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This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...
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-style institutions? More generally, in an interdependent world, would we expect all countries to adopt the same institutions? To provide … theoretical answers to this question, we develop a simple model of economic growth in a world in which all countries benefit and … potentially contribute to advances in the world technology frontier. A greater gap of incomes between successful and unsuccessful …
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