The paper analyses aspects of international capital movements and formation of human capital in a three sector two country growth model. We assume that direct foreign investment from a country with a high level of knowledge goes along with a positive external effect on human capital growth in...

Portfolio choice is usually modelled by von Neumann-Morgenstern utility. Risk-value models are more general and permit the derivation of risk-value efficient frontiers. A behaviorally based risk measure with an endogenous or exogenous benchmark is used to derive efficient portfolios and to...

This paper builds up a two country model of trade and unemployment allowing for perfect mobility of capital across the borders. Capital moves from the north to the south, which suffers from unemployment. A few basic policies related to lowering of unemployment are discussed. In particular it is...

An n-commodity, n-factor, A"-country log-linear model is developed, with identical Cobb-Douglas production coefficients and identical consumer expenditure shares across countries, in which factor endowments are such as to permit positive production of all commodities in all countries, hence...

In this paper we consider a multinational firm under exchange rate risk in a multiperiod model. We analyze the impact of exchange rate uncertainty and the use of currency futures on the risk-averse firm's decisions about home and foreign production. Without any markets for hedging an increase in...

Traditional political economy models of taxation fail to explain why there is so little redistribution of wealth despite significant wealth inequalites. This is for two reasons: (1) The median voter approach cannot deal with a multidimensional policy-space and (2) wealth taxation affects...

This paper studies income-redistribution effects from labor migration in a small open economy under alternative assumptions on the international mobility of capital. Our principal result is that induced international capital flows dampen or may even reverse redistribution effects. However, as...

In the past few years, the role of international organizations involved in supplying developing countries with capital has changed - not only have they increased their volume of lending, but they have also become catalytic agents stimulating continuing private bank lending to less developed...

Finanzmathematische und demographische Methoden werden präsentiert, um den Einfluß von Wanderungen auf die langfristige Bevölkerungsentwicklung zu präsentieren. Finanzmathematische Methoden berücksichtigen nicht die Altersstruktur einer Bevölkerung und können daher nur als Approximation...

The paper addresses the question whether voters would favor a restriction on capital exports to the East, and if so, to what extent. In a two country framework, it is shown that an unrestricted capital outflow is not optimal, in the traditional sense of a social welfare maximizing benevolent...