In a prevailing climate of increasing uncertainty (rising risk of unemployment, pension funding problems and unstable family structures), French households have adopted new saving behavior reflected during the nineties, primarily by considerable investment in life insurance products...

Cet article etudie les enjeux specifiques a l'assurance de long terme, dans le cas particulier de l'assurance contre le risque maladie. Specifiquement, deux elements essentiels du risque long sont etudies. D'une part le risque, pour un individu, de changer de categorie de risque au cours du...

A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions...

There is increasing empirical evidence that creative destruction, driven by experimentation and the adoption of new products and processes when investment is sunk, is a core mechanism of development. Obstacles to this process are likely to be obstacles to the progress in standards of living....

This paper treats inflation in Ukraine between 1993 and 1996 as an essentially monetary phenomenon: price increases are dtermined in such a way as to bring the real value of the supply of money into balance with real money demand. Cointegrtaion techniques are used to estimate long-run money...

This paper presents an econometric analysis of 65 episodes of fiscal adjustment in the OECD from 1960 through 1992. The episodes are the ones that Perotti (1995) has identified as entailing major reductions of previous deficits. The paper estimates the effect on the growth of GDP and of...

One of the most striking characteristics of the transition process in central and eastern European countries is the labour market segmentation: certain social groups as the youth, unskilled workers and women face a high risk of unemployment, but joblesness also varies significantly across the...