▁mon et ary ▁policy ▁of ▁West ▁Germany ▁in ▁the ▁ 1 9 8 0 s , ▁von ▁H agen ▁( with ▁M iche le ▁F rat ian ni ) ▁turned ▁towards ▁the ▁study ▁of ▁the ▁European ▁Mon et ary ▁System ▁( E MS ) ▁and ▁Germany ' s ▁role ▁within ▁it . ▁In ▁particular , ▁they ▁argued ▁that ▁- ▁despite ▁the ▁relative ▁mon et ary ▁weak ness ▁of ▁France ▁and ▁Italy ▁- ▁Germany ▁had ▁merely ▁an ▁independent ▁but ▁not ▁a ▁dominant ▁role ▁within ▁the ▁E MS ▁. ▁Another ▁set ▁of ▁studies ▁by ▁J ürgen ▁von ▁H agen ▁( t ogether ▁with ▁Ker st in ▁Bern oth , ▁Lud ger ▁Sch uk ne cht ▁and ▁Gu ido ▁Wol sw ijk ) ▁comp ares ▁the ▁bond ▁yield ▁spread s ▁between ▁countries ▁within ▁the ▁EM U ▁and ▁Canada , ▁anal ys es ▁the ▁impact ▁of ▁the ▁financial ▁crisis ▁on ▁these ▁spread s , ▁and ▁between ▁EU ▁Member ▁States . ▁They ▁not ably ▁find ▁that ▁risk ▁prem ia ▁increase ▁with ▁fis cal ▁im bal ances ▁such ▁as ▁difficulties ▁regarding ▁def ic it ▁and ▁deb t ▁service ▁pay ments , ▁making ▁expansion ary ▁fis cal ▁policy ▁more ▁expensive . ▁ ▁A ▁substantial ▁body ▁of ▁von ▁H agen ' s ▁academic ▁work ▁rel ates ▁to ▁the ▁relationship ▁between ▁countries ' ▁fis cal ▁govern ance , ▁fis cal ▁institutions ▁and ▁fis cal ▁performance . ▁Within ▁this ▁body ▁of ▁research , ▁von ▁H agen ▁has ▁highlight ed ▁the ▁effect iveness ▁of ▁formal ▁fis cal ▁rest raint s ▁at ▁the ▁state ▁level