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Hans-Jürgen Wagener

Yes Yes No No No No No No No No No No No No Rate of change 0.0 0.0 0.0 10.2 −6.0 2.6 −0.4 −0.4 −0.4 0.0 0.0 0.0 −0.1 −11.5 4.5 7.2 −23.2 8.4 −10.4 −15.1 2.9 −3.9 −10.4 6.8 5.4 7.2 6.9 4.6 4.8 4.7 6.4 12.4 12.7 5.6 14.0 12.1 8.2 9.1 8.4 6.1 6.1 6.1 7.7 9.7 9.4 3.9 3.3 3.3 6.0 Interest rate Bulgaria Czech R. Latvia Lithuania Hungary Poland Romania Sweden 2008 2009 2010 2008 2009 2010 2008 2009 2010 2008 2009 2010 2008 2009 2010 2008 2009 2010 2008 2009 2010 2008 2009 2010 Reference value 12.0 2.5 1.7 6.3 0.6 0.3 15.3 3.3 0.1 11.1 4.2 2.0 6.0 4.0 4.8 4.2 4

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Nuno Garoupa

goal of such European policy is to enhance deterrence and legal compliance, reducing crime rates and the costs of fighting crime. Strictly speaking, the Third Pillar does not impose an extensive legal harmonization in the area of criminal law, but effectively pushes Member States in such a direction. In this context, the Schengen Agreements offer a good example to discuss the economic arguments for and against legal harmonization. In March 1995, the Schengen Agreement became operational, after being beset for a long time by technical problems and by political

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Fernando Gomez

unobserved variable. Several empirical studies have tested some of the implications of bounded rationality models of consumer behavior in different settings, and have not found empirical support for the hypothesis based on the pervasive presence of certain behavioral biases in such consumer markets:40 credit card markets, testing for (i) evidence of highly borrowing consumers paying higher interest rates but enjoying low introductory teaser rates;41 (ii) the true causal factor behind the correlation between credit card debt and filings for personal bankruptcy;42 (iii) the

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Edited by Thomas Eger and Hans-Bernd Schäfer

monetary policy of the Governing Council. The authority to define and implement the monetary policy of the Union allows the ECB to exert a dominant influence on money market conditions and money market interest rates. Regarding the powers and competences of the ECB, the primary law of the EU strictly separates monetary policy from economic policy (including fiscal policy).74 Only under carefully elaborated provisions and to a very limited extent can the ECB act outside the described basic tasks: it shall contribute to the prudential supervision of credit institutions and

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Herbert Brücker and Thomas Eger

interest; (3) they must be suitable for securing the attainment of the objective which they pursue; (4) they must not go beyond what is necessary in order to attain it. Regarding the specific problem of Gebhard the Court confirmed that qualification requirements must be in principle complied with, but that national authorities should also take into account relevant experience. Since Gebhard it has become clear that the ECJ will apply the principles developed in Dassonville21 and Cassis de Dijon22 with respect to the free movement of goods to all basic freedoms, including

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Heath Pearson

continued elsewhere, had rather to be understood as ‘the positive, clear, universal norms in which freedom has acquired an impersonal, theoretical existence independent of the arbitrariness of the individual’ (Marx, 1842b, p. 162). By contrast, private interest – the stuff of political economy and of civil society itself – was ‘by its very nature blind, immoderate, one-sided; in short, it is lawless natural instinct, and can lawlessness lay down laws? Private interest is no more made capable of legislating by being installed on the throne of the legislator than a mute is

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Ludwig Van den Hauwe

saving.2 Economists may study different institutional arrangements in order to determine which type of institution is most likely to minimize the tendency for the market rate of interest to be reduced below the natural rate. Monetary and banking arrangements will acquire particular significance in this respect. As Vera C. Smith reminds us: Any attempt to make a final evaluation of the relative merits of alternative systems of banking must look primarily to the tendencies they manifest towards instability, or more particularly to the amount of causal influence they exert

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Giampaolo Frezza and Francesco Parisi

39 Augusto Graziani (1865–1938) Giampaolo Frezza and Francesco Parisi Introduction The work of the Italian scholar Augusto Graziani anticipates in many respects some insights of modern law and economics and institutional theory. His arguments focus with great clarity on the link between economics and legal studies. In his view, such a link is twofold. To identify and exemplify laws independent of their natural development and of any formal qualification of them – a particular need in the fundamental works under study here – Graziani illustrates the generic

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Giampaolo Frezza and Francesco Parisi

first case, in a society where producers, who have equal bargaining power, spontaneously associate, whoever dares to take opportunistic advantage of the other’s right will provoke the other individual to break the association, declining at once the productivity and benefits of the association with the opportunist. Therefore, the antithesis of this self-interest (mutual benefit) is spontaneously abandoned. Under such conditions, the law has no other task than to identify the individual interests of each associate and to impose them jointly on all the associates. As such

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Richard E. Wagner

Platonic system all parents would treat all children equally. The problem with this alternative, Aristotle noted in his Politics, was that all parents would treat all children with equal indifference. As Aristotle summarized, ‘it is better to be own cousin to a man than to be his son after the Platonic fashion’. For children to be raised with parental interest and not indifference, it is necessary to call upon the natural partiality of parents for their own children. The Platonic scheme may well reduce the variability among the members of a particular generation that