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156 entries found on 8 pages. starting on record 1 ending on 20

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Title: Monetary and fiscal interactions in open economies
Abstract
A two-country sticky-price model is used to analyse the interactions between fiscal and monetary policy. The role of an 'activist' fiscal policy as a stabilisation tool is considered and a measure of the welfare gains from international fiscal policy cooperation is derived. It is found that welfare gains from fiscal cooperation do exist provided monetary policy is set cooperatively. There are also welfare gains from fiscal policy cooperation in a monetary union. However, it is found that a 'non-activist' fiscal policy can be better than non-cooperative fiscal policy when the international correlation of shocks is strongly negative. And non-cooperative fiscal policy can be better than cooperative fiscal policy if monetary policy is not set cooperatively. [Giovanni Lombardo ; Alan Sutherland]
Author: Lombardo, Giovanni | Sutherland, Alan
Series Title: Working paper series / European Central Bank ; 289
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Fiscal PolicyMonetary PolicyOpen economyTheoryEconomic policy target
Subject: Currency. Monetary policyFinancing. Private finance. Financial policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Benchmarking business angels
Table of Contents
EXECUTIVE SUMMARY 3
1. INTRODUCTION 4
1.1. AIM OF THE REPORT 4
1.2. STRUCTURE OF THE REPORT 5
2. POLICY CONTEXT 5
2.1 EFFICIENT AND INTEGRATED CAPITAL MARKETS 5
2.2 ROLE OF BUSINESS ANGELS 7
2.2.1. Definitions and operating model 7
2.2.2. Business angel financing 8
2.2.3. Types of business angels 10
2.3 BUSINESS ANGELS IN EUROPE 11
2.3.1. Business angel investments 11
2.3.2. Business angel networks 12
2.3.3. Number of networks 14
2.4 EUROPEAN POLICY CONTEXT 14
2.4.1. Risk Capital Action Plan 14
2.4.2. Results of the pilot action on business angels 15
2.4.3. Helping innovative companies 17
3. BENCHMARKING FRAMEWORK 17
3.1. MODEL OF INTERACTION 17
3.2. BENCHMARKING APPROACH FOR BUSINESS ANGELS 18
4. PUBLIC POLICY AND THE OPERATING ENVIRONMENT 19
4.1. ENTREPRENEURIAL CULTURE 19
4.2. TAXATION 20
4.2.1 Introduction 20
4.2.2 Capital gains taxes in the Member States 20
4.3. REGULATORY ENVIRONMENT 23
4.3.1 Administrative hurdles 23
4.3.2 Policy development 24
5. PARTNERSHIP WITH BUSINESS ANGEL NETWORKS 24
5.1. RAISING AWARENESS 24
5.2. TRAINING OF ANGELS AND ENTREPRENEURS 25
5.3. INVESTMENT READINESS 27
5.4. QUALITY AND INTEGRITY OF NETWORKS 28
5.4.1 Codes of conduct 28
5.4.2 Setting up and operating angel networks 30
5.4.3 Inclusiveness 30
5.5 FINANCING ANGEL NETWORKS 31
6. MATCHING ANGELS WITH ENTREPRENEURS 32
6.1. MATCHING PROCESS 32
6.1.1. Network practices 32
6.1.2. National matching services 33
6.2. LEVERAGING EFFECTS THROUGH COOPERATION 34
6.2.1 Cooperation with other types of investors 34
6.2.2 Integrated approach 36
6.3. CROSS-BORDER ACTIVITIES 37
7. CONCLUSION AND RECOMMENDATIONS 38
7.1. CONCLUSIONS OF THE ANALYSIS 38
7.2. RECOMMENDATIONS 39
Series Title: European Commission, Enterprise Directorate-General - Best reports ; 1
Author (Corp. Body): Europäische Kommission / Generaldirektion Unternehmen | European Commission / Directorate General for Enterprise
Publisher: Europäische Gemeinschaften / Amt für Amtliche Veröffentlichungen
Year: 2003
ISBN / ISSN / Kat.Nr: 92-894-4039-2 | 1725-0927
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Business angelsEU countries
Subject: Financing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: The Role of Electoral and Party Systems in the Development of Fiscal Institutions in the Central and Eastern European
Countries
Abstract
The literature on fiscal institutions has established a connection between the design of fiscal institutions and a country's political fundamentals. The paper includes a review of the party and electoral systems in the Central and Eastern European countries (the CEECs) and then reaches conclusions on what modes of fiscal governance ('commitment', 'delegation', 'fiefdom') these countries should have developed based on their political fundamentals. Two major conclusions stand out. First, all of the countries have multi-dimensional social cleavage space which, together with the dominance of proportional electoral systems, suggests diverse party systems. This is a recipe for multi-party governments. Indeed, coalition governments have been dominant in the CEECs suggesting in turn that the majority of these countries should be leaning towards commitment approach. Second, the collapse of communism and consequent social changes led rather unsurprisingly to a certain political turmoil. This was evident especially during the first half of the 1990s. Some countries were affected more than others. Party structures have been in a constant change and reforms in the electoral laws have not been uncommon resulting in some countries to frequent shifts between different government types. This suggests that these countries have not been able to develop a coherent way to tackle the common pool resource problem. The reality largely confirms these expectations. The results therefore indicate that no 'onesize-fits-all' solutions exist in fiscal management. Consequently, the design of such institutions should pay due attention to the political factors, alongside with the economic ones. The results indicate further that a certain degree of political stability is a prerequisite for stable fiscal conditions. [Urheber s. Copyright]
Author: Yläoutinen, Sami
Series Title: ZEI working paper ; B13,2004
Publisher: Zentrum für Europäische Integrationsforschung
Year: 2004
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: EU expansionfiscal policyparty systemelectoral system
Subject: Political parties. Interest groupsElections. Electoral lawFinancing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Zentrum für Europäische Integrationsforschung (http://www.zei.de/)
Title: Option-implied asymmetries in bond market expectations around monetary policy actions of the ECB
Abstract
This paper uses data on German government bond futures options to examine the behaviour of market expectations around monetary policy actions of the European Central Bank (ECB). In particular, this paper focuses on the asymmetries in bond market expectations, as measured by the skewness of option-implied probability distributions of future bond yields. The results show that market expectations are systematically asymmetric around monetary policy actions of the ECB. Around monetary policy tightening, option-implied yield distributions are positively skewed, indicating that market participants attach higher probabilities for sharp yield increases than for sharp decreases. Correspondingly, around loosening of the policy, implied yield distributions are negatively skewed, suggesting that markets assign higher probabilities for sharp yield decreases than for increases. Furthermore, the results indicate that market expectations are significantly altered around monetary policy actions, as asymmetries in market expectations tend to increase before changes in the monetary policy stance, and to decrease afterwards. [Sami Vähämaa]
Author: Vähämaa, Sami
Series Title: Working paper series / European Central Bank ; 315
Publisher: European Central Bank
Year: 2004
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: GermanyEU countriesMonetary PolicyRational expectationsCentral BankPublic bond
Subject: Currency. Monetary policyFinancing. Private finance. Financial policy
Countries Scheme: Germany. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Diversification in euro area stock markets
Title (other): country versus industry
Abstract
The harmonisation of fiscal and economic policy within the European Monetary Union (EMU) has had a considerable impact on the economies of member countries in the past decade. In particular, several studies indicate that the proceeding economic integration among euro area countries has important consequences for the factors driving asset returns in financial markets. This study concentrates on the implications of the changing structure of security returns for asset management. Using recent euro area stock markets data, we find clear evidence that diversification over industries yields more efficient portfolios than diversification over countries. We show that this result is robust with respect to the information technology-hype and different volatility regimes. This contrasts with e.g. Rouwenhorst (1999), who finds, based on a different methodology and a different sample period, that country diversification strategies are superior. We regard this paper as a robustness check challenging the existing strand of literature and show that Rouwenhorst's (1999) conclusions seem to be outdated. [Lawrence Christiano, Roberto Motto and Massimo Rostagno]
Author: Moerman, Gerard
Series Title: Working paper series / European Central Bank ; 327
Publisher: European Central Bank
Year: 2004
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Stock MarketEU countriesEuropean Economic and Monetary UnionIndustrial structurePortfolio management
Subject: Currency. Monetary policyFinancing. Private finance. Financial policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: New sources of financing for development: a review of options : Commission staff working paper
Table of Contents
Table of Contents
1. Introduction
2. Acting on aid budgets
3. Frontloading the Monterrey commitments
4. Tax instruments
5. Additional debt relief proposals
6. Increasing effectiveness in the use of funds
7. Concluding remarks
Annex: Analytical fiches on tax instruments
Author (Corp. Body): Europäische Kommission
Year: 2005
ISBN / ISSN / Kat.Nr: SEC(2005) 467
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Development AidTax collection
Subject: Economic aid and technical assistanceFinancing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Guarantee mechanisms for financing innovative technology
Series Title: European Commission / Directorate-General Enterprise - Innovation papers ; 15
Author (Corp. Body): Europäische Kommission / Generaldirektion Unternehmen
Publisher: Amt für Amtliche Veröffentlichungen
Year: 2001
ISBN / ISSN / Kat.Nr: 92-894-0787-5 | NB-NA-17041-EN-C | EUR 17041
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: FinancingTechnology
Subject: Financing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Benchmarking des Business-Angels-Marktes
Title (other): Abschlussbericht
Author (Corp. Body): Europäische Kommission / Generaldirektion Unternehmen | European Commission / Directorate General for Enterprise
Year: 2002
Language: de
Ressource: Einzelne Berichte, Studien
Keyword: Business angelsEU countries
Subject: Financing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Corporation tax and innovation
Title (other): Issues at stake and review of European Union experiences in the nineties
Series Title: European Commission / Directorate-General Enterprise - Innovation papers ; 19
Author (Corp. Body): Europäische Kommission / Generaldirektion Unternehmen
Contributer: Asesoría Industrial Zabala
Year: 2002
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: InnovationCorporate income tax
Subject: Taxation. Fiscal policyFinancing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Analysis of use of factoring, project title
Author (Corp. Body): Greater London Enterprise
Publisher: Europäische Kommission / Generaldirektion Unternehmen
Year: 2003
ISBN / ISSN / Kat.Nr: ETD/00/503408
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Factoring
Subject: Financing. Private finance. Financial policyCost accounting. Profit and loss
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Mikrokredite für Existenzgründer und Kleinstbetriebe
Title (other): Ausgleich einer Marktlücke: Bericht
Author (Corp. Body): Europäische Kommission / Generaldirektion Unternehmen
Year: 2003
Language: de
Ressource: Einzelne Berichte, Studien
Keyword: FinancingSmall and medium-sized enterprisesCreditCredit market
Subject: Economic and growth policiesFinancing. Private finance. Financial policyEnterprises
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: KMU und Zugang zur Finanzierung
Title (other): L'accès au financement pour les PME
Series Title: Beobachtungsnetz der europäischen KMU ; 2003,2 | Observatoire des PME europ´eennes ; 2003,2
Author (Corp. Body): Europäische Kommission / Generaldirektion Unternehmen
Contributer: EIM, Economisch Instituut voor het Midden en Kleinbedrijf | KPMG Special Services
Publisher: Amt für Amtliche Veröffentlichungen
Year: 2003
ISBN / ISSN / Kat.Nr: 92-894-5980-8 | 92-894-5982-4
Language: de | fr
Ressource: Einzelne Fachzeitschriften und Jahrbücher (mit Volltext)
Keyword: FinancingSmall and medium-sized enterprises
Subject: Economic and growth policiesFinancing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Mikrokredite für europäische Kleinunternehmen : Arbeitsdokument der Kommissionsdienststellen
Title (other): Microcredit for European small businesses : Commission staff working document | Le microcrédit pour la petite
entreprise européenne : document de travail des services de la commission
Author (Corp. Body): Europäische Kommission
Year: 2004
ISBN / ISSN / Kat.Nr: SEK(2004) 1156 | SEC(2004) 1156
Language: en | de | fr
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: FinancingSmall and medium-sized enterprisesCreditCredit market
Subject: Economic and growth policiesFinancing. Private finance. Financial policyEnterprises
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Improving opportunities for initial public offerings on growth stock markets in Europe
Title (other): Report from the workshop held on 24 May 2005 in Brussels
Author (Corp. Body): Europäische Kommission / Generaldirektion Unternehmen und Industrie
Publisher: Europäische Kommission / Generaldirektion Unternehmen und Industrie
Year: 2005
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Stock MarketFinancing
Subject: Financing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Conference report on the Risk Capital Summit 2005
Title (other): Investing für growth and competitiveness in Europe
Author (Corp. Body): Europäische Kommission / Generaldirektion Unternehmen und Industrie | Small Business Service, Access to Finance Directorate, Sheffield
Publisher: Europäische Kommission / Generaldirektion Unternehmen und Industrie
Year: 2005
Language: en
Ressource: Einzelne Vorträge und Tagungsbeiträge
Keyword: Venture capital
Subject: Financing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: SME access to finance
Series Title: Flash Eurobarometer ; 174
Author (Corp. Body): Europäische Kommission / Generaldirektion Presse und Kommunikation | Europäische Kommission / Generaldirektion Unternehmen
Year: 2005
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: FinancingSmall and medium-sized enterprises
Subject: Medium and small industriesMoney. FinancingFinancing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Umsetzung des Lissabon-Programms der Gemeinschaft : die Finanzierung des Wachstums von KMU ; der besondere Beitrag
Europas
Title (other): Implementing the Community Lisbon Programme : financing SME growth ; adding European value | Mettre en oeuvre le
programme communautaire de Lisbonne : financer la croissance des PME ; promouvoir la valeur ajoutée européenne | List
of actions, annex I to ... Implementing the Community Lisbon Programme: Financing SME growth, adding European value |
Impact assessment, annex II to ... Implementing the Community Lisbon Programme: Financing SME growth, adding European
value | Access to finance: the way forward, annex III to ... Implementing the Community Lisbon Programme: Financing SME
growth, adding European value
Author (Corp. Body): Europäische Kommission
Year: 2006
ISBN / ISSN / Kat.Nr: KOM(2006) 349 | COM(2006) 349 | SEK( 2006) 856 | SEC( 2006) 856 | SEK( 2006)841 | SEC( 2006)841 | SEK(2006) 842/2 | SEC(2006) 842/2
Language: en | de | fr
Ressource: Einzelne Berichte, Studien
Keyword: FinancingSmall and medium-sized enterprises
Subject: Economic and growth policiesFinancing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: SME access to finance in the new member states
Title (other): Analytical report
Series Title: Flash Eurobarometer ; 184
Author (Corp. Body): Europäische Kommission / Generaldirektion Presse und Kommunikation | Europäische Kommission / Generaldirektion Unternehmen
Year: 2006
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: FinancingSmall and medium-sized enterprises
Subject: Medium and small industriesMoney. FinancingFinancing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu.int/)
Title: Intellectual property and access to finance for high growth SMEs
Title (other): Discussion paper for the workshop Brussels, 14 November 2006
Author (Corp. Body): European Commission / Directorate General for Enterprise and Industry / Financing SMEs, Entrepreneurs and Innovators
Publisher: Europäische Kommission / Generaldirektion Unternehmen und Industrie
Year: 2006
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Property RightsFinancingSmall and medium-sized enterprisesright of ownershipintellectual property
Subject: Property rightsCopyright lawMedium and small industriesPatents. LicencesFinancing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu./)
Title: Intellectual property and access to finance for high growth SMEs
Title (other): Summary report of the workshop, Brussels, 14 November 2006
Author (Corp. Body): European Commission / Directorate General for Enterprise and Industry / Financing SMEs, Entrepreneurs and Innovators
Publisher: Europäische Kommission / Generaldirektion Unternehmen und Industrie
Year: 2006
Language: en
Ressource: Einzelne Vorträge und Tagungsbeiträge
Keyword: Property RightsFinancingSmall and medium-sized enterprisesright of ownershipintellectual property
Subject: Property rightsCopyright lawMedium and small industriesPatents. LicencesFinancing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu./)
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