Excessive household borrowing has been identified as an important determinant of financial crises. Borrower-based macroprudential instruments have been proposed as a possible remedy. In Germany, two instruments have been available to macroprudential supervisors since 2017: a cap on the...

This paper examines the determinants of alignment in bilateral partnerships. While it was impossible to think about international cooperation without referring to the term "alliances" during much of the Cold War period, strategic partnerships have taken a central place in many states' diplomatic...