This paper studies the political economy of realignments to fixed exchange rates and suggests that the use of realignments is less likely when there are political benefits from stable exchange rates and when linkages across other issue areas increase the costs of realignment. More specifically...

Enterprise Risk Management (ERM) is a familiar concept in management theory. However, sometimes its implementation can fall short of delivery on the potential benefits to the business. The need for effective ERM is becoming increasingly evident for companies that want to ensure that their...

Enterprise Risk Management (ERM) provides a novel approach to managing all risks faced by a firm as a portfolio. By forming a portfolio of risks firms can optimally choose strategies to hedge their overall risk. This study investigates ERM implementation across a broad spectrum of industries. In...

This paper starts with a brief description of the situation before the establishment of the European Monetary Union (EMU), i.e., the problems of the European Monetary System (EMS) which was established in 1979 and was in need of repair. The paper then deals with the various possibilities of...

This paper applies multi-equation cointegration methodology to the short-term interest rate series of European Monetary System (EMS) member countries during the period from March 1979 to July 1998. The objective of the paper is to measure the degree to which the interest rates of EMS member...

The French presidential elections could lead to more fiscal integration in the euro area. The proposal to establish a European Monetary Fund (EMF) based on the European Stability Mechanism (ESM), which would probably be possible without treaty changes, is evaluated in this paper. Potential EMF...