I calibrate the switching cost for the Finnish retail deposit market by using the approach developed by Oz Shy (2002). It turns out that switching costs faced by deposit customers of the main Finnish banks manifest large variation and are high, ranging from 200 euros to nearly 1,400 euros. Over...

Die vergangenen zehn Jahre haben die Defizite der europäischen Asylpolitikoffengelegt. Uneinheitliche Umsetzungen der gesetzlichen Regelungen und die ungleiche Belastung der EU-Länder haben in Anbetracht andauernd hoher Asylantragszahlen zu einer Überlastung des europäischen Asylsystems und...

Focusing on emerging market currency arrangements, we build a model of an exchange rate peg with escape clauses and output persistence. We first show how output persistence works as an additional 'fundamental' so that an exogenous increase in persistence can make the currency peg more vulnerable...

It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an “escape clause” model of currency crises. We show that the absence of structural...