We use a novel approach to address the question of whether a union of sovereign countries can efficiently raise and allocate a budget, even when members are purely self-interested and participation is voluntary. The main innovation of our model is to explore the link between budget contributions...

This article examines CARICOM's (the Caribbean Community's) history and institutional structure, by using the myth of sovereignty identified by Louis Henkin, as a launch pad for deeper exploration of the cause, nature and role of the conception of sovereignty. Specifically, it links that...

This paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to define and enforce contractual obligations across borders. The sovereign immunity of national...

The statute of the Council of Mutual Economic Assistance (CMEA) assigns to the institutions of the council the task to promote the process of specialization and cooperation in the production sector of the national economies. The development of the relations between the member countries indicates...