"Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Regulatory reforms can strengthen the financial system and decrease the risk of liquidity crises, but they cannot eliminate it completely. This leaves monetary policy with...

Was the European Union ever a liberal dream? How did the common market impact the liberalization in its member states? Has the EU fostered more or less economic freedom in the Old Continent? This book explores the intellectual and political genesis of the European Union, focusing especially on...

1. Introduction -- 2. Some Introductory Thoughts -- Part I. The European “Postwar Consensus” and the European Project -- 3. The Origins of the Idea of European Integration: A German Perspective -- 4. The European “Postwar Consensus” and the Birth of the EEC -- 5 “Large Switzerland”...

The foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people trade foreign exchange. At the same time, they fail to explain the short-run determinants of the exchange rate. These nine innovative...

Clan concept has been introduced in multiparticle dynamics in order to interpret the wide occurrence of negative binomial (NB) regularity in n-charged particle multiplicity distributions (MDs) in various high energy collisions.

This paper studies monetary policy games in a two-period Mundell-Fleming model, under a regime of managed exchange rates. A regime of managed exchange rates is defined as one where exchange rates are pegged but bilateral parities can be changed from time to time. The paper argues that such a...

This paper studies the effects of prohibiting individuals from holding foreign assets, and of allowing firms to trade in foreign assets only up to what is needed to finance export and import activities. Although firms can perform arbitrage between domestic and foreign financial markets, this...