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Using a newly constructed macroeconometric model for Germany and the rest of the Euro area, we investigate the macroeconomic effects of structural labor market reforms in Germany. We find that neither the fact that Germany can no longer pursue an independent monetary policy nor the possibility that other countries in the Euro area might react to reforms in Germany by implementing labor market reforms themselves constitute impediments to successful reforms. Reforms would relative quickly bring down unemployment and increase GDP significantly. Even former labor market "insiders" would gain as net wages increase due to falling unemployment insurance contributions.

Consumer protection regulation has not prevented a collapse of trust in financial markets. Theories underlying regulatory intervention require review. In the financial crisis of 1857, firms rather than public authorities restored consumer confidence. Future regulatory regimes may permit greater scope for market‐based design of consumer protection measures.

This paper reviews the reform of social protection systems in two Mediterranean economies in the light of the Varieties of Capitalism theory. Far from providing an exhaustive and detailed explanation of change in all areas of social protection, the paper aims to show the need to integrate insights from different approaches to welfare reform. The starting point is the limited capacity of existing approaches when it comes to explaining reform dynamics in southern European economies. The paper uses a two-level analytical framework in order to understand the dynamics and direction of change in Italy and Spain. The integration of insights from the varieties of capitalism and the politics of welfare reform literature helps to achieve a better understanding of mechanisms underlying change in the Southern European hybrid political economies. The interactions between production regimes and protection systems are analyzed extensively. The organizational fragmentation of collective associations, the type of reform coalitions as well as the characteristics of the political system stand as important variables to explain change in social protection models of these countries. Adapted from the source document.

The Tragedy of Russia's Reforms: Market Bolshevism Against Democracy by Peter Reddaway and Dimitri Glinski is reviewed.

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 des économies de l'Europe du Sud, l'article déploie une analyse sur deux niveaux pour rendre compte de la dynamique et de la direction du changement en Espagne et en Italie. L'intégration des conclusions provenant du modèle des variétés de capitalisme et de la littérature scientifique sur l'évolution de l'État providence nous aident à mieux comprendre les mécanismes du changement dans les économies hybride de l'Europe du sud. À cette fin, nous analysons l'interaction entre régime de production et de protection sociale. Parmi les variables clefs de cette analyse se trouvent : la fragmentation organisationnelle des associations collectives, les types de coalition de réforme, ainsi que les caractéristiques des systèmes politiques. ; This paper reviews the reform of social protection systems in two Mediterranean economies in the light of the Varieties of Capitalism theory. Far from providing an exhaustive and detailed explanation of change in all areas of social protection, the paper aims to show the need to integrate insights from different approaches to welfare reform. The starting point is the limited capacity of existing approaches when it comes to explaining reform dynamics in southern European economies. The paper uses a two-level analytical framework in order to understand the dynamics and direction of change in Italy and Spain. The integration of insights from the varieties of capitalism and the politics of welfare reform literature helps to achieve a better understanding of mechanisms underlying change in the Southern European hybrid political economies. The interactions between production regimes and protection systems are analysed extensively. The organizational fragmentation of collective associations, the type of reform coalitions as well as the characteristics of the political

We develop a new methodology to estimate herd behavior in financial markets. We build a model of informational herding that can be estimated with financial transaction data. In the model, rational herding arises because of information-event uncertainty. We estimate the model using data on a NYSE stock (Ashland Inc.) during 1995. Herding occurs often and is particularly pervasive on some days. On average, the proportion of herd buyers is 2 percent; that of herd sellers is 4 percent. Herding also causes important informational inefficiencies in the market, amounting, on average, to 4 percent of the asset's expected value. (JEL C58, D82, D83, G12, G14)

Russian economy slowdown is exhibited by the investment crisis; its termination is a key factor in the resumption of sustainable growth. As the deficit of durable investment resources is acutely felt today, the article demonstrates that the development of the domestic non-banking financial sector can serve as an efficient mechanism for the long-term investment capital formation. The current state of Russian non-banking financial sector is characterized by numerous structural problems so that a special program of measures, both inside the sector and beyond its limits, is required to address these problems and pull the sector out of stagnation. Systemic implementation of this program will lead to important changes at the macro level, including the increase in the capital investment, especially long-term; the expansion of opportunities for structural reforms; the increase and diversification of household incomes and the acceleration of economic growth.

Résumé 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 des économies de l'Europe du Sud, l'article déploie une analyse sur deux niveaux pour rendre compte de la dynamique et de la direction du changement en Espagne et en Italie. L'intégration des conclusions provenant du modèle des variétés de capitalisme et de la littérature scientifique sur l'évolution de l'État providence nous aident à mieux comprendre les mécanismes du changement dans les économies hybride de l'Europe du sud. À cette fin, nous analysons l'interaction entre régime de production et de protection sociale. Parmi les variables clefs de cette analyse se trouvent : la fragmentation organisationnelle des associations collectives, les types de coalition de réforme, ainsi que les caractéristiques des systèmes politiques.

At present primarily governed by market forces with little regulatory interference, international financial relations have become increasingly important for global as well as national economies. Contributors to this volume consider whether this absence of regulation is wise, in the light of recent financial crises. This book accordingly presents a framework for an analysis of the options in regulating international financial markets from the perspective of public international law. The volume will be of interest to scholars and practitioners involved with comparative public law, constitutional economics and financial regulation.