This paper studies the optimal choice of exchange rate regimes between two large currency areas. It provides a positive and normative analysis of alternative monetary policy rules in a model with sticky prices, monopolistic competition, and frictions in the processes of capital accumulation and...

The end of the Bretton Woods regime and the fall of the Iron Curtain deepened the export orientation of the German model of the economy. Only after entry into the Monetary Union, however, did rising exports turn into a persistent export–import gap that became a problem for other eurozone...

The paper analyzes perspectives of the ruble as s regional reserve currency in the CIS region. Greater use of the rouble, as well as other national currencies could have a positive impact on reducing the currency risk and the need for additional accumulation of currency reserves in dollars and...

Money, in this paper, is defined as a power relationship of a specific kind, a stratified social debt relationship, measured in a unit of account determined by some authority. A brief historical examination reveals its evolving nature in the process of social provisioning. Money not only...

The idea of an Asian Monetary Fund (AMF), which was first raised in 1997, culminated in an agreement among the finance ministers of ASEAN plus PRC, Japan, and Korea (ASEAN+3) to establish a system of swap arrangements among their countries in what is known as the Chiang Mai Initiative (CMI) on...