In seinem Vortrag, gehalten am 4. September 2003 beim verbraucherpolitischen Kongress der SPD-Bundestagsfraktion, plädiert Prof. Dr. Dr. h.c. Hans-Werner Sinn für eine Verbraucherschutzpolitik, die verstärkt auf Aufklärung setzt. Sinnvoll wäre es, wenn sich der Staat in stärkerem Umfang...

It is shown that the net fiscal externality created by an additional member of a Pay-as-you-go-pension system that is endowed with individual accounts equals the gross contribution of this member. In Germany, this is an amount of about DM 175,000. The paper uses this information to design a...

Limited liability and asymmetric information between an investment bank and its lenders provide an incentive for a bank to undercapitalise and finance overly risky business projects. To counter this market failure, national governments have imposed solvency constraints on banks. However, these...