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Persistent link: https://www.econbiz.de/10004975750
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This paper analyses whether interest rate paths in the EMU member countries would have been different if the previous national central banks had not handed over monetary policy to the ECB. Using estimates of monetary policy reaction functions over the last 20 years before the formation of EMU,...
Persistent link: https://www.econbiz.de/10004978122
A country's form of government has important economic and political consequences, but the determinants that lead societies to choose either parliamentary or presidential systems are largely unexplored. This paper studies this choice by analyzing the factors that make countries switch from...
Persistent link: https://www.econbiz.de/10010270092
A country's form of government has important economic and political consequences, but the determinants that lead countries to choose either parliamentary or presidential systems are largely unexplored. This paper studies this choice by analyzing the factors that make countries switch from...
Persistent link: https://www.econbiz.de/10010270500
De facto judicial Independence (JI) seems to be highly and robustly significant for economic growth. But JI as formally written down in legal texts is a imperfect predictor for de facto JI. This paper thus tries to identify the variables, which determine de facto JI.. A distinction between...
Persistent link: https://www.econbiz.de/10005148391
It has been argued that procedural formalism undermines economic efficiency by fostering rent-seeking and corruption. We challenge this view by arguing that a number of judicial procedures foster economic growth by increasing the predictability of court decisions, which leads to more...
Persistent link: https://www.econbiz.de/10005416509
Judicial Independence (JI) as factually implemented varies considerably between countries. Since de iure JI is an imperfect predictor of de facto JI, a number of variables that might determine the factual level of judicial independence is theoretically discussed and empirically tested. A...
Persistent link: https://www.econbiz.de/10005561022
We argue that a higher degree of de facto independence of the legal system from the other government branches as well as public trust in the legal system may reduce the average inflation record of countries through a direct and an indirect channel. The direct channel works by affecting potential...
Persistent link: https://www.econbiz.de/10005577384
It has been argued that procedural formalism undermines economic efficiency by fostering rent-seeking and corruption. We challenge this view by arguing that a number of judicial procedures foster economic growth by increasing the predict-ability of court decisions, which leads to more...
Persistent link: https://www.econbiz.de/10005685609