Recent integration efforts have been hampered by the inconsistency of macroeconomic policies. In this paper a model of shared sovereignty is discussed. Special emphasis is given to the exchange rate as a means to achieve macroeconomic stability

The objective of this paper is to define social capital as social infrastructure and to try to include this variable in an economic growth model. Considering social capital in such a way could have an impact on the productivity of production factors. Firstly, I will discuss how institutional...