The financial services industry is „special“ in a variety of ways, including the fiduciary nature of the business, its role at the center of the payments and capital allocation process with all its static and dynamic implications for economic performance, and the systemic nature of problems...

Infrastructure and its effects on economic growth, social welfare, and sustainability receive a great deal of attention today. There is widespread agreement that infrastructure is a key dimension of global development and that its impact reaches deep into the broader economy with important and...

Introduction of the euro certainly represents a sea-change in the environment of modern global finance. In the three decades since the end of the Bretton Woods system in 1971, and against great odds, Europe has forged a platform that could ultimately emerge as a viable challenger to the United...

This study promotes the understanding of the link between development, environment and international economic relations. It suggests that the growth effects of environmental management may tend to serve as an equalizer, helping to redress the imbalance in real income levels between developed and...

One of the more unhappy effects of the recent, massive rise in the price of crude oil has been its impact on those developing countries not fortunate enough to be oil exporters themselves. The authors offer a proposal for rechanneling some of the oil revenues to the impacted developing countries.

While voluntary behavior and social responsibility have so far played a peripheral role in multinational corporations’ global strategies, the author argues that the non-market social responsibility dimension will have to be incorporated systematically in management’s forward planning as a...

The open seas have recently become recognized as a major resource on which the world is likely to grow increasingly dependent in the years ahead. With regard to their exploitation questions of efficiency and equity have arisen that are being fought out primarily within the UN Conference on the...

The paper analyzes the financial crisis of through the lens of market failures and regulatory failures. We present a case that there were four primary failures contributing to the crisis: excessive risk-taking in the financial sector due to mispriced government guarantees; regulatory focus on...

We analyze differences in the pricing of syndicated loans between U.S. and European loans. For credit lines, U.S. borrowers pay significantly higher spreads, but also lower fees, resulting in similar total costs of borrowing in both markets. For term loans, U.S. firms pay significantly higher...

More than 80% of US syndicated loans contain at least one fee type and contracts typically specify a menu of spread and different types of fees. We test the predictions of existing theories about the main purposes of fees and provide supporting evidence that: (1) fees are used to price options...