This paper models a multilateral agreement on investment (MAI) as a coordination device. Multinational enterprises can invest in any number of countries. Without a multilateral investment agreement, expropriation triggers an investment stop by the single MNE. Under a multilateral agreement,...

We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model (CAPM) to price assets in different market structures. Second, we use our model to analyze whether when markets are partially segmented using the local or the global CAPM yields...

The notion of new economy was coined in the United States when there was increasing evidence that, as a result of the introduction of new technologies, the traditional behavior of macroeconomic variables might have changed. The expansion of the 1990s differed from its predecessors in three...

This paper develops a model of the WTO dispute settlement process (DSP) to study the recent proposal by legal scholars to subsidize litigation costs. The high cost of litigation, so the argument, is a major obstacle for developing countries to using the DSP to enforce developed countries?...

We model the impact of bank mergers on loan competition, reserve holdings and aggregate liquidity. A merger changes the distribution of liquidity shocks and creates an internal money market, leading to financial cost efficiencies and more precise estimates of liquidity needs. The merged banks...

Climate change is one of the most urgent and severe problems on the international agenda and one of the basic factors that determine sustainability conditions. This paper attempts to reveal the connection between productive base sustainability for two large groups of countries, developed and...

This paper develops a model of the WTO dispute settlement process (DSP) to study the recent proposal by legal scholars to subsidize litigation costs. The high cost of litigation, so the argument, is a major obstacle for developing countries to using the DSP to enforce developed countries'...

Das Kyoto-Protokoll zur UN-Klimarahmenkonvention setzt verbindliche Treibhausgasemissionsziele für Industrieländer, die allerdings erst im Zeitraum 2008-2012 gelten. Da für die Zeit bis 2008 mit einem erheblichen Emissionsanstieg zu rechnen ist, wird über Ansätze nachgedacht, schon vorher...