We show how in a Blanchard-Yaari, overlapping generations framework, perfect substitutability of government bonds in Monetary Union tempts governments to exploit the enlarged common pool of savings. In Nash equilibrium all governments increase their bond financed transfers to current generations...

This paper analyzes the efficiency of risk-taking decisions in an economy that is prone to systemic risk, captured by financial amplification effects that occur in response to strong adverse shocks. It shows that decentralized agents who have unconstrained access to a complete set of Arrow...

The report consists of four distinct parts, which provide a description and a quantitative assessment of the impact of preferential access schemes on the growth and diversification of exports from developing countries to the EU over time. Each part of the report can be read individually. The...

Over the last few decades, crucial changes have taken place in the views and demands on forests by society at large. This includes the increased environmental awareness and recreational interests of society. These changes also affect the public’s way of looking at the traditional role of...