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Most of the literature on monetary policy delegation assumes that the government can credibly commit to the delegation contract, an assumption criticized by McCallum. This paper provides foundations for the assumption that renegotiating a delegation contract can be costly by illustrating how...
Persistent link: https://www.econbiz.de/10005649136
The doctrine of the separation of powers attracts almost universal support as a central element of the liberal … constitution designed to protect citizens against governmental power. However, there is little agreement on, or analysis of, the … division of powers can operate systematically against the interests of citizen-voters. This case provides the basis both for a …
Persistent link: https://www.econbiz.de/10010777760
The process of revision the Romanian Constitution is initiated by the President of Romania on the proposal of the … Constitution responds exclusively to the need to modernize the Romanian society, as it is a new Member State of the European Union … Constitution. The revision of any constitution at a given time responds to the needs of development of the society itself. Unlike …
Persistent link: https://www.econbiz.de/10010586103
three questions. First, what is a good separation and balance of powers in radio regulation? Second, how should radio …
Persistent link: https://www.econbiz.de/10005126024
Europe has changed, the world has changed. The 21st century brings new challenges and new opportunities. The interaction of economies and peoples worldwide – whether by communication, trade, migration, shared security, concerns or cultural exchange – is in constant evolution. In such a...
Persistent link: https://www.econbiz.de/10008467401
Administrative federalism is defined as a constitution where the central state sets quality standards for public …, because jurisdictions fear to be exploited, they only join a federation whose constitution is administrative federalism but … shown that administrative federalism leads to a higher welfare than both centralization and decentralization. Moreover …
Persistent link: https://www.econbiz.de/10005542958
Federal fiscal arrangements are argued to give rise to tacit collusion among competing Leviathans (Brennan and Buchanan, The Power to Tax, CUP, 1980). Though frequently encountered in academic and policy discussions, the cartelization hypothesis has rarely been scrutinized formally. This paper...
Persistent link: https://www.econbiz.de/10005406161
legitimacy of constitutional change and one which specifies a particular proposal of a constitution. The criterion used stems …
Persistent link: https://www.econbiz.de/10005649509
The process of development is linked to the rise of an integrated and competitive economy and polity that allow a maximal division of labor and innovation. This process relies on two intertwined dynamics. First, in the establishment of the rule of law, legal instruments are appropriated by those...
Persistent link: https://www.econbiz.de/10010706831
Persistent link: https://www.econbiz.de/10010847655