3 , ▁ 2 0 0 9 . ▁An ▁initial ▁version ▁of ▁the ▁article ▁appeared ▁as ▁Bundes bank ▁D P ▁ 6 - 2 0 0 8 , ▁see ▁also ▁Bundes bank ▁month ly ▁bullet in ▁article ▁of ▁June ▁ 2 0 0 8 . ▁ ▁F is cal ▁institutions , ▁fis cal ▁policy ▁and ▁so ver eign ▁risk ▁prem ia ▁in ▁EM U ▁with ▁Mark ▁Hall er berg , ▁Public ▁Cho ice , ▁ 1 3 6 ( 3 - 4 ), ▁ 3 7 9 - 3 9 6 , ▁ 2 0 0 8 . ▁( Spring er ▁online ▁) ▁working ▁paper : ▁Bundes bank ▁D P ▁ 3 5 - 2 0 0 6 . ▁ ▁The ▁effect iveness ▁of ▁subs id ies ▁revis ited : ▁account ing ▁for ▁w age ▁and ▁employ ment ▁effects ▁in ▁business ▁R & D ▁with ▁Vol ker ▁Rein th aler , ▁Research ▁Policy , ▁ 3 7 , ▁ 1 4 0 3 – 1 4 1 2 , ▁ 2 0 0 8 . ▁ ▁Mor al ▁ha z ard ▁and ▁b ail - out ▁in ▁fis cal ▁feder ations : ▁Ev idence ▁for ▁the ▁German ▁L änder ▁with ▁K irst en ▁He pp ke - F alk , ▁K yk los ▁– ▁International ▁Review ▁for ▁Social ▁Sciences , ▁ 6 1 ( 3 ), ▁ 4 2 5 - 4 6 , ▁ 2 0 0 8 ▁▁ ▁F ool ▁the ▁mark ets ? ▁Creative ▁account ing , ▁fis cal ▁trans