Viele Teile Europas wurden über Jahrhunderte hinweg von Großreichen beherrscht. Haben diese Imperien nach ihrer formellen Auflösung ein Vermächtnis im Verhältnis der Bürger zu ihren staatlichen Institutionen hinterlassen? Sascha O. Becker, University of Warwick, Katrin Boeckh,...

In transition and developing countries, we observe rather high levels of corruption even they have democratic political systems. This is surprising from a political economy perspective, as a majority of the people generally suffers from high corruption levels. Our model based on the fact that...

Banks entering an emerging market face a lot of uncertainty about the risks involved in lending. We use a unique unbalanced panel of nearly 700 short-term loans made to SMEs in Slovakia between January 2000 and June 2005. Of the loans granted, on average 6.0 per cent of the firms defaulted....