"The flow of goods, services, capital, current payments and other transactions of trade across frontiers … is fundamentally free …" - with these words begins the German Außenwirtschafts-Gesetz - AWG (Foreign Trade Act), Article Number One. After this Law had been passed in 1961, many...

This paper applies the arguments of institutional economics to the issue of banking system reform. Institutional reforms are of particular importance in the financial sphere because banking operations were heavily restricted under central planning and, at the same time, banks are assigned a...