This volume includes five self-contained chapters in the fields of public debt and fiscal transfer schemes. After an introduction to the topic, chapter 2 shows that the institutional setting of fiscal policy making needs to be considered when assessing the sustainability of fiscal policy. Using...

The rise of a crisis-prone banking sector and its political power has received significant attention following the most recent financial crisis. The crisis sparked a growing interest in understanding how and why we have created a world of large, unstable banks. Excessive banking activity arose...

Die Interaktion aller beteiligten einzelnen ist der polyzentrische Ursprung aller gesellschaftlichen Ordnung und damit auch der Ordnung des Wirtschaftens. Diese Einsicht Friedrich Hayeks greift Eilert Herms in den Studien dieses Bandes auf und entwickelt sie kritisch fort, so daß sie als...