Microfoundations of the euro´s effect on euro area trade hinge on the timing, thespeed and the size of adjustment in trade costs. We estimate timing, speed and sizeof adjustment in trade costs for sectoral trade data. Our approach allows for sectorspecific impacts of trade costs on sectoral...

This paper analyses trade specialisation dynamics in two Eastern European countries(Romania and Bulgaria – EEC-2) vis-à-vis the core EU member states (EU-15) over theperiod 1990-2006. Specifically, we focus on whether there is a shift towards intra-industrytrade leading to economic...

This study examines causes of black/white gaps in business ownership and self-employmentrates by analyzing small-business entry and exit patterns. We proceed by recognizingheterogeneity in business ownership across different industry groups: a classification of firmsby human- and...

The interpretation of the correlation between cash flow and investment is highly controversial. Some argue that it is caused by financial constraints, others by the correlation between cash flow and investment opportunities that are not properly measured by Tobin’s Q...

This paper explores the pre-First World War Austro-Hungarian economy as a prominent case where growing conflict between various ethnic and national groups within an empire might have contributed to the emergence of internal borders and even its eventual dissolution. To this end we adopt an...

This paper is a revised version of an Economic History thesis submitted to the London School of Economics in September 2000.The main text assumes analytical rather than chronological form, and, to avoid breaking the flow of the argument, it refers to persons, Labour Party structures and...

Given the emphasis in recent welfare economics, political philosophy andsocial policy on the concept of opportunity, the need to find a way ofdifferentiating between outcomes that are the result of choice and outcomesthat are the results of constraint has become pressing. But all approaches...