Die ökonomische Entwicklung im Freistaat Sachsen wird in erheblichem Maße vom Außenhandel geprägt. Die Exportquote definiert als Relation des Exportwertes am nominalen Bruttoinlandsprodukt lag im Jahr 2007 bei 25,3 %. Knapp 60 % der sächsischen Warenexporte wurden in Mitgliedsländer der...

Abstracting from self-protection and self-insurance e ects of export produc-tion choices, exporting rms usually have access to a number of risk sharingmarkets that have an efficient risk management role. Two of the most strikingresults achieved from the existence of risk sharing markets are the...

This paper places the competitive firm a la Sandmo in a standard efficiency wage model, wherein the work effort of labor depends on the wage rate set by the firm. Irrespective of the availability of hedging opportunities, we show that the Solow condition under which the equilibrium effort-wage...

We use the industrial organization approach to the microeconomics of banking, augmented by uncertainty and risk aversion, to examine credit derivatives and macro derivatives as instruments to hedge credit risk for a large commercial bank. In a partial-analytic framework we distinguish between...