1. Discussion and Working Paper // 2002

    A Bird in the Hand is Worth Two in the Bush? When do We Prefer Something Certainly Dirty to Something Perhaps Clean?

    We analyze the problem of introducing a new substitute for a polluting process while the environmental effects of this substitute are uncertain but will be resolved over time. The chlorofluorocarbons may serve…

  2. Contributions to Edited Volumes and Conference Proceedings // 2002

    The Future of Eastern European Capital Markets

  3. Discussion and Working Paper // 2002

    The threat of systemic risk in banking - evidence for Europe

    This paper attempts to answer the question whether the threat of systemic risk in banking exists only on a national or on a European level. Following De Nicolo and Kwast (2001), mean rolling-window…

  4. Discussion and Working Paper // 2002

    How integrated are the European retail financial markets? A cointegration analysis

    With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in…

  5. ZEW Discussion Paper No. 02-53 // 2002

    Allokationseffekte der Besteuerung im Rahmen des Fremdvergleichsgrundsatzes und des Einheitsprinzips

    In general, the allocation of income of multinational enterprises to several jurisdictions for corporate tax purposes follows the OECD standard of the arm’s length principle. In contrast to the theory of the…