A sovereign debt crisis can have significant knock-on effects in the financial markets and put financial stability at risk. This paper focuses on the transmission of sovereign risk to insurance companies as some of the largest institutional investors in the sovereign bond market. We use a firm...

In this paper we discuss determinants of firm survival and growth in Germany within its pre-1989 boundaries. We develop our central hypotheses on the basis of a simple theoretical model describing the self-selection of heterogeneous entrepreneurs into particular legal forms, and the implications...

This paper analyses the developments in the returns to education in West Germany for the period from 1984 to 1997. Based on simple Mincer-type wage equations, we estimate a return of about 8% for men and 10% for women, and these returns have remained remarkably stable over the period. On the...