State-owned banks may help to soften the financing constraints of public sector entities and consequently become a factor that hampers fiscal discipline. Using a panel dataset, we find that a larger presence of state-owned banks in the banking system is associated with more credit to the public...

Implicit government guarantees to bail out troubled banks can produce a sizable fiscal contingent liability. Drawing on a rich history of various forms of staggered bailouts, this paper studies the link between bank bailouts and fiscal contingent liabilities using bank-level data for...

Alle anderen kritischen Werke zur Finanzkrise erscheinen neben diesem nur als Stückwerk. Das liegt auch daran, dass die Kritik des österreichischen Wirtschaftspublizisten (zuletzt "Die Gemeinwohl-Ökonomie", BA 12/10) fundamental ist, vom Mainstream der Wirtschaftswissenschaft sich radikal...