This paper’s field evidence is: (1) many official sectors rapidly forget the damage of the 1982-85 exchange rate liquidity crisis and reverted to what caused that crisis, namely a closed economy clean floats perspective; and (2) the 2006-2008/9 exchange rate liquidity shock would have been more...

In 2005 the Internal Ratings Based (IRB) approach of `Basel II' was enhanced by a `treatment of double default effects' to account for credit risk mitigation techniques such as ordinary guarantees or credit derivatives. This paper reveals several severe problems of this approach and presents a...

We consider long-run behavior of agents assessing risk in terms of dynamic convex risk measures or, equivalently, utility in terms of dynamic variational preferences in an uncertain setting. By virtue of a robust representation, we show that all uncertainty is revealed in the limit and agents...

In dieser Arbeit werden mittels Simulation die Wirkungen von Änderungen im Bereich der Kapitaleinkommensbesteuerung auf Wachstum und internationale Kapitalbewegungen in einem Zwei-Länder-Modell analysiert. Im besonderen geht es um unterschiedliche Implikationen von Investitions- anreizen in...