CEPR Discussion Papers

From Centre for Economic Policy Research
33 Great Sutton Street, London EC1V 0DX, UK.
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1742: Debt Contracts, Collapse and Regulation as Competition Phenomena

Hans Gersbach and Harald Uhlig

1741: The Emergence of the Euro as an International Currency

George Alogoskoufis, Richard Portes and Helene Rey

1740: Pitfalls in the Theory of International Trade Policy: Concertina Reforms of Tariffs and Subsidies to HIgh-Technology Industries

J. Peter Neary

1739: The Political Economy of EC Regionalism

Andre Sapir

1738: Venture Capital Financing, Moral Hazard and Learning

Dirk Bergemann and Ulrich Hege

1737: Comparative Politics and Public Finance

Torsten Persson, Gérard Roland and Guido Tabellini

1736: After Voucher Privatization: The Structure of Corporate Ownership in Russian Manufacturing Industry

John Earle and Saul Estrin

1735: Stage Financing and the Role of Convertible Debt

Francesca Cornelli and Oved Yosha

1734: The Value of Children and Immigrants in a Pay-As-You-Go Pension System: A Proposal For a Partial Transition to a Funded System

Hans-Werner Sinn

1733: Identifying Monetary Policy Shocks in Japan

Etsuro Shioji

1732: A Strategy for Launching the Euro

Maurice Obstfeld

1731: Monetary Regimes and Labour Market Reform

Anne Sibert and Alan Sutherland

1730: The Behaviour of Real Exchange Rates During the Post-Bretton Woods Period

Lucio Sarno and Mark Taylor

1729: Entry Mistakes

Luis Cabral

1728: Transition Issues for the European Monetary Union

Willem Buiter and Anne Sibert

1727: Consumption and Credit Constraints: International evidence

Philippe Bacchetta and Stefan Gerlach

1726: Wage and Investment Behaviour in Transition: Evidence from a Polish Panel Data Set

Irena Grosfeld and Jean-François Nivet

1725: Can Competition in the Credit Market be Excessive?

Ramon Caminal and Carmen Matutes

1724: Unemployment and the 'Labour-Management Conspiracy'

Larry Karp and Thierry Paul

1723: Competition Law in Post-Central Planning Bulgaria

Simeon Djankov and Bernard Hoekman

1722: Adversarial and Inquisitorial Procedures in Arbitration

Hyun Song Shin

1721: Determinants of Intra-Industry Trade between East and West Europe

Chonira Aturupane, Simeon Djankov and Bernard Hoekman

1720: Monetary Union, Entry Conditions and Economic Reform

Gulcin Ozkan, Anne Sibert and Alan Sutherland

1719: Shareholders and Stakeholders: Human Capital and Industry Equilibrium

Roberto Ippolito, Marcus Miller and Lei Zhang

1718: Do Services Differ From Manufacturing? The Post-Entry Performance of Firms in Dutch Services

David Audretsch, Luuk Klomp and Roy Thurik

1717: Minimum Price Variations, Time Priority and Quote Dynamics

Tito Cordella and Thierry Foucault

1716: The Behaviour of the Real Exchange Rate: A Re-examination Using Finite Sample Approach

Biing-Shen Kuo and Anne Mikkola

1715: 'I Vont To Be Alone' Transitions to Independent Living, Marriage and Divorce Among Young Americans

Arnstein Aassve, Simon Burgess and Carol Propper

1714: Jobs, Workers and Changes in Earnings Dispersion

Simon Burgess, Julia Lane and David Stevens

1713: The Reallocation of Labour and the Lifecycle of Firms

Simon Burgess, Julia Lane and David Stevens

1712: Job Tenure and Labour Market Regulation: A Comparison of Britain and Italy using Micro Data

Simon Burgess, Lia Pacelli and Hedley Rees

1711: A Disaggregate Analysis of the Evolution of Job Tenure in Britain, 1975-93

Simon Burgess and Hedley Rees

1710: Sources of Growth: the Entrepreneurial versus the Managed Economy

David Audretsch and Roy Thurik

1709: Culture, Discrimination and Individual Productivity: Regional Evidence from Personnel Data in a Large Italian Firm

Andrea Ichino and Pietro Ichino

1708: The Labour Market and Corporate Structure

Daron Acemoglu and Andrew Newman

1707: Why Do New Technologies Complement Skills? Directed Technical Change and Wage Inequality

Daron Acemoglu

1706: Wages and the Bargaining Regime in a Corporatist Setting: The Netherlands

Joop Hartog, Edwin Leuven and C. N. Teulings

1705: Protection and Trade in Services: A Survey

Bernard Hoekman and Carlos Primo Braga

1704: Miniblocs and Fringe Currencies of the EMU

Patrick Honohan

1703: Determinants of Korean Trade Flows and their Geographical Destination

Lorenzo Giorgianni and Gian Maria Milesi-Ferretti

1702: Business Cycles and Compositional Variation in US Unemployment

Jaap Abbring, Gerard van den Berg and Jan van Ours

1701: Debt Relief

Aydin Hayri

1700: Tariffs and Growth in the Late Nineteenth Century

Kevin O'Rourke

1699: Agglomeration in the Global Economy: A Survey of the 'New Economic Geography'

Gianmarco Ottaviano and Diego Puga

1698: Reducing Coal Subsidies and Trade Barriers: Their Contribution to Greenhouse Gas Abatement

Kym Anderson and Warwick McKibbin

1697: Inventories, Production Smoothing and the Shape of the Cost Function

Marzio Galeotti, Luigi Guiso, Brian Sack and Fabio Schiantarelli

1696: High-Tech Firms and Credit Rationing

Luigi Guiso

1695: Hostile Stakes and the Role of Banks in German Corporate Governance

Tim Jenkinson and Alexander Ljungqvist

1694: Thinking Creatively About Markets

Paul Geroski

1693: Beyond Balanced Growth

Piyabha Kongsamut, Sergio Rebelo and Danyang Xie

1692: What Happens When Countries Peg Their Exchange Rates? (The Real Side of Monetary Reforms)

Sergio Rebelo

1691: Are Differences in Firm Size Transitory or Permanent?

Paul Geroski, Hossein Samiei and Giovanni Urga

1690: Regional Integration as Diplomacy

Maurice Schiff and L. Winters

1689: On Identifying the Core of EMU: An Exploration of Some Empirical Criteria

Michael Artis and Wenda Zhang

1688: The Stability Pact: Safeguarding the Credibility of the European Central Bank

Michael Artis and Bernhard Winkler

1687: Unique Equilibrium in a Model of Self-fulfilling Currency Attacks

Stephen Morris and Hyun Song Shin

1686: Poverty and the Welfare State in Inter-war London

Roy Bailey and Timothy Hatton

1685: EMU: Why and How It Might Happen

Charles Wyplosz

1684: Trade and Migration: A Production-Theory Approach

Ulrich Kohli

1683: Heterogeneous Traders and the Unbiasedness Hypothesis: Explaining the Mark/Dollar Bias

Nicos Christodoulakis and Sarantis Kalyvitis

1682: Almost Common Value Auctions: The 'Wallet Game' and its Applications to Takeover Battles and Airwaves Auctions

Paul Klemperer

1681: Unemployment, Growth and Taxation in Industrial Countries

Francesco Daveri and Guido Tabellini

1680: Implications of the Great Depression for the Development of the International Monetary System

Michael Bordo and Barry Eichengreen

1679: The Earnings Distribution and Returns to Education in Ireland, 1987-94

Alan Barrett, Tim Callan and Brian Nolan

1678: Preferences, Consumption Smoothing, and Risk Premia

Martin Lettau and Harald Uhlig

1677: The Indeterminacy of the Euro Conversion Rates. Why it Matters and How it can be Solved

Paul De Grauwe

1676: Extracting Information from Asset Prices: The Methodology of EMU Calculators

Carlo Favero, Francesco Giavazzi, Fabrizio Iacone and Guido Tabellini

1675: Youth Unemployment and Government Policy

Mike Orszag and Dennis Snower

1674: Expanding the Welfare System: A Proposal for Reform

Mike Orszag and Dennis Snower

1673: How Will the Euro behave?

Daniel Cohen

1672: Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited

Maurice Obstfeld and Alan Taylor

1671: R&D Spillovers and the Case for Industrial Policy in an Open Economy

Dermot Leahy and J. Peter Neary

1670: Income and Consumption Smoothing Among US States: Regions or Clubs?

Bent Sorensen and Oved Yosha

1669: An Analysis of the 'Stability Pact'

Roel Beetsma and Harald Uhlig

1668: A Mixed Blessing: Natural Resources and Economic Growth

Thorvaldur Gylfason, Tryggvi Herbertsson and Gylfi Zoega

1667: The Comparative Analysis of Settlement Systems

Shuji Kobayakawa

1666: Nominal Contracts as Behaviour Towards Risk

A. Patrick Minford and Eric Nowell

1665: Bank Solvency, Market Structure, and Monitoring Incentives

Ramon Caminal and Carmen Matutes

1664: Fiscal Rules and the Budget Process

Gian Maria Milesi-Ferretti

1663: Evaluating Portfolio Performance with Stochastic Discount Factors

Magnus Dahlquist and Paul Söderlind

1662: Government Distributional Concerns and Economic Policy During the Transition from Socialism

Roger Gordon and David Daokui Li

1661: Were Trade and Factor Mobility Substitutes in History?

William Collins, Kevin O'Rourke and Jeffrey Williamson

1660: Globalisation and Migratory Pressures from Developing Countries: A Simulation Analysis

Jaime de Melo, Charles Ettinger and Riccardo Faini

1659: Regional Integration and Foreign Direct Investment

Magnus Blomström and Ari Kokko

1658: The Economic Institution of International Barter

Dalia Marin and Monika Schnitzer

1657: Taxes and Government Incentives: Eastern Europe vs. China

Roger Gordon and David Daokui Li

1656: Regional Integration, Trade, and Migration: Are Demand Linkages Relevant in Europe?

Rodney Ludema and Ian Wooton

1655: Debt Concentration and Bargaining Power: Large Banks, Small Banks, and Secondary Prices

Raquel Fernandez and Sule Ozler

1654: Why Firms Form Research Joint Ventures: Theory and Evidence

Lars-Hendrik Röller, Ralph Siebert and Mihkel Tombak

1653: Some Cross-Country Evidence about Debt, Deficits and the Behaviour of Monetary and Fiscal Authorities

Jacques Melitz

1652: Portfolio Selection and Asset Pricing with Dynamically Incomplete Markets and Time-varying First and Second Moments

Lars Nielsen and Maria Vassalou

1651: Monotone Risk Aversion

Lars Nielsen

1650: Parametric Characterizations of Risk Aversion and Prudence

Fatma Lajeri and Lars Nielsen

1649: Multiple Versus Single Banking Relationships

Enrica Detragiache, Paolo Garella and Luigi Guiso

1648: Bid-Ask Spreads with Indirect Competition among Specialists

Thomas Gehrig and Matthew Jackson

1647: Real Interest Rates, Nominal Shocks, and Real Shocks

Edward Driffill

1646: The Exchange Rate Policy of the Euro: A Matter of Size?

Philippe Martin

1645: Sequential Investments and Options to Own

Georg Nöldeke and Klaus Schmidt

1644: Imperfect Tests and Natural Insurance Monopolies

Winand Emons

1643: How Will Transatlantic Policy Interactions Change with the Advent of EMU?

Barry Eichengreen and Fabio Ghironi