Labor markets are the most important mediator of German unification and wages are a central indicator of its progress. Starting from the observation that a wage differential between two workers can arise either because workers have different endowments of human capital characteristics or...

We identify the Asian financial crisis to be the result of the instabilities of short-term capital flows, inadequate prudential supervision in the financial markets of the developing countries, mistaken commitments to the fixed exchange rate regime, lack of international coordination in the...