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be organized around common notions of complete markets. This paper compares two alternative modes of trade policy … analysis by juxtaposing the ?economic? view inherent in Gene Grossman?s work on ?Japan?s Innovation and Trade? with the … remarks on ?New Trade Theory?s Implications for Policy Analysis? by John Pomery. …
Persistent link: https://www.econbiz.de/10010297679
Scottish social policy. Families are major producers of skills, and a successful policy needs to promote effective families and … malleable at later ages. This has important implications for the design of policy. The gaps in skills and abilities open up …
Persistent link: https://www.econbiz.de/10010274209
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In this paper, we investigate the claim that German banks are special compared to banks in other industrialised economies. We show that banks are of particular importance to the German economy?as financial intermediary, as lender to the corporate sector, and as part of the corporate governance...
Persistent link: https://www.econbiz.de/10010260503
The paper shows that, as owners accumulate larger stakes and hence become less risk-tolerant, their incentives to monitor management are attenuated because monitoring shifts some of the firm's risk from management to owners. This counterbalances the positive effect which more concentrated...
Persistent link: https://www.econbiz.de/10010260562
A contingent claims valuation model which allows to highlight the implications of program trading in spot markets for the pricing of European-style foreign currency options and for the volatility strike structure implicit in these contracts is devoloped. The curvature of the volatility strike...
Persistent link: https://www.econbiz.de/10010260624
Bank of Japan (BoJ) and exchange rate volatility. We use official intervention data for the period 1993-2000 that were …
Persistent link: https://www.econbiz.de/10010260629