Die von der Asienkrise (1997-99) betroffenen Staaten wiesen im Vorfeld der Krise positive Fundamentaldaten auf. Traditionelle Krisentheorien konnten deshalb nicht zur Erklärung der Krise herangezogen werden. In diesem Paper wird ein alternativer Erklärungsansatz für Finanzkrisen in offenen...

In this paper the author empirically examines whether the influence of bilateral investment treaties' political risk guarantees extends to other types of capital flows - FDI, private debt, public debt and portfolio equity. The paper uses panel data on middle and low income countries during the...

Der deutsche Bankensektor ist im Umbruch. Von den Folgen der internationalen Finanzkrise, die ihren Ausgang auf dem US-Immobilienmarkt genommen hat, geht ein erheblicher Druck zu Reformen aus, weil gerade in solchen Situationen die besonderen Baustellen der nationalen Bankensysteme sichtbar...

This paper analyses and assesses the track record and effectiveness of the so-called “Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets”,which have emerged as an important instrument for crisis prevention and crisis resolution in the international financial...

This paper systematically surveys the use of different approaches for the magic square (MS) as an indicator of welfare, a formal system of necessary relations to deal with conflicts of socioeconomic objectives. The starting point is the article of Kaldor (1971) followed by contributions by the...

Since the mid 1990s, theories of speculative attacks have argued that fixed exchange rate regimes induce excessive borrowing in foreign currency as an optimal response to implicit guarantees that the government will not devalue the domestic currency. Using data on Brazilian firms before and...

Why do countries tend to repay their domestic and external debt, even though the legal enforcement of the sovereign debt contract is limited? Contrary to conventional wisdom, we argue that temporary market exclusion after default is costly. When the domestic financial market is characterized by...

This paper argues that, if implemented in its current form, the new Basle Capital Accord will adversely effect developing sovereigns, corporates and banks wishing to borrow in international markets. This impact will result from the major banks’ lending patterns being altered by the adoption of...

Since the mid 1990s, theories of speculative attacks have argued that fixed exchange rate regimes induce excessive borrowing in foreign currency as an optimal response to implicit guarantees that the government will not devalue the domestic currency. Using data on Brazilian firms before and...

This paper investigates the decrease in wage inequality among working age men in the Brazilian formal labor market by decomposing it into its permanent and transitory components. The permanent component refers to workers' productivity characteristics such as education and abilities, whereas the...