German municipalities are expected to suffer from intense demographic changes in the upcoming decades, not only in the form of population losses, but also through a changing demographic structure. We assess local governments' vulnerability to the fiscal consequences of these demographic...

In spite of progress with integration, the European single market is still far from perfect. In particular, financial services markets are still heavily segmented along national borders—even in the era of the Internet and the Euro. In order to understand the reasons for and consequences...

This paper analyses the impact of the monetary regime change from the Bundesbank to the ECB on inflation expectations. In the theoretical part, the Barro-Gordon model is used to derive the potential effect of a new central bank on inflation and inflation expectations. The econometric...

The paper examines the applicability of GDP-linked bonds for the financing of developing countries. These bonds are characterised by tying the coupon and|or redemption payments to the GDP of the issuing country. Along with an analysis of their pricing behaviour and of their behaviour in a...

According to Stigler’s capture theoryregulation often follows the preferences of producers.Therefore, the interests of the financial industry might be amajor driving force for the ongoing supervisory reform debate.This paper identifies possible interests of the regulatedindustries: Either they...