The economic and fi nancial crisis in 2009 triggered a stronger collapse in German exports compared to imports, with the high external surplus falling considerably. By now, global trade has recovered. The authors have calculated trends in German foreign trade, using a gravitation model. Based on...

Während der Wirtschafts- und Finanzkrise 2009 brachen die deutschen Exporte stärker ein als die Importe. Inzwischen hat sich der Welthandel wiederbelebt. Die Autoren berechnen mit Hilfe des Gravitätsmodells die Außenhandelsentwicklung Deutschlands. Demnach dürften sich die Exporte...

Summary This paper develops a market-based procedure to significantly reduce the indebtedness of emerging markets by applying an asset-backed security approach to a pool of emerging market bonds. In an extensive simulation study based on historical data, the cumulated interest savings over a...