For over a decade, The Wall Street Journal and The Heritage Foundation, Washington's preeminent think tank, have tracked the march of economic freedom around the world with the influential Index of Economic Freedom. Since 1995, the Index has brought Smith's theories about liberty, prosperity and...

In this paper we question the consensus of using a binary crisisdefinition for empirical crisis models. We believe that the most severeshortcomings of the crisis models today are in the crisis definition rather than the explanatory variables ...

Central bank policymakers are not primarilyrandom number generators.1 Reading boththe financial press and the work of academics,however, one might get the opposite impression.Reporters (and the readers of their stories) seem toattach considerable importance to each Federal OpenMarket Committee...

Recent attempts to incorporate optimal fiscal policy into NewKeynesian models subject to nominal inertia, have tended to assume that policymakers are benevolent and have access to a commitment technology. A separateliterature, on the New Political Economy, has focused on real economies...

Die rechtliche Beurteilung der Verwendung des Gewinns von Zentralbanken bewegtsich im Überschneidungsbereich von:§ Währungsrecht§ Finanzverfassungsrecht und§ FinanzpolitikRechtliche Bedenken ergeben sich imWesentlichen aus den verfassungsrechtlichenVorgaben für die Staatsfinanzierung sowie...

This paper explores the complexities of government financial management in China andexamines the nature of the recent Public Finance Framework reform in that country. Weargue that this Public Finance Framework reform is not just the latest idea in a centrallydominated reform agenda (and a...