The 2010 European debt crisis has revived the discussion concerning the optimum adjustment strategy in the face of asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis, the most recent emergence of competitive...

Pro-social and ethical behavior primarily understood as the ability to sacrifice ones own interest to the benefit of others leads to welfare improvements and social progress, whereas anti-social and unethical actions result in irrevocable welfare losses and destruction. This dissertation...