THE EUROPEAN JOURNAL The European Journal of Comparative Economics OF COMPARATIVE ECONOMICS EDITORIAL BOARD Editors: Volume 10, n. 3, Winter 2013 Contents Michael Keren Hebrew University Vittorio Valli Università di Torino Managing Editor: Giovanni B. Ramello Università del Piemonte Orientale Scientific Committee: Wladimir Andreff Will Bartlett Daniel Daianu Bruno Dallago Marek Dabrowski Gregory Grossman Rodolfo Helg David M. Kemme Janos Kornai Angus Maddison Mario Domenico Nuti Milica Uvalic Hans Jürgen Wagener Financial and real crisis in the Eurozone and vulnerable economies By Bruno Dallago 295–315 Grant legislation vs. political factors as determinants of soft budget spending behaviors. Comparison between Italian and French regions By Jean-Michel Josselin ; Fabio Padovano ; Yvon Rocaboy 317–354 Firm entry and aggregate efficiency growth: An optimal dynamic Program of entry and R&D investment By Asma Raies 355-376 Safe havens in Europe: Switzerland and the ten dwarfs By Martin Paldam 377-396 Further evidence on the determinants of regional stock market integration in Latin America By Khaled Guesmi ; Duc Khuong Nguyen ; Frédéric Teulon 397-413 The new fiscal rules for the EMU. Threats from heterogeneity and interdependence By Roberto Tamborini 415-436 LIUC University Press ISSN 1824-2979