After experiencing spectacular economic growth and industrial development for much of the postwar era, Japan plunged abruptly into recession in the early 1990s and since then has suffered a prolonged period of economic stagnation, from which it is only now emerging. Japan's malaise, marked by...

The sixteen essays in this book were written to celebrate the ninetieth birthday of Richard Musgrave and to commemorate the tenth anniversary of CES, the Center for Economic Studies at the University of Munich. Musgrave is considered to be a founding father or modern public economics. He belongs...

In recent decades, governments have built up substantial public debt, which is often accompanied by a growing public sector and fiscal policies that neglect long-term considerations. The contributors to this CESifo volume consider whether the development of public debt in the United States and...

High inequality in incomes and assets and persistent poverty continue to plague Latin America and remain a central economic policy challenge for Latin American policymakers. At the same time, dramatically improved methods and data allow researchers to analyze these problems and how they are...

In May 2004 the European Union will undergo the largest expansion in its history when ten countries--Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia--become members. The number of new members and their diversity make this "big bang"...

The existing literature in both public economics and financial economics often fails to consider how appropriate and effective public policy may be in promoting the venture capital industry. Public economics has dealt extensively with the effect of taxes and subsidies but has neglected the...

Intro -- CESifo Seminar Series -- Contents -- Contributors -- Series Foreword -- Preface -- 1 Introduction -- I China's Exchange Rate Policy -- 2 United States, China, and the Rebalancing Debate: Misalignment, Elasticities, and the Saving-Investment Balance -- 3 The Role of the Chinese Dollar...