In this Paper we focus on the different historical regime experiences of the core and the periphery. Using conventional … default in large part because of their extensive external debt obligations denominated in core country currencies. This left … century forbearers. To obtain access to foreign capital they may need a hard peg to the core country currencies, or else can …

We propose a new, easy-to-implement, class of payment rules, "Reference Rules," to make core-selecting package auctions …