Bulletin No 63 Spring 1995

IN THIS ISSUE...

Trade Policy in the East and West
Two CEPR publications explore the impact of the European Union's trade liberalization with the countries of Central and Eastern Europe: on the design of trade policy institutions in the East, and on the markets and economies of the Union. At a related discussion meeting held at the EBRD, André Sapir considered the Hungarian experience of the `Europe Agreements', while at a second London meeting, at the offices of the European Commission, Damien Neven examined whether any EU industries or regions are threatened by liberalization towards the CEECs.

Competing Models of Capitalism
At a joint workshop with ECARE in Brussels, researchers considered the systems of corporate governance in Japan and Continental Europe, and their relevance for the transition economies of Eastern Europe.

Trade and the Environment
Researchers at a London workshop explored the interactions of environmental policies, trade policies and international agreements.

Industrial Organization
A joint workshop with the Wissenschaftszentrum Berlin für Sozialforschung addressed empirical issues in industrial organization, while another, organized with the Université de Lausanne, examined the impact of R&D spillovers.

European Labour Markets
At a joint workshop with CEMFI in Madrid, researchers debated the role of key institutions of national labour markets in explaining discrepancies in rates of unemployment and unemployment duration.

Discussion Meetings
At a London meeting held at Hambros Bank Ltd, Paul Grout and Geoffrey Whittington presented research on the UK auditing profession that confirms fears of `cosy relationships' between auditors and firms.

At a Brussels meeting with ECARE, José Viñals considered the issue of building a monetary union in Europe, asking whether it remains worthwhile, where it currently stands, and where it is going from here.

At a London meeting, Bernard Dumas argued that while hedging instruments have proved effective means of reducing foreign exchange risk in financial portfolios, they cannot cushion companies engaged in international trade.

Among Recent Discussion Papers
Paul Krugman and Anthony Venables contend that concerns over uneven global development and the maintenance of First World living standards may be justified.

Dennis Snower explores the appropriate domain of the Welfare State, examining the degree to which we can rely on free enterprise to deliver the requisite services.

Daron Acemoglu shows that search in the labour market has important effects on decisions about human capital accumulation.

Mika Widgrén argues that there can be significant differences between a country's voting power and its policy impact in the European Union.

Patrick Honohan considers the relatively successful Irish experience with currency boards and whether it makes a good model for elsewhere in the world.

Axel Weber evaluates the evidence on the long-run neutrality of money across the G7 countries.