A central puzzle in international finance is that real exchange rates are volatile and, in stark contradiction to effcient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that incomplete asset markets and a low price elasticity of tradables can account...

The rapid changes in technologies that are used for R&D have created new opportunities and needs for strategic management of IPRs and knowledge, especially when used in a collaborative context. The use of new ICT technologies is fundamentally altering the way R&D is done. This is leading to a...

The worldwide banking system is at the heart of the greatest economic crisis for at least 70 years. The crisis has strongly affected a sector that had already experienced significant changes in the preceding 30 years. Structural changes in the world economy, caused by globalisation processes and...