Capital protected products are a special type of structured retail products that guarantee a minimum amount of payment at maturity. They were the earliest type of structured products and are very popular with risk averse investors, but nevertheless have become rare in the past years. Using a...

Capital protected products are a special type of structured retail products that guarantee a minimum amount of payment at maturity. They were the earliest type of structured products and are very popular with risk averse investors, but nevertheless have become rare in the past years. Using a...

We show how optimal saving in a two-period model is affected when prudence and risk aversion of the underlying utility function change. Increasing prudence alone will induce higher savings only if, for certain combinations of the interest rate and the pure time discount rate, there is...

The target zone model of Krugman (1991) has failed empirically. In this paper, we develop a model of the exchange rate with heterogeneous agents in a free floating and a target zone regime. We show that this simple model mimics the empirical puzzles of exchange rates: excessive volatility, fat...

We propose Structured Common Project Financing (SCPF) as an stable, beneficial and political feasible financing tool for special purposes, e.g. Corona-Bonds, Green Deal Financing, Common Forces Budget. SCPF is an ABS-based common financing tool managed by a supranational organization like the...

We propose Structured Common Project Financing (SCPF) as an stable, beneficial and political feasible financing tool for special purposes, e.g. Corona-Bonds, Green Deal Financing, Common Forces Budget. SCPF is an ABS-based common financing tool managed by a supranational organization like the...

This paper analyzes the determinants of internal migration in Germany. Using data on the NUTS-3 level for different age groups and Pseudo-Poisson Maximum Likelihood (PPML) gravity models, the empirical analysis focuses on the relevant push and pull factors of internal migration over the life...