Zusammenfassung Die Wirtschaftskrise des Jahres 2007 führte in nahezu allen entwickelten Volkswirtschaften zu einer akuten Belastung der öffentlichen Haushalte. Insbesondere die GIIPS - Länder - Griechenland, Irland, Italien, Portugal und Spanien - stehen vor der enormen Herausforderung, ihre...

Current developments in Greece make clear that the rules of the European Stability and Growth Pact (SGP) were neither strict enough nor enforced strictly enough. To deal with the ongoing exit from the fiscal crisis and its related phenomena, we propose a new framework for fiscal policy...

We examine debt-sensitive majority rules. According to such a rule, the higher a planned public debt, the higher the parliamentary majority required to approve it. In a two-period model we compare debt-sensitive majority rules with the simple majority rule when individuals differ regarding their...