This study assesses the impact of the single market program (SMP) and the European monetary union (EMU) on the German banking sector. As in contrast to manufacturing or agriculture, many industries within the services sector could seal themselves off the competitors in foreign countries up to...

This paper estimates a trivariate two-factor conditional version of the Intertemporal CAPM of Merton (1973).

The divergence between increasingly supranational financial marketson the one hand and still largely national supervisory structures onthe other gives rise to tensions which reduce the effectiveness ofthe supervision.(...)

[...]I will begin with deregulation. Compared with the regulatedEuropean financial systems of the postwar period, mostEuropean countries have been liberalizing their financialservices sectors. This trend began in the mid-1960s andaccelerated in the 1980s and 1990s. At the same time,...

Japanese multinational companies (MNCs) have often been portrayed as highly centralised firms that limit the roles of overseas subsidiaries to the assembly and sale of standardised products designed and developed in Japan (see, e.g. Bartlett and Ghoshal, 1989: 51-2, 158-161). Their foreign...

Various changes are emerging in the international financial arena which could challenge the West’s dominance in for example the global monetary system. In this latest addition in our special series of thinkpieces on global themes, Vanessa Rossi of Chatham House explores these changes....

Beginning with the important work of Murphyand Welch (1992), a great deal of recentresearch has attempted to document andexplain the dramatic changes in the wage distributionthat occurred during the 1980s (see also Katz andMurphy 1992). Practically every income group faced adecline in real wages...

United States wage performance has been disquieting.Between 1979 and 1993, realhourly compensation rose by just 5.5 percent.This poor average wage performancehas been associated with a dramatic increase in the dispersionof earnings: both in the returns to general characteristicssuch as...