The paper estimates a household money demand function for Poland from 1969 to 1995. Contrary to theoretical belief and earlier empirical evidence portfolio arguments are found to be significant. Despite regime shifts during the 1980s and full liberalization of the Polish economy in the beginning...

This paper provides an integrative survey of literature on commodity futures markets, on storage and production decisions, and on joint spot and futures price formation under uncertainty. The paper focuses on the risk reallocation role of futures markets. Basic models of futures trading by a...

In this paper a loanable funds model is estimated over the period 1959-90 for the determination of after-tax expected real interest rates using aggregated data for four European countries under the assumption that high capital mobility in Europe implies a common capital market. It is concluded...

This book charts the consequences for banking supervision of two stylized developments that over the last decade have characterized the global financial landscape: the integration of cross-sector and cross-border financial services. Both developments inevitably call for a supervisory response...

type="main" xml:lang="en" <p>We extend Svensson's (1991b) analysis of the term structure of interest rate differentials in a target zone. First, the model includes a time-varying devaluation risk, and second, we analyse the term structure of interest differentials vis-a-vis Germany in five...</p>

Realizing institutions and regulations that foster economic growth is an essential asset for contemporary economies. This book investigates practices and options for steering individual and firm behaviour that prevents unacceptable externalities and boosts public interests. These...

This topical book addresses the need for emerging economies in Central, Eastern and South-Eastern Europe to find a new, sustainable growth model that fosters continued convergence with the EU without leading to the build-up of new vulnerabilities.

There is an ongoing debate whether firm focus creates or destroys shareholder value. Earlierliterature has shown significant diversification discounts: firms that engage in multiple activitiesare valued less. Various factors are important in the size of the discount, for example...