In a recent survey of intra-industry trade indices Kol and Mennes (1986) suggested to make a basic distinction between the study of matching trade flows and that of the similiarity oftrade patterns. The present paper shows that in both cases measures of intra-industry trade may be expressed...

In einem einfachen theoretischen Erklärungsansatz werden Aspekte eines internationalen Handels in differenzierten Gütern diskutiert. Neben homogenen Gütern können insbesondere differenzierte Güter intraindustriellen Güteraustausch begründen. Von dieser Form der internationalen...

Since the seventies, the Federal Republic of Germany has become increasingly integrated in the world economy through it's high rates of foreign direct investment carried out by German multinational enterprises. In the limelight of the 'job export1 debate which paralleled these investment flows...

In einem einfach gehaltenen Bankmodell untersucht der Beitrag die ökonomischen Wirkungen des Einsatzes von Derivaten für marktgängige und nicht marktgängige Risiken. Wir betrachten das klassische Kredit– und Einlagengeschäft einer kompetitiven Bank. Sind Kreditausfall- und...

In diesem Beitrag wird die Einsatzmöglichkeit eines Kreditderivats vom Typ einer Kreditoption für eine Bank untersucht. Das Management des Kreditrisikos erfährt in jüngerer Zeit besondere Aufmerksamkeit. Gestiegenen Kreditausfallrisiken begegnen Kreditinstitute mehr und mehr durch die...

Using the industrial economics approach to the microeconomics of banking we analyze a large bank under credit risk. Our aim is to study how a risky loan portfolio affects optimal bank behavior in the loan and deposit markets, when credit derivatives to hedge credit risk are available. We examine...

The purpose of this paper is to assess under what conditions exchange rate volatility exerts a positive effect on a firm's labour demand. As the exchange rate volatility increases, so does the value of the export option provided the firm under study is flexible. Flexibility is important because...

In this paper we study the impact of more transparency in the interbank market on the volume of bank intermediated loans and on the profitability of the banking business. Transparency is modeled by means of the informational content of publicly observable signals correlated to the random...

The competitive allocation of labor across different sectors of an economy may not be socially optimal when one sector uses foreign capital. We argue that a suitably designed government intervention is required to restrict the sectors to their optimal size and maximize national welfare. Such a...

International and national investors are often exposed to real wealth risks, stemming from volatile asset prices and inflation uncertainty, making it difficult to stabilize consumption patterns. However, investors can enter futures markets to hedge against these risks. The paper develops a...