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 paper extends the standard intertemporal model of the current account to include two important stylised facts: (1) the persistence of current account positions and (2) the relevance of the fiscal balance. Specifically, the paper derives a closed form solution for consumption in the presence...

This publication aims to inform the scientific community, administration and private industry about research organisations and main research institutes involved in fisheries and aquaculture. It completes the European Directory of Research Centres in the Fisheries Sector, edited by the Commission...

The evaluation covers the Commission’s co-operation with the Mediterranean Partner Countries (MPC) implemented under the MEDA II Regulation over the period 2000-2006. It includes Commission funds managed by the European Investment Bank (EIB). Geographically it covers the MEDA-8 countries...

Policy attention to the security industry increased substantially after the terrorist attacks in the U.S. on September 11th, 2001. With an increased demand for security, the global security market grew a tenfold to around €100 billion in 2011. Many studies expect that growth of the worldwide...

The European Neighbourhood and Partnership Instrument (ENPI) was created as a successor to the cooperation programmes TACIS (for the Eastern European countries) and MEDA (for the Mediterranean countries), with enlarged objectives and an increased budget. It was operational from January 2007, and...