In this paper the export demand and supply of German manufacturing industry is estimated for the period 1993:1 through 2005:4. The Johansen (1991, 1994) procedure is applied to estimate the long-run relationship in a VECM. Special attention is pointed on the development of the German export...

Vielfach wurde Deutschland in der Vergangenheit durch die Medien als „Exportweltmeister“ bezeichnet. Die aktuelle Diskussion in Hinblick auf die von Hans-Werner Sinn aufgestellte Basarökonomiethese befasst sich mit der Frage nach der Vorteilhaftigkeit dieses Titels für Deutschland, zumal...

Suppose the value of a ¯rm is endogenously determined by a manager\'s costly e®ort. We call this manager a distinguished player if he also can trade shares of the ¯rm on a market. Arbitrage-free asset pricing theory suggests that the equilibrium market price re°ects the value increasing...

In this paper, we model the tax setting game between two revenue maximizing countries which compete for the location of a single production plant owned by a multinational firm. We introduce the possibility that the multinational can shift a fraction of its profits out of the country where the...

The paper adresses the need for more flexibility in the integration process of the European Union after its recent eastward enlargement. Due to the increasing number of decision-makers and the increasing heterogeneity of economic structures, financial constraints, societal preferences, and...

Contestants have to choose whether to initiate a contest or war, or whether to remain peaceful for another period. We find that agents wait and initiate the contest once their rival is sufficiently weak to be an easy target.

In an overlapping generations economy, lenders fund risky investment projects of firms by drawing up loan contracts in the presence of an informational asymmetry. An optimal contract entails the issue of only debt, only equity, or a mix of the two. The equilibrium choice of contract depends on...

In Irland konnte man in den letzten 20 Jahren einen hohen Zufluss von Direktinvestitionen beobachten. Der vorliegende Beitrag versucht, dies mit Hilfe einiger Direktinvestitionsmodelle zu erklären. Auf der Grundlage der Direktinvestitionstheorien und der daraus ermittelten standortspezifischen...

During the last decades, current account imbalances increased all over the world. In this context, countries with current account surpluses, in the European Union especially Germany, are increasingly blamed for their modest wage policies, which are seen as the main reason for global imbalances....