We trace the history of where and why investors from the most advanced countries directed funds, ultimately helping finance economic development in emerging market countries. To do this, we analyze the determinants of international investors'' willingness to hold the external liabilities issued...

The creation of the EU's Emission Trading Scheme (EU ETS) has turned the right to emit CO2 into a positively priced intermediate good for the affected firms. Firms thus face the decision whether to source compliance with the EU ETS within their boundaries or to acquire it through the permit...

This paper tests the independence property under the Coase Theorem in a large multinational cap-and-trade scheme for greenhouse gas emissions, the EU Emissions Trading System (EU ETS). I analyze whether emissions of power producers regulated under the EU ETS are independent from allowance...

This paper provides an empirical test of the Coase Theorem. I analyze whether emissions are independent from allowance allocations in the electricity sector as regulated under the EU's Emissions Trading System (EU ETS). Exogenous variation in levels of free allocation for power producing...

The creation of the EU's Emission Trading Scheme (EU ETS) has turned the right to emit CO2 into a positively priced intermediate good for the affected firms. Firms thus face the decision whether to source compliance with the EU ETS within their boundaries or to acquire it through the permit...

The existence of some 2 billion unused EU Allowances (EUAs) at the end of Phase II of the EU s Emissions Trading System (EU ETS) has sparked considerable debate about structural shortcomings of the EU ETS. However, there has been a surprising lack of interest in considering the accumulation of...

The EU's Emissions Trading System (EU ETS) is a regional cap-and-trade program in a world with no binding international climate agreement. This climate regulation may induce a relocation of production away from Europe, with potentially negative consequences for the European economy. This...

Die Preise für metallische Rohstoffe streben, trotz jüngster leichter Rückgänge, in der Tendenz neuen Höchstständen entgegen. Eisenerz, der nach Rohöl zweitwichtigste Rohstoff, ist von einer besonders starken Konzentration auf der Anbieter- und der Nachfrageseite geprägt. Relativ neu ist...

Eine wichtige Ursache für den Anstieg des Ölpreises seit Mitte der 90er Jahre ist die stetig steigende Ölnachfrage. Dazu hat in letzter Zeit das starke Wirtschaftswachstum in den Schwellenländern wesentlich beigetragen. Aktuell dürften die Unruhen in Nordafrika den Ölpreis weiter nach oben...