from microeconometric analysis of how firms apply for R&D subsidies, and how governments grant them, using data from 5 EU countries. We find that older firms are less and larger firms mostly more...