Building on the view that financial systems from contract and trading structures through regulation are artifacts of law and politics, this paper analyzes the fundamental reasons for the observed hierarchy in all financial systems. Why are financial systems hierarchical? The answer offered here...

Contribution to the panel session at the Hoover Institution conference on “Frameworks for Monetary Policy for the Next Century,” May 30, 2014.

In this letter, Rossi-Doria summarises the stages of his journey and expresses a general judgment of his experience. He is convinced that American agriculture has peculiar characteristics and can hardly constitute a model for Italy. Cultural exchanges are held essential to promote development,...

Travelling from the Usa to Italy, Rossi-Doria describes the impressions of his second visit to America. Rossi-Doria writes that he had this time a deeper and surer understanding of this big Country. On this occasion, in fact, he came into contact with American society, with the everyday life,...