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This paper develops a new governance scheme for a stable and lasting European Monetary Union (EMU). I demonstrate that existing economic governance is based on flawed incentives especially due to insufficient macroeconomic coordination, failures of institutional enforcement and animal spirit in financial markets. All this caused the European sovereign debt crisis in 2010. Consequently, the EMU crisis is not a conundrum at all rather a failure of national and supranational governance. To tackle this problem, I propose a return to flexible but compulsory rules driven by market forces. The new governance principles shall promote the compliance and effective enforcement of rules.
Applied mathematical theory for monetary-fiscal interaction in a supranational monetary union
(2014)
I utilize a differentiable dynamical system á la Lotka-Voletrra and explain monetary and fiscal interaction in a supranational monetary union. The paper demonstrates an applied mathematical approach that provides useful insights about the interaction mechanisms in theoretical economics in general and a monetary union in particular. I find that a common central bank is necessary but not sufficient to tackle the new interaction problems in a supranational monetary union, such as the free-riding behaviour of fiscal policies. Moreover, I show that upranational institutions, rules or laws are essential to mitigate violations of decentralized fiscal policies.
Die Finanzkrise lies Europa und die Welt erzittern - die Staatsverschuldungskriese wurde zur Zerreißprobe für die Eurozone. Inzwischen hat sich die Situation wieder stabilisiert, doch nun steht die Eurozone vor der Herausforderung, einen Reform-Prozess anzustoßen, der das Überleben des Euros auf lange Sicht sichern soll.
Since 2000, Indian special economic zones were established with the intention to attract foreign direct investment. We present a first empirical assessment with new data from 1980 to 2010 and evaluate the outcome after 10 years. In general, our empirical results confirm that special economic zones attract FDI statistical significantly. Another finding of the study is that open economies with stable inflation attract more FDI than small and closed economies.