Challenges to the World Economy Book

	Introduction	1
	Germany's Economic Ills	7
	Economic Transformation in East Germany: Has Economic Theory Been Helpful?	17
	Economic Policy in Germany and the Role of the Economic Adviser	33
	It's Always Nice to Meet an Old Friend: Reflections on the NAIRU and New Estimates	45
	Germany Needs a National Stability Pact	55
	Social Model: Lessons for Developing Countries	67
	The Design of EU Trade Policies: Rationale, Results and Requirements for Reforming Regionalism	81
	European Fiscal Policies Under the Stability Pact: Some First Insights	97
	Prospective Trade Effects of Eastern EU Enlargement	109
	Saving and Investment in Transition Economies: Russia and the Central and Eastern European Countries	121
	Global Markets and National Sovereignty	139
	Spatial Impacts of the New Economy: Death of Distance and Decline of Cities?	151
	Comparative Regulatory Structures and Competitive Performance of Financial Systems	165
	Financial Cycles, Real Cycles and Monetary Policy	183
	On the Structure of Industries: Findings from the Automotive Branch	201
	About the Benefits of Fluctuations	215
	Linkage of Trade and "Non-trade" Issues: Competition Policy and Labor Standards	233
	Escape and Entry Mechanisms in the Multilateral Trade System	245
	Changing Horses and Hedging	261
	On a Misconception Concerning the Classical Gains from Trade	277
	The Japanese Slump	281
	Corrective Environmental Taxation and Distortionary Taxation Revisited	293
	Marketable Emission Permits and the Pattern of Foreign Trade: A Heckscher-Ohlin Approach	309
	Strategic Environmental Standards and Plant Location	325
	Resource Extraction and Hartwick's Rule Under Terms of Trade Uncertainty	341
	Tall Smokestacks and Transfrontier Pollution: A Tale from Orestia and Trebeisia	353
	Will Global Warming be Controlled? Reflections on the Irresolution of Humankind	367
	Bibliography of Horst Siebert	383