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This book investigates to what extent the quality of eligible collateral is able to explain inflation. Addressing this question, hypotheses derived from the Theory of Property Economics by Heinsohn & Steiger are tested. Data are collected using a questionnaire, answered by central banks. An index of the quality of eligible collateral is constructed. Regression analyses are performed based on a sample of 62 countries for the period 1990 to 2003. A negative, robust and statistically significant correlation between inflation and the quality of eligible collateral is found. Central bank independence cannot contribute to the explanation of inflation. The result supports the theory of Heinsohn & Steiger: Securitisation of central bank lending is crucial for price stability.
An account of how the practice of interpretation makes international law, drawing specific attention to the increasing authority of international courts and institutions, this book analyses the role that the language plays in shaping international law. It addresses the key issue of how it contributes to the evolution of international norms.
EU fiscal integration is indispensable to establishing a stable single currency in the long run. However, this integration is proving ever more difficult in light of increasing national constitutional opposition. The author of this groundbreaking book shows that this dilemma between EU fiscal integration and national constitutional limits can be refuted. He provides a structured, comparative overview and outlook on how the available national constitutional space can be adapted to the political aspirations aiming at implementing EU fiscal integration steps while at the same time effectively protecting the national constitutional values at stake. Beginning with a macro-comparative assessment o...
Introduction to and survey of the field of law and society. Includes interdisciplinary perspectives on law from sociology, criminology, cultural anthropology, political science, social psychology, and economics.
Comparative constitutional law has a long and distinguished history in intellectual thought and in the construction of public law. As political actors and the people who create or modify their constitutional orders, they often wish to learn from the experience and learning of others. This cross-fertilization and mutual interaction has only accelerated with the onset of globalization, which has transformed the world into an interconnected web that facilitates dialogue and linkages across international and regional structures. Oxford Comparative Constitutionalism seeks to publish scholarship of the highest quality in constitutional law that deepens our knowledge of local, national, regional, and global phenomena through the lens of comparative public law. Book jacket.
Experts in public economics and financial economics discuss the special role of venture capital and if public policy should promote the venture capital industry; empirical and theoretical perspectives are developed. The existing literature in both public economics and financial economics often fails to consider how appropriate and effective public policy may be in promoting the venture capital industry. Public economics has dealt extensively with the effect of taxes and subsidies but has neglected the unique role of venture capitalists as active investors who provide not only funding but added value. Financial economics has emphasized the special role of the venture capitalist but has not fo...
This book examines the circumstances under which a company needs restructuring, and for which companies that would be possible given the nature of the corporation and the economic viability. It discusses the criteria for judging whether a reorganization has been a success. Bork considers the legal mechanisms involved in restructuring including the extent to which the law provides the rules for a moratorium and the rights creditors may exercise over the debtor's assets. It also tackles the legal processes and how a reorganization can be commenced. The book includes analysis of the role of management and the partners or shareholders and the extent to which either legal system assigns the decis...
"Cooter and Schfer provide a thorough introduction to growth economics through the lens of law and economics. They do a masterful job of weaving in historical anecdotes from all over the world, detailed discussions of historical transformations, theoretical literature, empirical studies, and numerous clever hypotheticals. Scholars as well as general readers will find this book to be very useful and informative."--Henry N. Butler, George Mason University -- "This book distills and presents in a lucid and often even entertaining way the main insights and contributions of law and economics to meeting the challenges of growth for developing countries. Cooter and Schfer argue that market freedom is the key to growth, but that it needs to be sustained by the appropriate legal rules and institutions."--Robert Howse, coauthor of "The Regulation of International Trade."
Over the past two decades new international courts have entered the scene of international law and existing institutions have started to play more significant roles. The present volume studies one particular dimension of their increasing practice: international judicial lawmaking. It observes that in a number of fields of international law, judicial institutions have become significant actors and shape the law through adjudication. The contributions in this volume set out to capture this phenomenon in principle, in particular detail, and with regard to a number of individual institutions. Specifically, the volume asks how international judicial lawmaking scores when it comes to democratic legitimation. It formulates this question as part of the broader quest for legitimate global governance and places it within the context of the research project on the exercise of international public authority at the Max Planck Institute for Comparative Public Law and International Law.
Based on a unique database of German firms, the Deutsche Bundesbank's Corporate Balance Sheet Statistics, Andreas Behr explores the link between financial factors and a firm's investment decision within the framework of the Q-theory of investment.