The paper addresses the question whether voters would favor a restriction on capital exports to the East, and if so, to what extent. In a two country framework, it is shown that an unrestricted capital outflow is not optimal, in the traditional sense of a social welfare maximizing benevolent...

In this paper we analyze the connection between ecological dumping and environmental capital flight which in the literature is presented in three versions: capital flees in order to ecologically dump, firms flee and thus ecologically dump, and capital flees because governments ecologically dump....

Mengenrationierungsmodelle erwiesen sich in den vergangenen Jahren als geeignete Instrumente, um Entwicklungen auf Güter- und Arbeitsmärkten zu beschreiben. Wesentliches Ingrediens dieser Modelle ist die Abkehr von der Annahme ständig preisgeräumter Märkte. Als Ursache für die Rationierung...

This paper analyses tax policy measures within a two sector endogenously growing economy with elastic labour supply. Pollution is modelled as a side product of physical capital stock used as a primary production factor in the final good sector. The framework allows to analyse consequences of...

This paper develops a two-country model to investigate the circumstances under which it is beneficial to participate in a currency area. It captures both the real and monetary arguments suggested by the optimum currency area literature in a simple monetary model of trade with nominal rigidities....

The paper presents a model of a risk-averse exporting firm under exchange rate risk. We focus on the economic implications of basis risk. It is shown that the regression dependence assumptions between spot and futures exchange rates are essential in analyzing optimal hedging and export...

In a general equilibrium model, international lending through a non-sovereign financial intermediary (a banking system) to a sovereign borrower is analyzed. Under very pessimistic assumptions, including a principal-agency type of incentive to load future intermediation with certain bancrupcy for...

The problem of selecting bandwidth for nonparametric regression is investigated. The methodology used here is a double-smoothing procedure with data-driven pilot bandwidths. After giving an extension of the asymptotic result of Hardle, Hall and Marron (1992) by transfering the ideas of Jones,...

Discrete choice models and qualitative response models are intimately related. Usually both are based on a logistic specification. In many applications the two approaches have been combined leading to a 'discrete choice model including socio-economic explanatory variables'. The paper desdribes...