This paper studies systemic risk in the interbank market. We first establish that in the German interbank lending market, a few large banks intermediate funding flows between many smaller periphery banks and that shocks to these intermediary banks in the financial crisis spill over to the...

We present a wage-hours contract designed to minimize costly job turnover given investments in on the job training combined with firm and worker information asymmetries. It may be optimal for the parties to work 'long hours' remunerated at premium rates for guaranteed overtime hours. Based on...

The purpose of this paper is to measure the extent of the international intra-industry trade of China, and to test empirically various country-specific and industry-specific hypotheses concerning the determinants of vertical and horizontal intra-industry trade between China and her major trading...