This paper contributes to the debate on the efficacy of IMF's catalytic finance in preventing financial crises. Extending Morris and Shin (2006), we consider that the IMF's intervention policy usually exerts a signaling effect on private creditors and that several interventions in sequence may...

Am 26. Januar 2005 hat das Bundesverfassungsgericht das Studiengebührenverbot aufgehoben. Damit ist es den einzelnen Bundesländern freigestellt, ob sie Gebühren erheben oder nicht. Während in der Literatur zum Thema Studiengebühren deren Finanzierungsfunktion im Vordergrund steht, widmet...

Empirical evidence suggests that banks often engage in refinancing of intrinsically insolvent debtors instead of writing of their non-performing loans. Such forbearance lending may induce soft budget constraints for the debtors, as it diminishes their incentives to thwart default. This paper...