The article studies policy options in an economy which is unstable under bond-financing of a predetermined government deficit. We analyze policies based on pre-announced changes in monetary control or on confi-scation of that part of the Government debt which could only be retired through a...

1. Introduction -- 2. Some Introductory Thoughts -- Part I. The European “Postwar Consensus” and the European Project -- 3. The Origins of the Idea of European Integration: A German Perspective -- 4. The European “Postwar Consensus” and the Birth of the EEC -- 5 “Large Switzerland”...

Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects...

University tuition typically remains constant throughout the years of enrollment while delayed degree completion is increasingly a problem for academic institutions around the world. Theory suggests that if continuation tuition were raised, the probability of late graduation would be reduced....

Using German microdata and a quasi-natural experiment, we provide evidence on how households respond to an increase in uncertainty. We find that household saving increases significantly following the increase in political uncertainty observed in the run-up to the 1998 German general election. We...

Globalization is, in some respects, a centuries-old phenomenon. Only now, however, are we examining which aspects of the current wave are old and which are new and the effects of these on poverty and inequality in the world. Furthermore, it is difficult to be sure whether the poor economic...