European call options are priced when the uncertainty driving the stock price follows the V. G. stochastic process (Madan and Seneta 1990). The incomplete markets equilibrium change of measure is approximated and identified using the log return mean. variance, and kurtosis. An exact equilibrium...

Der Vorschlag der EU-Kommission zur Deregulierung Freier Berufe von 2003 sieht vor, reglementierte Berufe in einer Kategorie zusammenzufassen. Dadurch sollen Berufe verschiedenster Art mit Freiberufen regulatorisch zusammengefügt werden, die weder die bisher üblichen Voraussetzungen der...

Die Kumulation von Haushaltsstichproben steht auf der Agenda einer europäischen Neuordnung von Haushaltsbefragungen. Im Rahmen des Projektes Amtliche Statistik und sozioökonomische Fragestellungen des Statistischen Bundesamtes und in Abstimmung mit den EUROSTAT-Erfordernissen für neue...

Power indices suggest that adding new members to a voting body may increase the power of an existing member, even if the number of votes of all existing members and the decision rule remain constant. This phenomenon is known as the paradox of new members. This paper shows that the paradox has...

We estimate an augmented gravity model to analyse the effects of FDI into China originating in OECD countries on FDI into EU and other countries over the period 1990-2004. Our results suggest that on average, ceteris paribus, over the analysed period, FDI inflows into China have been...

This paper examines whether macroeconomic convergence is an automatic outcome of forming a currency union by combining an analysis of real interest parity (RIP) in the EU with the argument for the endogeneity of the Optimum Currency Area (OCA) criteria. Using the DF-GLS and the CIPS* panel unit...

Differences in regulations, technical standards and national medical cultures across EU member states created a highly segmented pharmaceutical market in Europe prior to the implementation of the Single Market Programme. The subsequent reduction in non-tariff barriers to trade would be expected...

This paper considers the macroeconomic effects of the migration that followed the enlargement of the EU in May 2004. At that time the EU was expanded to include 10 New Member States (NMS) predominantly from Central and Eastern Europe. In the wake of accession the number of workers migrating to...

In this paper we address the question of the relative importance of within and between country differences in income and material deprivation in the European Union in the context of recent suggestions that insufficient attention has been paid to cross-national differences. In particular, we...

We use a model of domestic and international tourist numbers and flows to estimate the impact of the EU-US Open Skies agreement that is to take effect in March 2008. The Open Aviation Area will result in increased competition between transatlantic carriers and consequently falls in the cost of...