1. ZEW-Schriftenreihe Umwelt- und Ressourcenökonomie // 1998

    Long-Term Integration of Renewable Energy Sources into the European Energy System

    A sustainable European energy system, mitigating climate change and solving a number of other key environmental problems, will require massive reliance on renewable energy sources combined with a sharp increase…

  2. ZEW Discussion Paper No. 98-30 // 1998

    EMU and Fiscal Discipline : The End of the Depreciation Threat

    Are the characteristics of the exchange rate regime relevant for the degree of fiscal discipline? What are the conclusions for fiscal behavior in Europe after the transition to EMU? These are the central…

  3. ZEW Discussion Paper No. 98-20 // 1998

    Hedging Langfristiger Lieferverpflichtungen mit kurzfristigen Futures : Möglich oder Unmöglich ?

    Since the crisis of the Metallgesellschaft AG in 1993, their roll over hedging strategy with short-term oil futures has been a subject of controversal debate. Main issues of this controversy are whether a woll…

  4. ZEW Discussion Paper No. 98-18 // 1998

    Why Hedge ? - A Critical Review of Theory and Empirical Evidence

    Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial environment in which firms operate. Corporate managers, however, rank risk management as…

  5. ZEW Discussion Paper No. 98-13 // 1998

    Shock around the Clock - On the Casual Relations Between International Stock Markets, the Strength of Causality and the Intensity of Shock Transmission. An Econometric Analysis

    This paper investigates empirically the interrelationships between the daily stock market returns of the Nikkei 225, DAX and Dow Jones Industrial index. Contrary to former work this paper uses the succession of…

  6. ZEW Discussion Paper No. 98-02 // 1998

    Die Theorie der optimalen Währungsräume und die politische Reformfähigkeit - ein vernachlässigtes Kriterium

    In this paper, a short survey is given on the contents and some problems of the theory of optimal currency areas. In addition, a new criterion for the assessment of the optimality of a currency area is proposed:…