This paper investigates the transmission of US macroeconomic shocks to Germany by employing a large-dimensional structural dynamic factor model. This framework allows us to investigate many transmission channels simultaneously, including 'new' channels like stock markets, foreign direct...

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of ?emerging...

In this paper we rely on techniques recently developed by Bai and Ng (2004a) to estimate common euro-area stationary and non-stationary factors using a large-scale dynamic factor model. We find that euro-area economies share four non-stationary factors or trends and one stationary factor. By...

A high degree of cyclical synchronization between central and east European countries (CEECs) and the euro area is generally seen as a prerequisite for successful EMU enlargement. This paper investigates comovements between CEECs and the euro area. We first establish stylized facts on economic...

This study assesses the impact of foreign direct investment (FDI) on gendered labour markets in rural Indonesia. It focuses on the gender composition of the workforce, female and male workers? employment conditions and gender wage inequality. Th e research strategy of ?between-methods...

Mit dem "more economic approach" wird ein neuer Ansatz in der EU-Fusionskontrolle verfolgt. Die Zielsetzung einer (besseren) ökonomischen Fundierung ist ausdrücklich zu begrüßen. Allerdings zeigt die genauere Analyse, dass faktisch die Rechtssicherheit verringert wird, während die...

With the "more economic approach" the EU is taking a new tack on merger control policy. This is visible not only in the new SIEC prohibition criterion and the criteria for appraising horizontal mergers but also in more recent decision-making practice. Greater legal certainty, on the one hand,...

In 1999, eleven European countries formed the Economic and Monetary Union (EMU); they abandoned their national currencies and adopted a new common currency, the euro. Several recent papers argue that the introduction of the euro has led (by itself) to a sizable and statistically significant...

This paper examines the impacts of globalization on small countries, covering the main features of globalization, the quality of national economic and commercial environment, main characteristics of small countries including important facts and concrete indicators for their development, and...

Drawing on Transaction Costs Economics, this paper develops a new approach to conflict of law rules. It outlines a concept of constitutional uncertainty in international trade and presents a model of international transactions in the presence of a diversity of legal orders. We develop a general...