Der internationale Kapitalverkehr ist zum Motor der Globalisierung geworden. Seit Mitte der 80er-Jahre expandiert er doppelt so rasch wie der Warenhandel und fast viermal stärker als die Weltproduktion. Hierzu haben vor allem Direktinvestitionen und das Aktienkapital beigetragen. Zu den...

Of the world's 6.7 billion people (as of 2008), 1.3 billion lived on less than $1.25 Purchasing Power Parity dollars per person per day and another 1.7 billion lived on between $1.25 and $2.50 PPP dollars (Chen and Ravallion, 2012). The scourge of absolute economic misery among billions of the...

Some countries fail to ensure that their citizens and businesses make an appropriate contribution to the financing of public tasks. But not all countries with a low tax ratio automatically fall into this category. This paper presents an approach to bridge the gap between probabilistic statements...

In the last few years, significant amount of research has produced evidence in support of the signaling, credential or "sheepskin" effects in rates of return to schooling for studies of the developed as well as developing countries. An example of the former is the seminal empirical work by...

In Deutschland leben etwa sieben Millionen Ausländerinnen und Ausländer. Weitere hier lebende Personen, die bei Geburt eine andere als die deutsche Staatsangehörigkeit besessen haben, sind Eingebürgerte und (Spät-)Aussiedler. Auf der Basis der Daten des Sozio-oekonomischen Panels (SOEP)...

Global factors are becoming increasingly important as a cause of international capital flows. It is nearly impossible for some countries to protect themselves from outside influences on their financial markets. This paper investigates the extent to which various global factors such as stock...