In this paper we analyse the employment implications of firing restrictions. We find that when a recession is expected and the trend rate of productivity growth is small, a rise in firing costs affects mainly the hiring decision. Thus there is a negative effect on average employment. When, on...

International climate negotiations have specified that projects under the Clean Development Mechanism (CDM) should not lead to a „diversion“ of official development assistance (ODA). It is however unchallenged that ODA can be used in capacity building for the CDM. Diversion can be...

Greenhouse gas emission trading has become more and more important in the context of climate change. Recently, a discussion on trading on entity (i.e. company) level has started. Emitters likely to be obliged to participate have argued for an initial allocation of the emission rights free of...

The Kyoto Protocol sets legally binding emission targets for industrialized countries without accounting for reductions carried out prior to 2008, the beginning of the first commitment period. There exists only one exception, the project-based Clean Development Mechanism. Two other possible ways...

A whole bundle of so-called „flexible mechanisms“ has been foreseen by the Kyoto Protocol in order to help industrial countries to fulfil their agreed reduction targets in the most costeffective way. Emission permits will act as the backbone of all market-orientated mechanisms. Therefore,...

Die weltwirtschaftliche Verflechtung hat in der Nachkriegszeit stetig zugenommen. Da diese Entwicklung mit beträchtlichen Handelsgewinnen verbunden war, ist sie grundsätzlich positiv zu bewerten. Das Zusammenwachsen der Märkte erzeugt aber auch zusätzliche Spannungen, denn mit der...

The implementation of activities aimed to mitigate global greenhouse gas emissions is more cost-efficient in developing countries than in most of the industrialized world. Thus it has been a major, but contentious topic in the climate negotiations to allow crediting of emissions reduction in...

As in the case with perfect foresight, under conditions of uncertainty investors respond to changes in the assets' relative returns. An increase in the expected return of one asset here typically (if both assets are not perfectly correlated) induces a shift, but not a plunge toward that asset....