Societies provide institutions that are costly to use, but able to enforce long-run relationships. We study the optimal decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions. Third-party enforcement is modelled as a costly...

This paper reviews the key economic issues concerning the welfare costs of inflation and deflation, with a view to shedding light on the desirable properties of the inflation process. Our review of the evidence on the overall costs of inflation and deflation indicates that such costs could be...

When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved through financial markets when enforcement is based on the...

"Kulturelle Vielfalt und pulsierende Kreativität sind Europas Markenzeichen. Der europäische audiovisuelle Sektor, dessen Wert auf rund €96 Milliarden geschätzt wird und der über 1.100 Filmproduktionen pro Jahr erzeugt, verkörpert wahrscheinlich am besten diese Werte. Allerdings wird nur...

"The purpose of this six-month study was to provide the Commission with a description of the different provisions, which exist within the aforementioned States, to implement Chapter III of the TWF Directive. This description covers both the implementation of these provisions, and also other...

"European Publishing Monitor is a 12 month project analysing the publishing industries in selected European countries ... The project will help the European Commission understand the challenges faced by the publishing industry in selected countries. ..."

The Millennium Development Goals (MDGs) are the expression of the strong commitment to universal development and poverty eradication made by the International Community in the UN Millennium Declaration. They include halving world poverty and hunger by 2015, as well as reaching universal primary...