Existing work on the costs of insecure property has largely focused on the overexploitation problem of common pool resources. We investigate other costs of insecure resources -- including uncertainty costs, lack of tradability, and conflict -- within a setting in which adversaries compete for...

We explore theoretically and empirically the relationship between intraindustry trade and the skill premium. Our model features a Chamberlinian-type mechanism of income distribution based on quasi-homothetic consumer preferences, non-homothetic production, and factor-biased scale economies at...

Reportedly, firms often find it impossible to finance large and long-term projects despite positive net present values. Should governments step in and can their assistance be effective? This paper studies the case of public export credit guarantees in Germany. Covering the default risk of...

The proposed Transatlantic Trade and Investment Partnership (TTIP) is the most significant trade policy initiative since the Uruguay Round (1986 to 1994). It would create a free trade zone covering 45% of world GDP. However, critics dismiss the possible welfare gains as small compared to the...

Recent literature finds that exporters are particularly vulnerable to financial market frictions. As a consequence, exports may be lower than their efficient levels. For this reason, many countries support exporters by underwriting export credit guarantees. The empirical evidence on the effects...

Mit dem Abschuss einer Passagiermaschine mit 298 Insassen über der Ostukraine am 17. Juli 2014 mutmaßlich durch pro-russische Separatisten haben die Beziehungen zwischen Russland und dem Westen einen neuen Tiefpunkt erreicht. Bereits am 17. März 2014, einen Tag nach dem erfolgreichen...