This paper evaluates the sustainability of large current account imbalances in the era when the Chinese GDP growth rate and current account/GDP exceed 10%. We investigate the size distribution and the durability of current account deficits during 1966-2005, and report the results of a simulation...

This paper studies the association between the current account and real estate valuation across countries, subject to data availability [43 countries, of which 25 are OECD], during 1990 - 2005. We find robust and strong positive association between current account deficits and the appreciation...

In this paper we deal with voluntary and compulsory redistribution in an economy where the enforcement of property rights is costly. Two agents engage in a common-pool contest and two types of potential distortions arise: the waste of resources in the contest and the dilution of incentives to...

Piracy in international waters is on the rise again, in particular off the coast of Somalia. While the dynamic game between pirates, ship-owners, insurance firms and the military seems to have reached some kind of equilibrium, piracy risks generating significant negative externalities to third...

European monetary integration was one element in the process of financial market integration but by far not the only one. The paper traces the development of financial markets and systems in Europe from the beginnings of the euromarkets in the 1950s over early exchange rate arrangements and the...

The paper presents a detailed description of IMF and World Bank conditionality and tries to explain changes in this conditionality over time as well as differences between the two institutions. Using panel data it is shown that the number of Fund conditions seem to be influenced by...

Mir geht es in dem vorliegenden Beitrag darum, den "wunderlichen" Prozess des politischen Sieges einer bestimmten Form des Wirtschaftsliberalismus in der deutschen Nachkriegszeit zu untersuchen. Diesbezüglich sind Erhards Reden zur Wirtschaftspolitik und dabei seine publizistische Aufarbeitung...

Angesichts dieser Besonderheiten in der Entwicklung der Genossenschaften im Baltikum im Allgemeinen und der Produktivgenossenschaften im Besonderen wurde der Verfasser seitens des österreichischen Genossenschaftsverbandes gebeten, die Zukunftsperspektiven von Produktivgenossenschaften in...