Gutierrez, German and Thomas Philippon (2017), “Declining Competition and Investment in the US,” CEPR Discussion Paper No. 12536. Gutierrez, German and Thomas Philippon (2018), “How EU Markets Became More Competitive than US Markets: A Study of Institutional Drift,” CEPR Discussion Paper No. 12983. Lane, Philip R. (2018), “Globalisation and the Irish Economy: A Macro-Financial Perspective,” Geary Lecture, Economic and Social Research Institute.
Indeed, one measure of the effectiveness of a safety net is our ability to minimize the subsidy and limit its incidence outside of the area to which it was directed. Some of the value of the subsidy has been passed to depositors of, and borrowers from, banks, for example, as well as to the original bank shareholders.