In diesem Beitrag folgen wir der aktuellen Diskussion über die Aussagekraft der Maastricht-Kriterien für die Auswahl von Ländern zur Teilnahme an der EWU. Es wird gezeigt, daß diese Kriterien weder die Theorie optimaler Währungsgebiete ausreichend reflektieren noch der...

What are the effects of increased trade in goods and services on the trade balance? We study the effects of reducing transport costs in a Ricardian model with complete asset markets and find that this increases the volatility of the trade balance. This result applies regardless of whether supply...

What are the effects of increased trade in goods and services on the trade balance? We study the effects of reducing transport costs in a Ricardian model with complete asset markets and find that this increases the volatility of the trade balance. This result applies regardless of whether supply...

This paper explains why relative PPP should hold more tightly in emerging markets, and why pricing to market would be observed more frequently in the OECD countries. It studies the endogenous determination of pricing to market, in a real option model with time dependent transportation costs,...

This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles absorb local savings, eliminating inefficient investments and...

How do firms' financial constraints, which restrict their borrowing, dynamically impact exports? This paper finds that after controlling for the endogeneity of financial constraints, constrained firms are less likely to export, and relaxing financial constraints leads to an increase in exports....

The Brexit issue has caused much concern regarding the future economic scenario of Europe in particular and the world in general. There are several reasons for Brexit. One of them is that the very nature of Monetary Unions is its rigidity. The 'one size fits all' yardstick won't apply to many...

One reason that investors hold commodities is to receive diversification benefits. However, while an extensive set of existing studies demonstrate diversification benefits when investors hold international stocks or bonds, they are generally silent on the implications of holding commodities....

This paper aims at clarifying the concept of Islamic Financial System (IFS), as part of the whole Islamic economic system and its viability to be applied nowadays. The paper included exploring the nature, origin, distinctive criteria, unique features, goals of IFS and the means to achieve them,...