The consensus about the ability of the standard open-economy neoclassical growthmodel to account for interest-rate driven business cycles has changed over time:whereas early research concluded that business cycles are neutral to interest-rateshocks, more recent investigations suggest that these...

What determines the firm's choice of its mechanism of investment financing? How is the choice of the firm's financing mechanism at the micro level related to the economy's business cycle movements at the aggregate level? This paper develops a model of the credit market where the equilibrium...

This paper presents the proposed trend development of new technologies and organisationalconcepts in the logistics services sector. A structure for classifying such trendsis proposed in order to provide overall understanding of basic developments in logistics.From this industry specific outlook...

Will outsourcing be a winner or loser from the global crisis? This sector has been a major beneficiary of the boom in business services trade since the mid-1990s, coinciding with the rise of emerging market economies. This growth survived – indeed was arguably a beneficiary of – the last...

The Great War of 1914-18 constituted a major rupture for the economies of Europe in several respects. It marked the end of almost a century of uninterrupted economic growth. It ended a long period of near-universal currency stability, and set in motion a painful process of de-globalisation. It...

Rating agencies claim to look through the cycle when assigning corporate credit ratings,which entails that they are able to separate trend components of default risk from transitoryones. To test whether agencies possess this competence, I take market-based estimates of oneyeardefault...

This chapter develops a unified analytical framework, drawing on and extending the existing literatureon the subject, for studying the role of property rights in economic development. Itaddresses two fundamental and related questions concerning the relationship between propertyrights and...

Die in diesem Bericht vorgestellten Analysen und Prognosen basieren auf den aktuellstenDaten und Informationen von Euroconstruct.¤. In dem seit seiner Gründung vor weit überdreißig Jahren immer enger geknüpften europäischen Forschungs- und Beratungsnetzwerk“Euroconstruct“ (= EC)...