The main thesis in this manuscript is that a social choice theory based on aggregating individual preferences and values is insufficient to confront the social choices that today’s world is facing. It is defended in here that institutions play a critical role in any social choice, and that the...

This note reviews the theories as to why financial crises spill over across national boundaries. We discuss alternative frameworks ranging from bilateral trade links to more complex financial interconnections via banks and other investors. We review the evidence on which channels of contagion...

The preceding sections have predominantly focused on the antecedents of financial crises. Namely, the emphasis has been on the ability of a variety of indicators, including the credit ratings, to anticipate crises and characterize the extent to which a country is vulnerable. An application of...

The preceding sections have predominantly focused on the antecedents of financial crises. Namely, the emphasis has been on the ability of a variety of indicators, including the credit ratings, to anticipate crises and characterize the extent to which a country is vulnerable. An application of...

The aim of this paper is provide us with empirical evidences and theoretical knowledge about how the compelling current Sovereign Debt Crisis in the periphery Euro-zone countries was triggered according with moral hazard theory, because the implicit and explicit externalization of risk cost for...

As I am writing this book, Russia is invading Ukraine, and the world’s beliefs in global institutions, peace, humanism, and social progress have been shaken again. Understanding why conflict is endemic to any social relation, under which conditions it is a positive element in social life, and...

This book presents the reasons for which, given the globalization brought about by the ICT revolution, both liberalism and realism are ill suited as guides for international relations. And it argues in favor of a third option: institutionalism. The liberal ideal of progress and peace, brought...

As I am writing this book, Russia is invading Ukraine, and the world’s beliefs in global institutions, peace, humanism, and social progress have been shaken again. Understanding why conflict is endemic to any social relation, under which conditions it is a positive element in social life, and...

This paper examines the feasibility of a Common Currency Area (CCA) among 10 (Middle East and North Africa) MENA Countries. The 10 sample countries constitute the six GCC Countries and the four Agadir nations. Methodology Approach Macroeconomic data for the 34 year period 1970 to 2003 is used....

Over the last 20 years, some financial events, such as devaluations or defaults, have triggered an immediate adverse chain reaction in other countries -- which we call fast and furious contagion. Yet, on other occasions, similar events have failed to trigger any immediate international reaction....