Finanzwissenschaft

An EMF with a Sovereign Insolvency Mechanism

Greece’s catastrophe has revived the idea of sovereign insolvency. Probably due to the no-bailout rule, even quarters highly inimical to it before...

Zur gesamtwirtschaftlichen Bedeutung der Finanzberatung

Die aktuelle Finanzkrise zwingt die Gesellschaft zu einem Umdenken in vielen Bereichen. Nicht nur die Banken, sondern auch die Wissenschaft und die...

Spanien vor Finanzkrise

Auf dem spanischen Wohnungsmarkt hat sich in den letzten 10 Jahren nicht zuletzt wegen der Zugehörigkeit Spaniens zum Euro- Raum eine starke...

Debt Management: Issues, Options and Challenge for Developing Countries

This paper draws attention to some important problems and shortcomings in international debt management, focusing on some issues that are extremely...

Measuring the Real Debt Burden: Proposing a New Debt Indicator

In order to assess the problem of a debt overhang more appropriately, a new debt indicator is proposed that solves the ambiguity of traditional debt...

The Present State of the Discussion on Restructuring Sovereign Debts: Which Specific Sovereign Insolvency Procedure?

The paper discusses the four proposals presently on the table: Collective Action Clauses, a voluntary Code of Good Conduct for debt re-negotiation,...

Reforming the Bretton Woods Institutions

There is an urgent need of fundamental reforms of IBRD and IMF. However, before any meaningful reform can be envisaged it is necessary to enforce...

Looking a Gift Horse in the Mouth

Analysing Donors' Aid Statistics

Claiming that its definition of Official Development Assistance (ODA) has remained unchanged, the OECD concedes changes in interpretation...

Social Expenditure, Pension Systems, and Neoliberalism

While decreasing the role of the State as such is part and parcel of neoliberal ideology, another aspect does not seem to have received appropriate...

International Financial Institutions and Accountability

The Need for Drastic Change

International Financial Institutions (IFIs) are a singular and alien element within market economies. Their decisions are totally delinked from...

The Final Demise of Unfair Debtor Discrimination?

Comments on Ms Krueger's Speeches

Krueger’s proposal to "mimick" domestic insolvency laws marked the abrupt end of the IMF’s fierce opposition against sovereign insolvency. It was...

Tax-Deductible Loan Loss Reserves and International Banking

An Economist's Unbiased Analysis

This paper discusses tax deductibility of loan loss reserves, focussing on costs to the budget, hence taxpayers. Economically, reserves bring book...