Corporate sectors in emerging markets have noticeably increased their reliance on foreign financing, presumably reflecting low global interest rates. The evidence also shows a rebalancing from bank loans towards bonds. To study these developments, this paper develops a dynamic open economy model...

This thesis develops a modular tender preparation process for retrofit projects of complex investetment goods like ships, buildings or industrial plants in three steps: data preparation, solution finding and outcome provision. Several methods and adapted technological tools support this process...

We assess the role of capital goods imports and inflows of foreign direct investment (FDI) as transmission channels through which major emerging economies (BRICs, i.e., Brazil, Russian Federation, India and China) could catch up with advanced source countries in terms of total factor...

We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost identically in the US economy. In order to derive the cyclical behavior of the equity returns in these two sectors, we onsider a standard two-sector real-business cycle model with...

In the last decade, a large portion of capital goods imports of Sub-Saharan African countries is telecommunications equipment, and China is now the main source of equipment for 30 Sub-Saharan African countries. A connection between specific types of equipment imports and subsequent exports is...

It is argued that the explosive growth experienced in much of the World since the middle of the 19th Century is due to the exploitation and use of fossil fuels which, in turn, was made possible by capital good innovations that enabled this source of energy to be used effectively. Economic...

We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost identically in the US economy. In order to derive the cyclical behavior of the equity returns in these two sectors, we consider a standard two-sector real-business cycle model with...

In this paper we show that price equalization alone is not sufficient to determine the barriers to international trade. There are many barrier combinations that deliver price equalization, but each combination implies a different volume of trade. We demonstrate this first theoretically in a...

The German export industry has traditionally specialised in the supply of capital goods. For this reason, forecasting the exports of capital goods is not only useful for firms operating in this sector but also for forecasting total German exports. An important determinant of the demand for...

We study a many country endogenous growth model in which decisions about innovation and new investment are influenced by growth expectations. Adaptive learning dynamics determine country-specific short run transition paths. Countries differ in basic structural parameters and may impose tariffs...

This working paper deals with the question how international trade can lead to economic growth. Since only technical progress can lead to sustained economic growth international trade has to accelerate the rate of technical progress to promote economic growth. Technical progress is mainly...