Der HWWA-Rohstoffpreisindex hat sich in diesem Jahr kräftig erhöht. Industrierohstoffe verteuerten sich allerdings hauptsächlich zu Beginn des Jahres, ab dem zweiten Quartal stagnierten sie. Die Preise für Rohöl, die bis Ende September auf den höchsten Stand seit 16 Monaten geklettert...

International institutions increasingly affect each other's development, maintenance and effectiveness. Research so far has merely focused on the issue of effectiveness and broader consequences. The paper argues firstly that theoretical progress could be promoted by integrating variables...

This paper investigates the factors explaining exchange market pressures (EMP) and the hoarding and use of international reserves (IR) by emerging markets during the 2000s, as the Great Moderation turned to the 2008-9 global crisis and great recession. According to our results, both financial...

International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of...

When a sovereign faces the risk of debt default, it may be tempted to expropriate the private sector. This may be one reason why international investment in private companies has to take into account the sovereign risk. But the likelihood of sovereign risk transferring to corporates and...

We use a unique hand collected data set of 6,258 auctions from the online football manager game Hattrick to study determinants and effects of reserve prices. We find that chosen reserve prices exhibit both very sophisticated and suboptimal behavior by the sellers. On the one hand, reserve prices...

This paper explores the impact of financial constraints on the internationalization strategies of firms. It contributes to the literature by focusing on three aspects: First, the paper studies the impact of financial constraints on exporting relative to FDI. Consistent with theory, the empirical...

This paper analyzes the tax haven investment behavior of multinational firms from a country that exempts foreign income from taxation. High foreign tax rates generally encourage firms to invest in tax havens, though significant costs of reallocating taxable income dampen these incentives. The...

Mit der weltwirtschaftlichen Integration verstärken sich die Interdependenzen zwischen den institutionellen Regelwerken einzelner Länder. Der nationale Wirtschaftspolitiker wird zunehmend zum globalen Wirtschaftspolitiker. Um Freihandel zu sichern, muß der globale Wirtschaftspolitiker...