We investigate the effects of globalisation on the labour market using the factor price frontier. The factor price frontier defines a negative relationship between the real rate of return and the real wage rate. As international capital mobility equalises the real rate of return in all...

Based on the factor price frontier, we investigate the effects of supply shocks ort labour markets in open economies. Two different supply shocks are considered: an oil price shock, and the integration of relatively labour-abundant countries into the world economy. With flexible wages, a...

Der von IWF entwickelte Code of Good Practices on Fiscal Transparency soll für eine umfassende Information der Öffentlichkeit über den Aufbau und die Aufgaben der Regierungen, die fiskalischen Ziele und die öffentlichen Haushalte sorgen. Die durch den Verhaltenskodex geforderte Transparenz...

This paper reviews Lebanon's ability to manage financial pressures following severe shocks despite its large public debt overhang and significant external vulnerabilities. Based on interviews with market participants in Beirut and London, the paper concludes that Lebanon's ability to weather...

Based on a Cox Proportional Hazard analysis of German unemployment spells, structural change of the production process is identified as a major explanation for long-term unemployment. Other important covariates capture labor market institutions, macroeconomic stress factors, and individual...

Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulnerability indicators help to predict crises? Can fiscal variables explain the...

The macroeconomic implications of a pension reform that substitutes a high-return fully-funded system for a low-return pay-as-you-go system are discussed in an overlapping generations, neoclassical growth model. With forward-looking individuals, a debt-financed reform worsens the current...

This paper examines the relative importance of monetary factors and structuralist supply-side factors for inflation in Pakistan. A stylized inflation model is specified that includes standard monetary variables (money supply, credit to the private sector), the exchange rate, as well as the wheat...