Business representatives and union leaders in highly industrialised countries often accuse the governments of less-developed countries of practising social dumping in the sense of deliberately neglecting work-place safety legislation, co-determination rights and other fringe benefits which...

The paper presents a general equilibrium model of a pure exchange economy with stochastic endowment in which speculation is profitable and stabilizes prices, but is useless from a welfare point of view. Reconciling the Siegel paradox with the theory of incomplete markets we show that banning...

This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...

It is shown that the net fiscal externality created by an additional member of a pay-as-you-go pension system that is endowed with individual accounts equals the gross contributions" of this member. In Germany, this is an amount of about DM 175,000. The paper uses this" information to design a...

Inhalt:br 1. Regulatorische Gründe für die Krisebr 2. Refinanzierungskredite und Target-Saldenbr 3. Staatspapierkäufe der EZB und offizielle Rettungsprogrammebr 4. Die Risiken und Kosten der EZB-Politikbr 5. Ökonomische Bewertung der EZB-Politikbr 6. Politikmaßnahmen gegen Zinsspreizungenbr...

Hans-Werner Sinn antwortet auf Einwände zu seinem Artikel »Ökonomische Effekte der Migration«.

1. Regulatory reasons for the crisis <br>2. Refinancing credit and Target balances <br>2.1 Target balances <br>2.2 Target balances and fiscal rescue credit <br>2.3 The lowering of collateral standards for refinancing credit <br>2.4 Indirect state financing via refinancing credit to commercial banks <br>3. ECB...