The purpose of this article is to provide an economic analysis of the relationship between economic integration and political fragmentation. This follows previous contributions from Alesina et al (2000), Casella (2001, Casella and Feinstein (2002), or Leite-Monteiro and Sato (2003). We go a step...

False money appeared as the general common issue in monetary debates that occured in European countries in the 16th and 17th centuries. It first refered to sovereignty, in a time of state-building, as well as to a serious economic problem. Beyond sovereignty and economy, justice and, then, the...

Although today's main organisation principle of monetary spaces is the nation-state's one, everyone can see it is not totally the case because of the existence and the development of local and social currencies and other sorts of parallel currencies. European history gives very useful lessons on...

As other European countries of that time, Early modern France was characterized by its monetary plurality. The purpose of the text is to present this plurality and analyse the ways it was articulated. After a presentation of the intention of the paper, Section 2 presents the problem of monetary...

We propose a tractable framework for quantifying the impact of fire sales on the volatility and correlations of asset returns in a multi-asset setting. Our results enable to quantify the impact of fire sales on the covariance structure of asset returns and provide a quantitative explanation for...