1. Department of Economics and IEI Universitat Jaume I Castellón de la Plana Spain
2. Department of Economics and Finance Tallinn University of Technology Tallinn Estonia
3. Research Division Eesti Pank Tallinn Estonia
4. CNRS, LEO, UMR 7322, F‐45067 University of Orléans Orléans France
5. Department of Economics PSB Paris School of Business Paris France