Countries that have pursued distortionary macroeconomic policies, including high inflation, large budget deficits and misaligned exchange rates, appear to have suffered more macroeconomic volatility and also grown more slowly during the postwar period. Does this reflect the causal effect of...

Can a government credibly promise not to bailout firms whose failure would have major negative systemic consequences? Our analysis of Korea's 1997-99 crisis, suggests an answer: No. Despite a general "no bailout" policy during the crisis, the largest Korean corporate groups (chaebol) - facing...

Can a government credibly promise not to bailout firms whose failure would have major negative systemic consequences? Our analysis of Korea's 1997-98 crisis, suggests an answer: No. Despite a general “no bailout” policy during the crisis, the largest Korean corporate groups – facing severe...

Die Verfasser setzen sich aus institutionalistischer Perspektive mit dem Zusammenbruch der russischen Wirtschaft auseinander. Sie zeigen, welchen Anteil die Schwäche der institutionellen Regelungen zum Schutz von Investoren an der problematischen Wirtschaftsentwicklung in Rußland hat. Vor...