Private enforcement of antitrust damages critically hinges upon proof that damage was caused by an antitrust violation. Existing research narrowly focuses on the quantification of damages, but proving causation goes far beyond quantification. Strict legal requirements must be observed. To...

Die Frage der Staateninsolvenz ist durch die gegenwärtige Finanzkrise besonders aktuell. Gleichwohl handelt es sich dabei keineswegs um ein neues Phänomen. Die bisherige Praxis war meist durch Ad-hoc-Lösungen im Rahmen des sogenannten Pariser oder Londonder Klubs gekennzeichnet. Der...

Strategic goods (e.g., food and energy) are defined as necessary prerequisites for the consumption of all other goods in the economy. Private markets fail to provide efficient domestic supply because of externalities. Individuals do not consider that the consumption of a domestically produced...

Although much of banking theory and regulation is based on banks modeled as fragile liquidity transformers, this view does not appear to have solid empirical foundation. We show that the amount of liquidity transformation measured as the scaled difference between liquid liabilities and assets...