The purpose of a compensation system is the protection of small investors. The system shouldincrease investors' confidence in financial market institutions and, therefore, support financialmarket stability. The main objective of Compensation System in the EU is adjusting EU memberstates to...

The purpose of a compensation system is the protection of small investors. The system should increase investors' confidence in financial market institutions and, therefore, support financial market stability. The main objective of Compensation System in the EU is adjusting EU member states to...

To broaden the operational scope of monetary policy, several authors suggest cash abolishment as an appropriate means of breaking through the zero lower bound. The key question in this respect is: What are the costs of such a proposal? We argue that the welfare costs of bypassing the zero lower...

To broaden the operational scope of monetary policy, several authors suggest cash abolishment as an appropriate means of breaking through the zero lower bound. The key question in this respect is: What are the costs of such a proposal? We argue that the welfare costs of bypassing the zero lower...

Der französische Staatspräsident Emmanuel Maron hat in einer Grundsatzrede an der Pariser Sorbonne-Universität im September 2017 Vorschläge zur Reformierung der Europäischen Union unterbreitet. Die Reformvorschläge umfassen die folgenden sechs Schlüsselbereiche: 1. Ein Europa, das...

In this study, we explore how fiscal policy in euro area periphery countries responds to monetary policy surprises that lower sovereign bond yields. In particular, we assess whether the disciplining effect of financial markets on public finances is undermined by the ability of monetary policy to...

The new elected French President Emmanuel Macron proposed in a key note address at the Sorbonne University in Paris in September 2017 to reform die European Union in the six following areas: 1. A Europe, which guarantees security in all its dimensions, 2. A Europe, which reacts to the challenge...

In this study, we explore how fiscal policy in euro area periphery countries responds to monetary policy surprises that lower sovereign bond yields. In particular, we assess whether the disciplining effect of financial markets on public finances is undermined by the ability of monetary policy to...