englischWhat is the foundation of solid financial architecture? How is it possible to prevent a constant increase in taxes, debts and the misallocation of financial resources? The theory of institutional congruence provides a clear answer: The circles of decision makers, beneficiaries and payers [...]

englischRepresentation — the linkage between citizens and members of parliament — is of paramount interest as legislation affects all areas of citizens’ lives. However, “representation” is an elusive concept. How should “representation” be measured? How do institutions shape the relationship between [...]

englischHow do German public finances respond to economic developments? And what is the impact of large economic shocks on fiscal sustainability? Vice versa, what is the effect of sustainability restrictions on fiscal stimulus measures? In the context of the ongoing sovereign debt crisis, these [...]

englischThe selection of public servants into politics is a widespread – though barely understood – phenomenon. On the one hand, the strong representation of public servants in politics generates a conflict of interest and compromises the separation of powers. On the other hand, public servants [...]

englischIn public debate, political successes and failures are usually attributed to individual politicians and their competence. This book provides a first comprehensive analysis of how political decision makers and their individual backgrounds affect fiscal policy.

The empirical examination [...]

englischHow should rules of decision making be designed and how should institutions look like? This study contributes to the discussion of this overarching question by investigating economic, fiscal, and political effects of institutions at the municipal level based on causal empirical analysis. [...]

englischThe considerable sovereign indebtedness of developed economies and the accumulated risks in the financial sector trigger increasing financial and economic instability worldwide. The book examines the core interactions between financial markets and public finance: How do markets value fiscal [...]

englischFiscal Federalism is characterized by an inherent inefficiency which has increasingly surfaced in the last two decades: the soft budget constraint. As evidence shows, subnational governments can expect to be bailed out by the central government in cases of fiscal distress. How can this [...]

englischHow can shareholders play a more active role in the corporation? Which institutional arrangements can awaken this sleeping giant and channel its power in a beneficial direction? This book explores three delegation arrangements which are of particular interest from a shareholder empowerment [...]

englischWhy is housing more expensive in some places than in others and what communal characteristics influence house prices? Do property price differentials between communities exist due to differences in local taxes and public services and, if so, do they persist over time? Do property prices [...]