Foreign Exchange Intervention and the Political Business Cycle : a Panel Data Analysis (2005)
By combining expansionary open market operations with sales of foreign exchange, the central bank can expand the monetary base without depreciating the exchange rate. Thus, if there is a monetary...
The Future of the Euro : A Public Choice Perspective (2005)
Public choice analysis can be helpful in predicting the course of European monetary integration and policy. The median (or decisive) voter theorem, the theory of the political business cycle and the...
Does the IMF cause moral hazard and political business cycles? : Evidence from panel data (2005)
Using panel data for 106 countries in 1971-1997, we estimate generalized least squares regressions to explain IMF lending as well as monetary and fiscal policies in the recipient countries. With...
Foreign Exchange Intervention and the Political Business Cycle : a Panel Data Analysis (2005)
By combining expansionary open market operations with sales of foreign exchange, the central bank can expand the monetary base without depreciating the exchange rate. Thus, if there is a monetary...
European plans for currency union: prospective implications for the dollar. (1971)
Thesis--Columbia University.
The Role of Competition in the Rise of Baroque and Renaissance Music
Section 1 introduces the hypothesis that competition among neighboring states may favor cultural innovation, and it surveys the available quantitative evidence. Section 2 starts from the assumption...
Does the IMF cause moral hazard and political business cycles? Evidence from panel data
Using panel data for 106 countries in 1971 - 1997, we estimate generalized least squares regressions to explain IMF lending as well as monetary and fiscal policies in the recipient countries. With...
The Future of the Euro : A Public Choice Perspective
Judging from past inflation and opinion poll data, France occupies the inflation median in the ECB Council if real exchange rate changes are ignored. Central bank independence does not have a...
Do IMF and IBRD Cause Moral Hazard and Political Business Cycles? Evidence from Panel Data
Using panel data for 94 countries in 1975–97, we estimate OLS, 2SLS and GMM regressions to explain IMF and IBRD lending as well as monetary and fiscal policies in the recipient countries. With...
The Causes and Consequences of IMF Conditionality
We develop a public choice model of the International Monetary Fund (IMF) in which credit and conditionality are simultaneously determined by the demand for, and supply of, IMF credit. A graphical...
"This article examines the potential impact of qualified majority voting on decision-making within the EU. It draws on the experience of US federalism, Germany under Bismarck and the UK in the...
We assume that central banks can control inflation so that inflation rates reflect the preferences of the central bank council.The hypothesis to be tested is that these preferences depend on the...
Staff growth in international organizations: A principal-agent problem? An empirical analysis
Roland Vaubel, Axel Dreher, Uğurlu Soylu
International organizations, Bureaucracy, Principal-agent problem, Membership size, Partisan policies, F 02,
Foreign Exchange Intervention and the Political Business Cycle : A Panel Data Analysis
By combining expansionary open market operations with sales of foreign exchange, the central bank can expand the monetary base without depreciating the exchange rate. Thus, if there is a monetary...
Does the IMF cause moral hazard and political business cycles? Evidence from panel data
Using panel data for 106 countries in 1971-1997, we estimate generalized least squares regressions to explain IMF lending as well as monetary and fiscal policies in the recipient countries. With...
The Causes and Consequences of IMF Conditionality
We develop a public choice model of the International Monetary Fund in which credit and conditionality are simultaneously determined by the demand for, and supply of, IMF credit. A graphical analysis...
FOREIGN EXCHANGE INTERVENTION AND THE POLITICAL BUSINESS CYCLE: A PANEL DATA ANALYSIS
By combining expansionary open market operations with sales of foreign exchange, the central bank can expand the monetary base without depreciating the exchange rate. Thus, if there is a monetary...
Staff Growth in International Organizations: A Principal-Agent Problem? An Empirical Analysis
Roland Vaubel, Axel Dreher, Ugurlu Soylu
The analysis covers 27 international organizations in the years 1950- 2001. From the first to the last year, staff increased at a compound average rate of 3.2 percent per annum. Since the number of...
An Alternative Constitutional Treaty for the European Union
Peter Bernholz, Friedrich Schneider, Roland Vaubel, Frank Vibert
We propose an alternative to the Constitutional Treaty drafted by the European Convention. Our proposal effectively limits the domain of government at the Union level. It takes the incentives of the...
The Political Economy of Centralization and the European Community.
Since 1972, the share of central government expenditure in total public expenditure has continued to increase in most industrial countries. In an international cross-section analysis, it has a...
Foreign Exchange Intervention and the Political Business Cycle: A Panel Data Analysis
Foreign exchange interventions, political business cycles
The future of fiscal federalism and the need for global government: A response to Vito Tanzi
Vito Tanzi [Tanzi, V., 2008. The future of fiscal federalism. European Journal of Political Economy 24, 705-712] makes a case for global government. This comment reconsiders the merits of global...
The Theory of Raising Rivals' Costs and Evidence from the International Labour Organisation
Bernhard Boockmann, Roland Vaubel
The strategy of raising rivals' costs may be adopted by firms in a market, a cartel or interest group or by political majorities in a federal state or international organisation. We provide a first...
Foreign exchange intervention and the political business cycle: A panel data analysis
By combining expansionary open-market operations with sales of foreign exchange, the central bank can expand the monetary base without depreciating the exchange rate. Thus, if there is a monetary...
DO WE REALLY NEED CENTRAL BANKS?
An analysis of economic theory and economic history suggests that central banks, with a monopoly of money-issuing services, are not necessary. The often-levelled arguments against private banks...
LESSONS FROM THE FINANCIAL CRISIS: THE INTERNATIONAL DIMENSION
The current financial crisis has arisen as a result of entrepreneurial and business error rather than because of inappropriate incentives within the private sector. However, government failure has...
Constitutional courts, International courts, European integration, H 77, K 33, P 48,