Event studies represent an increasingly popular method to evaluate the welfare effects of economic policy decisions. The basic idea is that stock market reactions to the announcement of policy decisions contain superior information about the welfare effects of these decisions. This paper...

This paper analyses the housing markets of OECD countries using a scoring model. This model is based on a European Systematic Risk Board approach to risk assessment of housing markets but extends this approach in two important ways. First, this paper distinguishes between cyclical and structural...

The dramatic changes presently taking place in the world economic environment involve considerable risks, but at the same time offer significant opportunities which should not be ignored. Some of the major challenges the world economy is facing in the 1990s are discussed in the following article.

In recent weeks, fears of a worldwide economic recession have become widespread because more and more symptoms appear that resemble those at the start of the great depression of 1929. However, wrong conclusions may be drawn from similar symptoms unless basic development trends as well as the...