Historical events are reflected in asset prices. In this paper, we analyse government bond prices of Germany and Austria traded on the Swiss bourse during WWII. Some war events that are generally considered crucial are clearly reflected in government bond prices. This holds, in particular, for...

Historical events are reflected in asset prices. In this paper, we analyse government bond prices of Germany and Austria traded on the Swiss bourse during WWII. Some war events that are generally considered crucial are clearly reflected in government bond prices. This holds, in particular, for...

In the work of the Basel Committee there has been a tradition of distinguishing market from credit risk and to treat both categories independently in the calculation of risk capital. In practice positions in a portfolio depend simultaneously on both market and credit risk factors. In this case,...

Forms of European multi-level administration show an increased 'defibration' of the state through a shift of functioning onto the European level, onto other transnationally acting member states and onto the level of social self-organisation. At the same time a new 'complexity' is to be observed...

In this paper, we present the basic ideas, the design and some key results of an ongoing research project on the transformation of the national political space in Western Europe. We start from the assumption that the current process of globalization or denationaliza-tion leads to the formation...