Since the Asian crises it is often taken as granted that capital markets have significant functional deficits. Often these deficits are believed to be so very strong that the ability of free capital markets to guarantee a more or less correct international allocation of capital is denied. It is...

Mittels der hier erstmals vorgestellten IWH-Indikatoren zur Beschreibung der Regulierungsintensität internationaler Kapitalmärkte ist es möglich, Kapitalverkehrskontrollen künftig mit ökonometrischen Verfahren zu evaluieren. Der Datensatz deckt über 150 Länder und einen Zeitraum von...

Based on case studies from countries that have been hit hardest by the Asian financial crisis of 1997, the present paper shows that the accusation that sovereign ratings led to a severe acceleration of the crisis is unconvincing and that the empirical method often used to support accusations...

The aim of this paper is to examine whether the Federal Reserve chair has influenced the voting behaviour of the Reserve Bank Presidents. In view of data constraints, the present empirical analysis focuses on Alan Greenspan’s chairmanship. Individual Taylor-type reaction functions for the...

This paper analyses the interdependency between political corruption, institutions and growth. The central thesis is that a high level of income will promote corruption in the short run, due to the incentive effect of income on potentially corrupt politicians. Only in the long run income is...