The paper addresses the question what effects the enlargement of a monetary union will have on necessary structural reforms in the (low distortion) member countries and the (high distortion) candidate countries. While monetary union lowers reforms in the candidate countries, members of the...

The paper addresses the question what effects the enlargement of a monetary union will have on necessary structural refoms in the (low distortion) member countries and the (high distortion) candidate country. While monetary union lowers reforms in the candidate country, members of the monetary...

Lateinamerikas Wirtschaft stagniert. Die politische Unsicherheit in den wichtigsten Ökonomien, der schwächere Welthandel und die Handelsstreitigkeiten drücken die Wachstumsprognosen. Die Länder verlieren weiter den Anschluss im weltweiten Vergleich. Entwickelt sich Südamerika vom...

Germany prides itself in having one of the most successful central banks and currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945 but that there was also initial resistance to both among German experts and officials. This is a...