Friedensicherung durch die Vereinten Nationen hat in Mali keine Zukunft. Für die seit 2013 bestehende Mission MINUSMA sind die politischen Rahmenbedingungen schlechter als je zuvor. Sie hat nicht die uneingeschränkte Unterstützung des VN-Sicherheitsrats und noch weniger die der malischen...

Credit spreads are large, volatile and countercyclical, and recent empirical work suggests that risk premia, not expected credit losses, are responsible for these features. Building on the idea that corporate debt, while safe in ordinary recessions, is exposed to economic depressions, this paper...

The Great Moderation refers to the fall in U.S. output growth volatility in the mid-1980s. At the same time, the United States experienced a moderation in inflation and lower average inflation. Using annual data since 1890, we find that an earlier 1946 moderation in output and consumption growth...

This article contributes to the literature on stock market integration by developing and estimating a capital asset pricing model with segmentation effects in order to assess stock market segmentation and its effects on risk premia at the regional level. We show that the estimated degrees of...