Economic Policy 71

The Managing Editors of Economic Policy: Tullio Jappelli is CSEF Director and Professor of Economics at the University of Naples Federico II. Philip Lane is Professor of International Macroeconomics at Trinity College Dublin. Philippe Martin is Professor at the Universite Paris-1 Pantheon Sorbonne and CERASENPC and a Research Fellow at CEPR. Jan van Ours is Professor of Economics at Tilburg University and Professorial Fellow at Melbourne University. The Senior Editors of Economic Policy: Georges de Menil works at the Delta Ens, France. Richard Portes lectures in the Department of Economics, London Business School. Hans-Werner Sinn is based at the Centre for Economic Studies, University of Munich.

• Editors' Introduction 1. Reassessing the fiscal mix for successful debt reduction (Emanuele Baldacci, Sanjeev Gupta and Carlos Mulas-Granados) 2. What does a financial shock do? First international evidence (Fabio Fornari and Livio Stracca) 3. Venture capital and patented innovation: evidence from Europe (Alexander Popov and Peter Roosenboom) 4. Financial liberalization and reversals: political and economic determinants (Nauro F. Campos and Fabrizio Coricelli)