Has the "Swiss interest rate anomaly" persisted after the financial crisis? Regarding the hypothesis that the Swiss interest rate anomaly results from systemic risk anticipation, we discuss whether Switzerland remains an interest rate island in the wake of the financial crisis. We find evidence...

In the last decades, the majority of OECD countries has experienced a continuous increase in public debt. The European debt crisis has prompted a fundamental re-evaluation of public debt sustainability and the looming threat of sovereign debt default. Due to a multitude of large scale events in...

Has the “Swiss interest rate anomaly” persisted after the financial crisis? Regarding the hypothesis that the Swiss interest rate anomaly results from systemic risk anticipation, we discuss whether Switzerland remains an interest rate island in the wake of the financial crisis. We find...

This paper provides evidence that most German states (Laender) have unsustainable public finances by exploiting a newly compiled database covering the years 1950‐2011. Although the Laender are closely intertwined we are the first to apply “second generation” panel techniques that control...

We analyze the sustainability of public finances in the 16 states (Laender) of the Federal Republic of Germany using an unprecedentedly comprehensive fiscal dataset covering the period from 1950 to 2011 for West German Laender and from 1991 to 2011 for East German Laender. As we apply unit root...

This paper provides new evidence on the sustainability of public finances in German states (Laender) by exploiting a newly compiled database covering the years 1950 - 2011. Unlike previous studies on Germany, we analyze fiscal sustainability by applying "gsecond generation" panel cointegration...

In this paper we analyze the sustainability of public finances in the states (Laender) of the Federal Republic of Germany using an unprecedentedly comprehensive fiscal dataset for the time period from 1950 to 2011 for West German Laender and 1991 to 2011 for East German Laender, respectively. In...