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"This paper examines market developments in venture capital and buyout investment in Europe and the United States, through the analysis of funds raised, investments and exits. It discusses the profitability differential of European venture capital investment in comparison with the United States and suggests that it could originate in the different ways in which research is financed and the unequal supply of financing, notably from business angels, for young companies that are not sufficiently mature for venture capital financing. Investment performance measures used are the internal rate of return (IRR) and investment multiples. The analysis covers aggregated industry returns and venture capital funds' returns aggregated by vintage year. It relies on the VentureXpert private equity and venture capital performance database, maintained by Thomson Venture Economics. ."--Publication information page.
The euro has been in the global markets for ten years now. There can be little doubt that its introduction has been successful. For example, the European Central Bank has managed to keep inflation low, minimizing the fears that it may abandon the strong price stability focus of the Bundesbank. The ECB has also become established as a key stabilizing force in financial markets, in particular, during the ongoing financial turmoil. Most importantly, the euro has quickly established itself as a major international currency.
Recoge: 1. Introduction - 2. Literature survey - 3. Energy sector and its macroeconomic importance in CIS - 4. Key macroeconomic issues related to energy sector functioning - 5. CIS role for the EU energy supply - 6. Strategies and policy options for the energy sector development in the CIS region.
Recoge: Executive symmary. 1. A working definition of spillover. - Part 1: Theory. - 2. A working definition of spillover. - Part 2: Empirical findings. - 3. Budgetary spillover and short-term interest rates. - 4. Budgetary spillover and long-term interest rates. - 5. Budgetary stabilisation and the level of public debt. - 6. Spillover form economic reform. - 7. Macroeconomic and welfare effects of structural and budgetary policies: spillover in the MSG3 model. - Part 3: conclusions. - 8. Summary, recommendations and future research. - Appendix. - References.
Recoge: 1. Introduction. - 2. Measured price developments at the euro cash changeover and perceived inflation. - 3.A review of the literature. - 4. Empirical analysis of inflation perceptions. -5. Conclusion.
Within the context of the follow-up to the single market review, the European Commission has screened EU manufacturing and service sectors for problems of market malfunctioning. This paper investigates the nature of these problems in the 23 selected sectors and focuses on the following four dimensions of market functioning: regulation, integration, competition and innovation. In spite of the data limitations, regulation appears to be a cross-cutting factor affecting market functioning in many sectors. The service sectors, in particular, show signs of an unexploited potential in terms of market integration and competition pressures. In all selected sectors there are indications of an unsatisfactory innovation performance. Overall, the analysis appears to confirm the results of the initial sector screening.