The debate on the financial crisis risks to hide the black holes which are nested in accepted theories and policy guidelines. Among such black holes there are important issues: how money is created in a growing economy, which is the role of wealth assets not linked with current production, which...

According to reputational models of Political Economy, a term limit may change the behavior of a chief executive because he does not have to stand for election. We test this hypothesis in a sample of 59 countries over the period 1975-1997, using government spending, revenue, surplus and social...