In this paper we derive central limit theorems for two different types of Mahalanobis distances in situations where the dimension of the parent variable increases proportionally with the sample size. It is shown that although the two estimators are closely related and behave similarly in nite...

Abstract: This study uses tailor made enterprise level data from various sources for firms from manufacturing industries to test for the link between credit constraints, measured by a credit rating score provided by a leading credit rating agency, and imports in Germany for the first time. We...

The unprecedented deterioration of our global environment has increased the necessity of relying upon Green Economic policies as critical and effective environmental management tools. The current situation has stimulated extensive research and debate among global interest groups. This has...

Demographic change raises demand for non-tradable old-age related services relative to tradable commodities. This demand shift increases the relative price of non-tradables and thereby causes real exchange rates to appreciate. We claim that the change in demand affects prices via imperfect...

We experimentally study pork barrel politics in two-candidate majoritarian elections. Candidates form distinct supporter groups by favoring some voters in budget spending at the expense of others. We compare voluntary and compulsory costly voting and find that, on average, the former mode...

A stylized fact from the emerging literature on the micro-econometrics of international trade and a central implication of the heterogeneous firm models from the new new trade theory is that exporters are more productive than non-exporters. However, many firms from the lower end of the...

We develop a macroeconomic model where the government does not guarantee to repay debt. We ask whether movements in the price of government bonds can be rationalized by lenders' unwillingness to fully roll over debt when the outstanding level of debt exceeds the government's repayment capacity....

There exists a considerable debate in the literature investigating how stock market upswings or downswings impact financial market regulation. The present paper contributes to this literature and investigates whether financial market regulation follows a regulative cycle: does regulation, and...

This note uses a new tailor-made data set to investigate the link between firm age and the extensive and intensive margins of exports empirically for the first time for Germany. Results turn out to be fully in line with the theoretical considerations. Older firms are more often exporters, export...

This paper provides axiomatic descriptions of social welfare relations, defined on infinite streams of utility, that are consistent with the utilitarian criterion on subsets where maximizing aggregate utility has a clear interpretation: the streams, or their differences, are summable. Besides...