We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the primary deficit relative to GDP increases contemporaneous long-term interest...

On May 1, 2004, ten countries in Central, Eastern and Southern Europe will become full members of the EU. The parliaments and monetary authorities of the ten accession countries have already to a large extent adapted their legal and institutional structures to the new Europe-wide environment....

Symmetry vs. Asymmetry in einem festen Wechselkurssystem Mit dem Übergang vom Europäischen Währungssystem (EWS) zur Europäischen Währungsunion (EWU) wird ein asymmetrisches System (das EWS) durch ein symmetrisches (die EWU) ersetzt. Im Rahmen eines analytischen Zweiländermodells untersucht...