The paper presents an alternative to the capital adequacy requirements proposed by the Basle Committee on Banking Supervision. Akin to the value-at-risk method, the alternative approach envisages national supervisory authorities setting a maximum risk of insolvency that no bank would be allowed...

This article investigates the international duopoly equilibrium when two countries impose antidumping constraints. It shows that, depending on the parameters of the model, three Nash equilibria exist: one in which both firms trade, one in which no firm trades and one in which a single firm trades.

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This paper explores the consequences of immigration for aggregate income and income distribution. On the one hand, immigration generally increases the residents' aggregate income, on the other hand, it makes income distribution more unequal if immigrants bring little capital with them. These two...

This paper is concerned with proposals for multilateral reforms of tariffs taxes and quotas that are Pareto-improving in welfare when the reforms are not accompanied by any income transfers between countries. Starting from a tariffand quota distorted competitive equilibrium for a model of a...

This paper argues that the stark contrast between the ease of regional liberalisation and the glacial pace of GATT talks does not reflect a GATT failure or the US's conversion from devoted multilateralist to ardent regionalist. GATT Rounds have always been long, have always been slow and have...

This paper studies the conditions under which a green tax reform not only benefits the environment but also enhances the efficiency of the tax system. The focus is on the consequences of international factor mobility for the scope of a double dividend. The investigation of the double-dividend...

The paper provides a critical summary of recent developments in banking and finance and discusses risk management strategies for banks and for banking supervision. Special attention is paid to systemic risks which arise because the nexus of interbank contracts is so complex that counterparty...

This article analyzes income differences between women and men in Switzerland. Using data from the Swiss Labour Force Survey of 1991, income functions are estimated on the basis of human capital theory. The sample selection bias is taken into account by the Heckman correction. It is asked for...

This paper deals with the question how to locate generally beneficial, but locally harmful facilities in accordance with citizens' procedural preferences. The analysis of survey data collected among people potentially affected by such siting decisions shows that aspects of procedural fairness...