This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure arose owing to the coexistence of a lemons credit market and high government...

In recent years, fiscal performance in Central Europe has steadily deteriorated, in contrast to the improvement in the Baltics. This paper explores the determinants of such differences among countries slated for EU accession. Regression estimates suggest that economic and institutional...

The past decade has witnessed a steady increase in outstanding external sovereign debt issued by emerging market economies. This paper examines some of the “received wisdom” regarding the benefits of external financing of domestic budget deficits and argues that it is often predicated on a...

We consider a two-period overlapping generations model where agents face the uncertainty of intergenerational transfers from their children. To avoid this kind of risk, agents have an incentive to share the risk within the same generation. However, there exists an information asymmetry about the...

In the Grid Computing environment, many users need the results of their calculations within a specific period of time. Those users are willing to pay for getting their work completed on time. However, this requirement must be agreed on in a Service Level Agreement (SLA) by both, the user and the...

A unique instrument has been associated with emerging markets of India and Pakistan. We show that the instrument can be considered a market response to the information gaps in these markets. The instrument may credibly transmit information and may eliminate information gaps. Hence, the birth of...

Theorie und Unternehmenspraxis weisen auf die hohe Relevanz des Humankapitals fuer den Unternehmenserfolg hin. Investitionen in die Ressource Mensch werden im Jahresabschluss allerdings mit wenigen Ausnahmen als Aufwendungen erfasst. Das Humankapital ist somit nicht als Vermoegensgegenstand in...

This paper focuses on the issue of the information asymmetry between <p> the Federal Reserve Bank and commercial forecasters. Previous theoretical and <p> empirical evidence suggests that in the absence of confidential supervisory <p> information, commercial forecasters either under- or over- predict...</p></p></p>

This paper analyzes an Easley and O'Hara (1992) type sequential trading model in an evolutionary setting. We assume that the memory of a market maker is limited, and that traders endogenously choose whether to acquire private information with a fixed cost. We show that the ratio of the informed...