This paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to define and enforce contractual obligations across borders. The sovereign immunity of national...

The G-20 has been established more than 10 years ago as a reaction to the Asian financial crisis without - at first - gaining much weight on the international scene, however, the financial crisis of 2007/08 has caused a re-vitalization on a higher level, namely as body of the "G-20 Leaders". The...

Leading economists consider the shape and future of economic policy: Will it resume the pre-crisis consensus or contend with the post-crisis 'new normal'? Have we made progress with addressing the major issues or does confusion remain in today's economic environment? Chapters address topics that...

This paper shows how the crisis has evolved in south-eastern Europe (SEE) and why this region was affected by developments that originated elsewhere. It argues that the impact has been better than many feared and that this resilience can be attributed in large part to the mature and sensible...

The paper is devoted to an analysis of the Treaty on Stability Coordination and Governance (TSCG), also known as the "Fiscal Compact" Treaty signed between the EU member states in 2012. We argue than the TSCG, instead of helping to "repair" the institutional failures on which the Euro and the...

Die überraschend schnelle wirtschaftliche Erholung der asiatischen Krisenländer (Indonesien, Korea, Malaysia, die Philippinen und Thailand) ging mit makroökonomischen Anpassungsmaßnahmen und strukturellen Reformen im Finanz- und Unternehmenssektor einher. Gleichwohl unterscheiden sich die...