By applying the concepts of institutional and constitutional economics, this paper addresses the question to what extent a reform of the stability pact will be efficient and appropriate. The starting point of the analysis is the assumption that the stability pact will yield disciplining effects...

The Stability and Growth Pact is one of the constituent pillars of the European Monetary Union. Though, meanwhile it is obvious that it will not be able to limit fiscal deficits of the member states. For this reason in this paper Coase's thinking in institutional alternatives is applied to find...

Der vorliegende Beitrag thematisiert den Stabilitäts- und Wachstumspakt unter Berücksichtigung von Zeitinkonsistenzproblemen. Die Verfasser gelangen zu dem Ergebnis, dass die bisherige Anwendungspraxis des Stabilitäts- und Wachstumspaktes nicht geeignet ist, die Zeitinkonsistenzprobleme zu...

Der vorliegende Beitrag thematisiert den Stabilitäts- und Wachstumspakt unter Berücksichtigung von Zeitinkonsistenzproblemen. Die Verfasser gelangen zu dem Ergebnis, dass die bisherige Anwendungspraxis des Stabilitäts- und Wachstumspaktes nicht geeignet ist, die Zeitinkonsistenzprobleme zu...

Abstract The Stability and Growth Pact is one of the constituent pillars of the European Monetary Union. Though, meanwhile it is obvious that it will not be able to limit fiscal deficits of the member states. For this reason in this paper Coase′s thinking in institutional alternatives is...

The Stability and Growth Pact is one of the constituent pillars of the European Monetary Union. Though, meanwhile it is obvious that it will not be able to limit fiscal deficits of the member states. For this reason in this paper Coase's thinking in institutional alternatives is applied to find...