In this paper, we analyze the role of aggregate variables in the transmission from international stock price developments to individual domestic stock prices in a small open stock market. In particular, a theoretical and econometric model is used to determine whether international aggregate...

Proponents of free trade argue that export promotion distorts competition and undermines the multilateral trade system. In most countries export insurance is provided by the government and, consequently, is driven more by a broad range of policy objectives than purely insurance principles. This...

This paper addresses convergence in social protection and GDP in a European Economic and Monetary Union. We evaluate the impact of recently proposed EC social minimum requirements on regional convergence within the EC. Subsequently, we analyze a system of differentiated social norms as a means...