Does competitive pressure foster innovation? In addressing this important question, prior studies ignored a distinction between discrete innovation aiming at entirely new technology and continuous improvement consisting of numerous incremental improvements and modifications made upon the...

Since the widening of the fluctuation bands in the European Monetary System in 1993 the previous core countries have pursued a "D-Mark shadowing". The characteristic feature of this shadowing is the participating countries' willingness to voluntarily return to, and maintain, the old exchange...