transition, regional disparities in unemployment rates and earnings have increased. More importantly, labour mobility has little … effect in facilitating labour market adjustment to employment shocks. Using aggregate inter-regional migration data and …In this paper, I analyse the development of inter-regional mobility in the Czech Republic during the transition from …

world will affect the value of the migration option. In a rational intertemporal equilibrium of two regional labour markets …Migration is an investment: it involves fixed, unrecoverable costs and uncertain future returns. If migration can be … postponed, the option value of doing so may have positive value. Migration may not occur for a range of individuals who would …

that is able to bail out the bank either by injecting capital at a fixed return or by receiving an equity claim. This …

less than the marginal resource rents equals the expected capital gains on reserves of natural resources plus the expected …

To identify the effect of social capital on financial development, we exploit the well-known differences in social … capital and trust (Banfield (1958), Putnam (1993)) across different parts of Italy, using microeconomic data on households and …

depletion are faster than demanded by the Hotelling rule. As a result, the country substitutes away from resources to capital so …

induces moral hazard. Therefore, we introduce a fiscal authority that is able to bail out the bank by injecting capital. This …