We examine the interaction between foreign aid and binding borrowing constraint for arecipient country. We also analyze how these two instruments affect economic growth vianon-linear relationships. First of all, we develop a two-country, two-period trade-theoreticmodel to develop testable...

This article investigates economic performance when enforceable propertyrights are missing and basic needs matter for consumption. It suggests anew view of the so-called voracity eect according to which windfall gains inproductivity induce behavior that leads to lower economic growth. Takinginto...

This paper discusses the so-called commercial approach to microfinance undereconomic and ethical aspects. It first shows how microfinance has developed from a purelywelfare-oriented activity to a commercially relevant line of banking business. Thebackground of this stunning success is the almost...

Drawing on an ordonomic approach, this paper argues that a theory of global justiceshould incorporate as a pivotal cornerstone a theory of corporate citizenship whichconstructively addresses business firms as agents of social value creation. We arguethat, instead of relying exclusively on...

Der entwicklungsökonomische Diskurs ist aktuell geprägt durch eine kontroverseDebatte zwischen Jeffrey Sachs und William Easterly. Der Beitrag rekonstruiert beide Ansätze aus ordonomischer Perspektive. Er argumentiert, dass eine auf Kooperation angelegte Semantik vergleichsweise besser...

Wie könnten Demokratisierungsprozesse weltweit wirksamer gefördert werden alsbisher? Einige Autoren schlagen zu diesem Zweck bilaterale Verträge über einenTausch von Entwicklungshilfe als Gegenleistung für institutionelle Reformen inRichtung Demokratie vor. Aus der Perspektive der...

Integrated choice and latent variable (ICLV) models represent a promising newclass of models which merge classic choice models with the structural equation approach (SEM) for latent variables. Despite their conceptual appeal, to date applications of ICLV models in marketing are still rare. The...

Eine große Herausforderung der multivariablen Analyse mit bilanziellen Kennzahlen besteht in der Identifikation derjenigen Kennzahlen, die zur besten Modellperformance führen und dabei möglichst leicht interpretierbar und intuitiv bleiben. Die Menge der in Frage kommenden Kennzahlen ist in...

Real options investment theory predicts current investment falls asuncertainty about market returns increases. In the case of R&D investment,which is usually considered an irreversible form of investment, this effectshould be quite pronounced. This paper tests the real options predictionabout...