Societies provide institutions that are costly to use, but able to enforce long-run relationships. We study the optimal decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions. Third-party enforcement is modelled as a costly...

The Treaty of Accession consists of several parts. The overarching document is the short Treaty concerning the accession of the Republic of Bulgaria and Romania to the European Union. Attached to the Treaty is the Act of Accession and its Annexes. This act enters into force only in the event...

This EEA report constitutes the main part of the European Community's submission of its initial report to the secretariat of the United Nations Framework Convention on Climate Change (UNFCCC). The report establishes the assigned amount for the European Community (EU-15), and demonstrates its...

This EEA report constitutes the main part of the European Community's submission of its initial report to the secretariat of the United Nations Framework Convention on Climate Change (UNFCCC). The report establishes the assigned amount for the European Community (EU-15), and demonstrates its...

The depletion of the ozone layer by man-made chemicals was discovered in the mid-1970s. It was once described by the Nobel prize-winning scientist Paul Crutzen as u0093the worst disaster to hit the global environmentu0094. The international response embodied in the Montreal Protocol has been...

The Practice Guide intends to give an overview of the relevant current legal provisions (including case law) on matters of private international law and posting in the area of employment contracts to assist practitioners . This Guide is not intended to be legally authoritative, nor does it...

This paper extends the analysis of infinite dimensional vector autoregressive models (IVAR) proposed in Chudik and Pesaran (2010) to the case where one of the variables or the cross section units in the IVAR model is dominant or pervasive. This extension is not straightforward and involves...

This paper introduces the concepts of time-specific weak and strong cross section dependence. A double-indexed process is said to be cross sectionally weakly dependent at a given point in time, t, if its weighted average along the cross section dimension (N) converges to its expectation in...

This paper examines the feasibility of implementing Linear Quadratic Gaussian (LQG) Control in structural cointegrated VAR models and sheds some light on the two major problems generated by such implementation. The first aspect to be taken into account is the effect of the presence of unit roots...