Challenges to the World Economy

This volume, in a sense, aims at reflecting the qualities of the honoree and it does so in two respects. On the one hand, it covers a great variety of subdisciplines of economics. On the other hand, the book ranges from theoretical and mathematical economics to hands-on applied analyses of economic-policy issues. All essays are driven by the aspiration to better understand the economy and to draw relevant conclusions for economic policy. The book is divided into five parts dealing with the German economy, European economic issues, global markets, international trade theory and policy, and natural resources and the environment.

Broad spectrum of applied and theoretical papers on policy-relevant issues of economics By leading scholars

Inhalt
Germany's Economic Ills.- Economic Transformation in East Germany: Has Economic Theory Been Helpful?.- Economic Policy in Germany and the Role of the Economic Adviser.- It's Always Nice to Meet an Old Friend: Reflections on the NAIRU and New Estimates.- Germany Needs a National Stability Pact.- Social Model: Lessons for Developing Countries.- The Design of EU Trade Policies: Rationale, Results and Requirements for Reforming Regionalism.- European Fiscal Policies Under the Stability Pact: Some First Insights.- Prospective Trade Effects of Eastern EU Enlargement.- Saving and Investment in Transition Economies: Russia and the Central and Eastern European Countries.- Global Markets and National Sovereignty.- Spatial Impacts of the New Economy: Death of Distance and Decline of Cities?.- Comparative Regulatory Structures and Competitive Performance of Financial Systems.- Financial Cycles, Real Cycles and Monetary Policy.- On the Structure of Industries: Findings from the Automotive Branch.- About the Benefits of Fluctuations.- Linkage of Trade and Non-trade Issues: Competition Policy and Labor Standards.- Escape and Entry Mechanisms in the Multilateral Trade System.- Changing Horses and Hedging.- On a Misconception Concerning the Classical Gains from Trade.- The Japanese Slump.- Corrective Environmental Taxation and Distortionary Taxation Revisited.- Marketable Emission Permits and the Pattern of Foreign Trade: A Heckscher-Ohlin Approach.- Strategic Environmental Standards and Plant Location.- Resource Extraction and Hartwick's Rule Under Terms of Trade Uncertainty.- Tall Smokestacks and Transfrontier Pollution: A Tale from Orestia and Trebeisia.- Will Global Warming be Controlled? Reflections on the Irresolution of Humankind.- Bibliography of Horst Siebert.