This paper develops a public education scheme that takes uncertainty aspects of private educational investments explicitly into account. In the author’s framework, the social merits of public education schemes are related to the lack of markets in which students can insure against educational...

This paper examines the extent to which conclusions of cross-country studies of private savings are robust to allowing for the possible heterogeneity of savings behavior across countries and the inclusion of dynamics. It shows that neglecting heterogeneity and dynamics can lead to misleading...

Die Lebensprobleme Jugendlicher, vor allem ihre komplizierte Ausbildungs- und Arbeitsmarktsituation werden zunehmend wahrgenommen. Für viele Jugendliche führt die Arbeitsmarktsituation oft zu schwer lösbaren Fragen; sie sind verbunden mit den Problemen der Bildung und Ausbildung, aber auch...

Several transition countries have experienced strong real exchange rate appreciations. This paper tests the hypothesis that these appreciations reflect underlying productivity gains in the tradable sector. Using panel data over the period 1993-98, the results show clear evidence of...