This paper analyzes the use of storage and trade policies to achieve food price stabilization in a small open developing country. Optimal stabilization policies are identified using a rational expectations storage model with risk-averse consumers and incomplete markets. Without public...

In 2009, we are living through an upheaval that is changing our world. What will be the implications for the future?

We examine the effect that revenue windfalls from international commodity price booms have on sovereign bond spreads using panel data for 38 emerging market economies during the period 1997-2007. Our main finding is that commodity price booms lead to a significant reduction in the sovereign bond...

More than regulations, laws on the books, or voluntary codes, enforcement is key to creating an effective business environment and good corporate governance, at least in developing countries and transition economies. A framework is presented to help explain enforcement, the impact on corporate...

When growth-promoting spending is cut so much that the present value of future government revenues falls by more than the immediate improvement in the cash deficit, fiscal adjustment becomes like walking up the down escalator. Although short-term cash flows matter, too tight a focus on them...

Zusammenfassung In einem Ländervergleich zwischen Deutschland, Österreich und der Schweiz zeigen sich die größten Differenzen im touristischen Bildungssystem in der Berufsbildung. In Deutschland und Österreich haben die Lehrabschlüsse im Gastgewerbe in den letzten Jahren im Vergleich zum...