This paper presents a positive model which shows that institutional setups on capital and labor markets might be intertwined by politicoeconomic forces. Some countries especially in continental Europe exhibit a corporatist politicoeconomic equilibrium with a substantial protection of insiders on both markets. The more important money is in political decision-making, the more divided the workfor...

In a nutshell Flexi-curity is not only a buzz-word, but drives the policy agenda of the EU. Therefore it is important to know about what we talk when we talk about the term. What is at stake is some shift from employment protection towards social protection. In other words, some of the risk/uncertainty management linked to labour markets in an era of globalisation is to be put on broader should...

In a competitive market where generating companies compete for loads with open access to the transmission network, the protection and control techniques in use take on a special significance. In this new environment there are two issues which are related to the uses of real-time measurements. First, there is the possibility that the preset control and protection decisions do not necessarily per...

We discuss the software patent should be granted or not. There exist two types of coping in the software market; reverse engineering and software duplication. Software patent can prevent both types of copies since a patent protects an idea. If the software is not protected by a patent, software producer cannot prevent reverse engineering. However, the producer can prevent the software duplicati...

Employment Protection, Product Market Regulation and Firm Selection This paper analyzes the effect of labor and product market regulation in a dynamic stochastic equilibrium with search frictions. Modeling multiple-worker firms allows us to distinguish between the exit-and-entry (extensive) margin, and the hiring-and-firing (intensive) margin. We characterize analytically how both margins depen...

Cet article analyse la réforme des systèmes de protection sociale dans deux pays méditerranéens, prenant comme point de départ le modèle des variétés du capitalisme. Son but est de démontrer l’intérêt d’une méthode intégrant les différentes approches à l’étude de l’État providence. Prenant comme point de départ la capacité limitée des théories existantes pour expliquer la dynamique de réforme d...

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This study examines the relationship between above-market price (or overpricing), along with various housing attributes, and time on the market (TOM). The study covers nearly 4,000 transactions of marketed domestic units of different living tenures, flat sizes, price ranges, and other physical characteristics in the Hong Kong residential property market. The results show that factors such as th...

This paper examines the determinants of stock returns in a small open economy using an APT framework. The analysis is conducted for the Swiss stock market which has the particularity of including a large proportion of firms that are exposed to foreign economic conditions. Both a statistical and a macroeconomic implementation of the model are performed for the period 1986-2002 with monthly retur...

We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different financial structures. Because setting up financial markets is costly in our model, economies that emph...