This paper develops a business cycle model with a financial intermediation sector. Financial wealth is defined as a predetermined state variable. Both, the additional sector of financial intermediaries and predetermination of financial wealth, affect the demand for real financial wealth. If real...

A whole bundle of so-called "flexible mechanisms" has been foreseen by the Kyoto Protocol in order to help industrial countries to fulfill their agreed reduction targets in the most cost-effective way. Emission permits will act as the backbone of all market-orientated mechanisms. Therefore,...

This paper analyses the determinants of the size of the informal economy using cross-country regressions. Two sets of global data using indirect estimation techniques and the perception of business leaders for 109 countries as well as a regional set for Latin America based on direct data are...