In this paper we examine the international implications of monetary union in the European Community (EMU) and the associated international costs and benefits. We consider prospective changes in international institutions, the potential role of the ecu as an international currency, and the...

A financial crisis is a disturbance to financial markets, associated typically with falling asset prices and insolvency among debtors and intermediaries, which spreads through the financial system, disrupting the market's capacity to allocate capital. In this paper we analyze the generation and...

This paper analyzes the 'debt crisis' of the 1930s to see what light this historical experience sheds on recent difficulties in international capital markets. We first consider patterns of overseas lending and borrowing in the 1920s and 1930s, comparing the performance of standard models of...

Vorwort 3 I. Einleitung 5 II. Ost-West-Handel 8 a. Entwicklung 8 b. Aussichten für die nähere Zukunft 12 c. Der Handel mit China 14 d. Der sowjetische Ferne Osten 15 e. Komparative Vorteile im Ost-West-Süd-Handel . . 16 f. Gewinne aus dem Handel 17 III. Technologietransfer 20 IV. Die...

This analysis tests the price discovery relationship between sovereign CDS premia and bond yield spreads on the same reference entity. The theoretical no-arbitrage relationship between the two credit spreads is confronted with daily data from six Euro-area countries over the period 2004-2011. As...

This analysis tests the price discovery relationship between sovereign CDS premia and bond yield spreads on the same reference entity. The theoretical no-arbitrage relationship between the two credit spreads is confronted with daily data from six Euro-area countries over the period 2004-2011. As...

[fre] L'Europe de l'Est n'a joué qu'un faible rôle dans les événements menant à la crise économique mondiale des années 1970, mais les économies à planification centra­lisée (EPC) ne pouvaient pas s'isoler complètement des chocs résultant sur les marchés mondiaux des biens et du...