Analysing different arrangements of inter-country trade, this paper investigates the impact of exchange rate risk on production and expected trade. We address the question how a mean-preserving spread of the exchange rate distribution effects strategic aspects of different trading arrangements....

Some people believe that the impact of population ageing on future health care ex-penditures will be quite moderate due to the high costs of dying. If not age per se but proximity to death determines the bulk of expenditures, a shift in the mortality risk to higher ages will not affect lifetime...