The decrease in the rule of law and in control of corruption in several EU countries is a threat to the cohesion in the EU. Brexit has reinforced the centrifugal forces in the EU. To counter this threat the EU needs to engage in unpopular measures as they infringe on the Member States'...

Der Euro benötigt eine funktionsfähige Fiscal Governance, damit die dauerhafte Stabilität der Währung gesichert werden kann. Ein Ansatz zur Bewertung des Euro-Regelwerks kann aus dem Umstand abgeleitet werden, dass die Stabilität des Euro ein Allmendegut darstellt. In der Feldforschung...

This paper addresses the design of the machinery of collective bargaining from the perspective of the needs of microeconomic and macroeconomic flexibility. In the former context, greater attention is given over to enterprise flexibility than external adjustment. In the latter context, close...

Along with political and economic changes, the fall of the socialist regimes in Central and Eastern Europe and the former Soviet Union brought about fundamental institutional reforms. Several studies have examined the causes of the increasing unhappiness which accompanied the transition process,...

We investigate the impact of slavery on the current performances of the US economy. Over a cross section of counties, we find that the legacy of slavery does not affect current income per capita, but does affect current income inequality. In other words, those counties that displayed a higher...

In this paper, we deal with theoretical propositions and empirical evidence that are needed to explain the paradox of rapid GDP growth in the face of the dismal competitiveness of the Greek economy during 1995-2008. We show how Greece's economy structural weaknesses have hit the domestic economy...

What explains the observed incumbency effects in emerging democracies? Unlike their counterparts in advanced democracies, legislative incumbents in emerging democracies are disadvantaged. Existing research attributes this to “endemic voter discontent,” arguing that the preponderance of venal...

Are financial intermediaries inherently unstable and, if so, why? To address this, we analyse whether model economies with financial intermediation are particularly prone to multiple, cyclic or stochastic equilibria. Several formalisations are considered: a dynamic version of Diamond-Dybvig...

There was perhaps no issue of greater importance to the financial regulatory reforms of 2010 than the resolution, without taxpayer assistance, of large financial institutions. The rescue of firms such as AIG shocked the public conscience and provided the political force behind the passage of the...

Trust affects almost all human relationships – in families, organizations, markets and politics. However, identifying the conditions under which trust, defined as people's beliefs in the trustworthiness of others, has a causal effect on the efficiency of human interactions has proven to be...