In a by now classic article, R.A. Mundell demonstrated that an open economy could maintain internal and external balance without using the exchange rate as a policy tool. This, he showed, could be done by using fiscal policy to produce internal balance, and interest rate policy to produce an...

This paper considers what purposes regulation and supervision of financial institutions are designed to serve. Historical experience with regulation and supervision is considered, and it is argued on the basis of that examination that a fairly ‘light touch’ in regulation is likely to achieve...

New technology in computing has led some to suggest that the ability to settle transactions electronically will develop to such an extent that money disappears from use. Two versions of this belief exist. One maintains that there will be e-money, issued conceivably by many organisations, and...

"This paper considers the purposes that regulation and supervision of financial institutions are designed to serve. Historical experience with regulation and supervision is considered, and it is argued on the basis of that examination that a fairly 'light touch' in regulation is likely to...

"The issue opened up by the 'Ryanair Case' is a wide and important one. Interest groups often press for special treatment at the expense of others. People often agree to give it, because they think the group is deserving and because they have not thought through how the service is to be paid...