We assume that central banks can control inflation so that inflation rates reflect the preferences of the central bank council. The hypothesis to be tested is that these preferences depend on the central bankers' educational and/or professional background. In a panel data analysis for the euro...

This article examines the potential impact of qualified majority voting on decision-making within the EU. It draws on the experience of US federalism, Germany under Bismarck and the UK in the European Union. In each case, it is shown that geographical majorities (nations, states or regions) have...

We develop a public choice model of the International Monetary Fund in which credit and conditionality are simultaneously determined by the demand for, and supply of, IMF credit. A graphical analysis illustrates the comparative statics in response to various shocks. We apply the model to explain...

The analysis covers 27 international organizations in the years 1950-2001. From the first to the last year, staff increased at a compound average rate of 3.2 percent per annum. Since the number of member states rose by only 2.5 percent, the elasticity of staff to member states is larger than one...

Using panel data for 106 countries in 1971-1997, we estimate generalized least squares regressions to explain IMF lending as well as monetary and fiscal policies in the recipient countries. With respect to moral hazard, we find that a country's rate of monetary expansion and its government...

Weshalb der Euro der Preis für die Wiedervereinigung war -- Die EZB macht sich zum Kumpanen der Politiker -- Neues aus der Haftungsunion -- Das Recht ist unter die Räder gekommen.- Lasset die Fremdlinge zu uns kommen? -- Das Eigeninteresse der Eurokratie -- Neustart jetzt -- Quellen und...

The Political Economy of Monetary and Financial Innovation by P. Bernholz and R. Vaubel.- Silver as a Financial Tool in Ancient Egypt and Mesopotamia by M. Van De Mieroop.- War and Peace, Imitation and Innovation, Backwardness and Development by D.M. Schaps -- The Emergence and Spread of Coins...