Showing papers by "Kiel Institute for the World Economy published in 1987"

The european monetary system 1979–1987: Why has it worked?

Abstract: The European Monetary System has remained relatively stable in the eight years of its existence The following article analyses the factors that have contributed to this stability and assesses the prospects for the system in the years to come

Public Policy and Resource Use: The Case of Offshore Oil:

Abstract: This paper addresses the role of the government as a producer of regimes to govern natural resource use. The regime for hydrocarbon exploration and exploitation in the Outer Continental Shelf of the United States serves as an empirical illustration. The efficiency of this regime is evaluated applying criteria derived from economic theory (natural resource and property rights theory). The claims put forward by powerful political groups are contrasted with empirical evidence on the performance of the oil and gas industry. The fact that these claims were able to substantially influence the making of the regime in spite of their actual irrelevance is analysed from a public choice perspective.

From gold field discoveries to institutional sclerosis

Abstract: . The paper gives a brief overview of long wave analyses by embedding them into a general growth model of the Schumpeterian kind. A theory is presented which rests on price distortions in product and factor markets, and on the observation that institutional sluggishness prevents a society from reacting quickly to such distortions. This, it is argued, breeds cycles of the Kondratieff type. Empirical evidence to support this theory is presented for Germany and for Argentina.