No one in the industrial countries should now question the substantial economic benefits associated with reducing inflation from earlier, high levels. At the same time, history also teaches that the stability of consumer prices might not be sufficient to ensure macroeconomic stability. Past...

The successful pursuit of the objective of low inflation by central banks in recent decades has also delivered low variability of both inflation and output. At the same time, numerous financial and other imbalances (defined here as significant and sustained deviations from historical norms) have...

This study argues that the introduction of the euro would have a more immediate and direct impact on European bond markets than on European banking markets. The single currency would create a single private yield curve in the near term and could also lead to a more integrated government bond...

The deregulation of domestic financial markets, in association with technological progress, has led to an explosion of cross-border financial transactions and the cross-border establishment of premises. In turn, this has led to a need for international agreements on how the business of...

The quip from books on military history is that the generals plan to fight the next war as if it were going to be similar to the last war. The counterpart statement for those who develop regulatory initiatives to forestall banking crises is that they still do not understand that the cause of the...