Working Paper Series

WP 2015-03. Executive Summary During the past five years, emerging markets have experienced a significant rise in the credit to the private sector. In the countries that have recently joined…

WP 2015-02. Executive Summary Western central banks have been pursuing unconventional monetary since at least 2008. Is there a way of ending them? The authors identify the winners and losers…

WP 2015-01. Executive Summary Does progressive taxation on corporate income discourage entrepreneurship? At first glance, the answer seems in the positive, since as tax pressure on business increases, business activities…

WP 2014-01. Executive Summary Bailouts have created a problem of moral hazard. This has exacerbated, rather than relaxed, the decline in integrity in banking that is the subject of this…

WP 2013-07. Executive Summary The traditional argument in favour of decentralization focuses on tax competition and on the quality of public expenditure. In a sentence, it is argued that a…

WP 2013-06. Executive Summary There is a vast literature that documents the benefit of training, both for the employee (whose productivity and wage rate increase) and for the employer (who…

  WP 2013-05. Executive Summary Although it is generally agreed that government size has a negative impact on economic growth, it is also manifest that the intensity of this causal…

WP 2013-04. Executive Summary The critical situation of most state-pension schemes plays a key role in explaining the public-finance crises that characterize many West-European countries. Although most observers refrain from…