If an economy runs a current account (CA) deficit and finances it via a corresponding net inflow of equity capital the external debt (ED) does not change, i.e. the CA deficit does not add to ED. This is no paradox. It simply comes from the definition of CA deficit and ED, and points to different...

Population ageing in Italy is more pronounced than in most of the other developed countries. Given the very low employment rate for older workers, this is likely to have a negative effect on overall labour force participation in the near future. This paper describes the demographic and...

Purpose – Firms grant non‐tradable stock options to their employees as an incentive device. Is the cost of issuing these options equal to the amount the company would receive if it sold the same options to outside investors? The evaluation of this cost is the main objective of this article....

Purpose – Firms grant non-tradable stock options to their employees as an incentive device. Is the cost of issuing these options equal to the amount the company would receive if it sold the same options to outside investors? The evaluation of this cost is the main objective of this article....

In the renewable energy production solid biomass has became one of the most important source for power and heat generation, in particular woody materials in the form of wood chips, pellet and briquette. Technical standards on solid biofuels require information about origin and source of the...