The paper analyzes the role of a multilateral payments union (PU) between East European countries (EEPU) as an intermediate solution in the process to full convertibility. After a description of the main functions of a PU, which is based on the historical model of the European Payments Union, it...

This paper deals with the question of what impact membership of the European Monetary Union (EMU) has had on small European states. We will also analyze whether or to what extent a large number of small member states affect the EMU itself when they vastly outnumber the large countries. We...

This paper deals with the question of what impact membership of the European Monetary Union (EMU) has had on small European states. We will also analyze whether or to what extent a large number of small member states affect the EMU itself when they vastly outnumber the large countries. We...

After 1999, there will be two groups of european countries: those participating in the monetary union and the others. We ask the question of the exchange rate regime between those two groups of countries: flexible rates between the countries outside the union and the union, or fixed rates?

This paper examines price and inflation convergence between three European countries (Italy, Spain and the UK) and a European idiosyncratic average and, alternatively, between them and Germany since the beginning of the 80's.

The removal of barriers to trade and mobility is usually promoted as it allows for greater division of labor and, thereby, for improved economic welfare. Recent theory, however, suggests that the integration of markets might have serious consequences for the regional allocation of economic...

An importance source of finance for poorer economies, is foreign aid; this paper examines some controversies surrounding its provision. The advanced economies have provided hundreds of billions of dollars in aid to the developing world over the last several decades; although this has done much...

The removal of barriers to trade and mobility is usually promoted as it allows for greater division of labor and, thereby, for improved economic welfare. Recent theory, however, suggests that the integration of markets might have serious consequences for the regional allocation of economic...