The effect of European integration on its member states constitutes the new research agenda within the study of European integration. Marked by the “the institutionalist turn” of Anglo-Saxon political sciences, the most dominant theories on europeanisation focus on structural arrangements....

Under high inflation, money experiences a process of institutional fragmentation: the unit of account and the unit of payment are split and transferred on alternate supports, either a foreign currency as for instance in Argentina, or domestic indices as in Brazil. Since the early 1970s', this...

In this paper we analyse the role of financial resources in a process of competition interpreted as a continuous restructuring of productive capacities. Financial constraints appear an essential means of co-ordination. Co-ordination with the environment where this process of restructuring takes...

We explore the accumulation of capital in the presence of limited insurance against idiosyncratic shocks, borrowing constraints and endogenous labor supply. In the exogenous labor supply case (e.g. Aiyagari 1994, Huggett 1997), the presence of limited insurance increases the demand for savings...

This Paper argues that the backbone of the pre-1914 international financial architecture was the concern about moral hazard. No decentralized system can leave without safeguards against free riding and this typically means that problem countries must find by themselves the means to fix their...

As residential energy markets open to competition, consumers can choose from a range of tariffs offered by different suppliers. We examine the relationship between the fixed charge levied on each consumer, and the variable charge per unit of energy used across all these tariffs. Data are the...

This Paper examines how aversion to risk and aversion to intertemporal substitution determines the strength of the precautionary saving motive in a two-period model with Kreps-Porteus preferences. For small risks, we derive a measure of the strength of the precautionary saving motive, which...