Muchos problemas del desarrollo van más allá de las fronteras nacionales y tienen un carácter regional e incluso global. El reconocimiento de estos retos, los cuales van de la transmisión de enfermedades entre fronteras hasta la dispersión de inestabilidad financiera global, ha llevado a...

Muchos problemas del desarrollo van más allá de las fronteras nacionales y tienen un carácter regional e incluso global. El reconocimiento de estos retos, los cuales van de la transmisión de enfermedades entre fronteras hasta la dispersión de inestabilidad financiera global, ha llevado a...

The implications of monetary unification for fiscal policies are discussed. The roles of nominal exchange rate flexibility in the presence of asymmetric national shocks and nominal price rigidities as an automatic stabilizer and source of disturbances to real economic performance are reviewed....

Borrowing and lending between sovereign parties is modeled as intertemporal barter that smoothes the consumption of a risk-averse party subject to endowment shocks. The surplus anticipated in the relationship offers sufficient incentive for cooperation by all parties, including any other...

Borrowing and lending between sovereign parties is modeled as intertemporal barter that smoothes the consumption of a risk-averse party subject to endowment shocks. The surplus anticipated in the relationship offers sufficient incentive for cooperation by all parties, including any other...

In a competitive two-country overlapping generations model with perfect capital mobility, a plan that is individually Pareto optimal (that is Pareto optimal with respect to individual preferences) can be sustained without coordination of national fiscal policies when the fiscal arsenal is...