This paper investigates fiscal sustainability in an overlapping generations economy with endogenous growth coming from human capital formation through educational spending. We assess how budgetary imbalances affect economic dynamics and the outlook for economic growth, thereby providing a...

Turkey is currently introducing a comprehensive pension reform, which aims at unifying the currently disperse system and reducing the significant - and rapidly growing – social security deficit from 4.8% of GDP in 2005 to less than 1% of GDP by 2035. The cumulative value of the deficits over...

The European Year 2012 was, to a certain extent, a framework for raising awareness of the contribution that older people make to society and mobilising stakeholders and policymakers at all levels to promote active ageing and solidarity between generations.To coordinate its activities during the...

We lay out an empirical and a theoretical model to analyze the effects of non-fundamental exchange rate volatility on economic activity and welfare. In the first part of the paper, the GARCH-SVARmodel is applied to measure empirically the effect of the conditional exogenous exchange rate...

The purpose of the evaluation is to provide a comprehensive and independent assessment of the European Union (EU)’s past and present cooperation in Ivory Coast, in order to draw key lessons and make recommendations for the future, including within the context of joint programming between the...

The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a SVAR model some fiscal policy regimes, i.e. a u0094set of rulesu0094 for the implementation of fiscal policies. Second, we identify the fiscal policy shocks related to different...

This paper examine differences between risk-neutral and objective probability densities of future interest rates. The identification and quantification of these differences are important when risk-neutral densities (RNDs), such as option-implied RNDs, are used as indicators of actual beliefs of...

Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among...

Strukturen der allgemeinen und beruflichen Bildung und der Erwachsenenbildung in Europa Wer die allgemeine Organisation der Bildungssysteme in Europa kennen lernen möchte, findet die entsprechende Basisinformation in den ca. 40-Seiten umfassenden Länderberichten. Diese Monografien werden...