In this paper, we argue that the joint use of ex-ante regulation and ex-post liability rules is efficient when there are uncertainty surrounding causal investigations and regulatory myopia. As these conditions are generally met in environmental cases, we provide an explanation for the frequent...

The paper addresses the divergence in majority rules at the moment of creating or reforming constitutions. While constitutions require, in most cases, qualified majorities in order to be approved at the constitutional assembly, they normally require only simple majorities to be ratified at the...

Germany shows a more welcoming attitude towards refugees than most other European countries. At the same time, the influx of refugees has led to massive protests, demonstrations and attacks against refugees. We look at the economic effects of these demonstrations and attacks on one important...

This article deals with the economic effects of xenophobic incidents. To analyze these effects, we focus on one important industry, namely tourism. Combining a novel, district-level data set on tourism in Germany with data on xenophobic activities, we find that xenophobic demonstrations lead to...

This article deals with the economic effects of xenophobic incidents. To analyze these effects, we focus on one important industry, namely tourism. Combining a novel, district-level data set on tourism in Germany with data on xenophobic activities, we find that xenophobic demonstrations lead to...

Shocks that hit part of the financial system, such as the subprime mortgage market in 2007, can propagate through a complex network of interconnections among financial and non-financial institutions. As the financial crisis of 2007-2009 has shown, the consequences for the entire economy of such...

Shocks that hit part of the financial system, such as the subprime mortgage market in 2007, can propagate through a complex network of interconnections among financial and non-financial institutions. As the financial crisis of 2007-2009 has shown, the consequences for the entire economy of such...