This paper studies the implications of cross-border financial integration for financial stability when banks' loan portfolios adjust endogenously. Banks can be subject to sectoral and aggregate domestic shocks. After integration they can share these risks in a complete interbank market. When...

Recent empirical studies criticize the sluggish financial integration in the euro area and find that only interbank money markets are fully integrated so far. This paper studies the optimal regional and/or sectoral integration of financial systems given that integration is restricted to the...

In this paper, we assess the demographic and economic consequences of migrations in Europe and neighbourhood countries. In order to do so, we rely on a multi-region world overlapping generations model (INGENUE2). The rich modeling framework of this multi-regions model allows us to put into...

Mit dem Förderschwerpunkt »Ökonomie des Klimawandels« förderte das Bundesministerium für Bildung und Forschung 27 Forschungsprojekte, die wirtschaftliche Aspekte des Klimawandels untersuchten. Im Rahmen der Begleitaktivitäten zu diesem Förderschwerpunkt koordinierten das Zentrum für...

We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of steady...

In dem vorliegenden Beitrag untersuchen wir auf der Grundlage eines statischen allgemeinen Gleichgewichtsmodells die Effizienz verschiedener Gebuehrenkonzepte einer Abfall-Management-Organisation. Diese wird von den Produzenten, die fuer die Verwertung und/oder Entsorgung der Verpackungsabfaelle...

In der vorliegenden Studie ueberpruefen wir verschiedene Gebuehrenstrategien der Dualen System Deutschland AG (DSD) darauf hin, ob sie die pareto-effiziente Allokation in der Abfallwirtschaft implementieren. Dabei greifen wir auf eine disaggregierte Modelloekonomie zurueck, in der Material...

This paper examines a Waste Management Organisation's (WMO) pricing options to implement the Pareto-efficient allocation in an economy where materials are first extracted, then used for producing a consumption good and finally recycled or landfilled. The WMO is established by the producers who...

An overlapping generations model is set up in this paper to analyze social security policy in a representative democracy with asymmetric information. The model considers not only redistribution between generations but also redistribution within generations according to individual labor incomes....

We analyze optimal harvesting policy under stochastic price and stock dynamics. We state a set of weak conditions under which the optimal policy can be characterized by a single exercise threshold and show that the value of optimal harvesting and depletion policies can be expressed as the...