Banking regulation invites banks to gamble when buying government bonds that regulators consider to be risk-free. The adverse effects on financial stability are known. In turn, this study shows that governments have an incentive to use banking regulation in order to enhance their fiscal...

"This Introduction summarizes the contents and explains the methodology of the book and of its main policy conclusions on how constitutional democracies should respond to the increasing governance failures inside and beyond states. All UN member states have employed constitutional law for...

This paper leverages a novel survey among German senior government officials to investigate fiscal responses to monetary policy shocks. Using randomized vignette treatments, we present officials with scenarios of increased government interest costs and analyze their expected fiscal adjustments....

This paper leverages a novel survey among German senior government officials to investigate fiscal responses to monetary policy shocks. Using randomized vignette treatments, we present officials with scenarios of increased government interest costs and analyze their expected fiscal adjustments....

Controversies surrounding the European sovereign debt crisis loom prominent in the public debate. From a legal perspective, the no-bailout rule and the ban on monetary financing constitute the main principles governing the legality review of financial assistance and liquidity measures....

1. Introduction -- 2. Asymmetric shocks and heterogeneity following the creation of the EMU -- 3. Prerequisites for coordination and options for its design -- 4. Coordination in the EU before the government-debt crisis -- 5. The expansion of coordination in the EU -- 6. Summary.